How To Purchase Vacant Property
I found a home that has been vacant for 1 1/2 years...The owners filed Chapter 7 and got a divorce. I did a title search and found that the mortgagee still does not have it in their forclosure department and it has not been put up for sherriffs sale either. The taxes are almost 4 years past due and I was told that I could buy the tax certs and initiate forclosure taking first lein over the mortgagee...HELP!!!
I'm not quite sure what your question is. Go buy the tax certs. Contact the lender and offer to buy the note at a substantial discount. Go to the bankruptcy court and see if the BK has been discharged and what the trustee did with the asset. Go to the divorcees and offer them small money for quit claims.
Go to a good attny who knows real estate and take any or all of these courses of action through to a good title.
Good advice already provided.
On the tax lien certificates (TLC's)...
You can not foreclose just because they are from 4 years old. There normally is a period of time before proceedings can be started. In some states it is 5 years or more. Holding the certificates might lead to nothing as the lender if they notice will step in and pay the liens rather then get wiped out.
So, take the advice already presented and do some homework. Figure out how to get control or otherwise get in a good position. Know how the processes work as not all options will lead to the same outcome.
John
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