Multiple Owners On Lien
Hello everyone,
I am new to the forum and new to investing in tax liens.
I live in Maricopa county and recently ordered the Tax lien list *called a cp list*for my county in the steep amount of $50.00.
My question is that what does it mean if there is a piece of property that the state put a lien on in 1990 and there are subsequent multiple lien buyers for each year thereafter but no one has foreclosed on in spite of the fact that only 3 years need to pass in Az. to initiate forclosure proceedings.
Thanks in advance!
check with local law.
Things like that vary.
Local law enforcement?
afar1,
Glad to meet you.
You should check your State Statutes concerning Tax Liens, this is the law and they can be pulled up online.
This will give you some ideas on how the process works or a basic understanding.
John $Cash$ Locke
Have you ever tried to read that material let alone understand it?
Written by lawyers for lawyers.
most often it means that there is some major problem with the property and on further investigation all of the tax lein buyers have decided they don't want it
afar1,
Don't lose hope. You are right about the thick reading at times, but you will need to be a pioneer who can accurately quote state law, at some point.
Also, and I promise you this, the reading gets easier. You'll have high confidence in yourself after locating and then developing your own understanding of the law. Search the web with the words, such as Tax Liens, and also with the name of the state, Arizona. You also can go with Arizona State Laws, and it definitely works, but I personally find it's longer because you have to then search the site, but you may disagree once you're in. See what you get. Skim read until you see certain parts which stick out for your use, and paste a shortcut do your desktop. Do it a few more times. Open the desktop link and Paste the contents to Word. Read some more, and edit the parts not pertaining. At some point, Print. Dissect with pen/high-lighter. Just like I learned in pharmacy, the longest drug names were initially incomprehensible. When broken down they were easy. Next we could say the whole word and sound like an expert to our parents, etc., when in fact it takes about 1 to 2 years until you can easily gets through a page in the Physicians' Desk Reference, which is the exact content as a drug "package insert".
As far as law, it's the same thing. You see these run-on sentences that are constructed that way on purpose, so that the connection is certain (in a courtroom). To the lay-person, whether there is a connection uninterrrupted by a period, is of little concern. We lose track of the prevailing verb on the "prevailing party." Again, please take heart and get started. Break the long sentences down, find three examples of case law (verdict in a courtroom--found on the internet [often I find 3-5 cases in successive paragraphs of the same site] or ask good librarian.) Make sure you're looking at the most recent cases you can find, and you'll "know" your area. I would then give your interpretation to the best lawyer (word of mouth) on the subject you are researching. Might cost you $100 for 30 minutes, since she's the best.
I'd step in (always wanting to negotiate) and ask directly, "Can you give me 15 minutes as a sounding board for $50. I have no pending issues, but I'd like your opinion on my interpretation of TAX LIENS, which I've read about significantly in AZ State Law texts." Have your questions scripted and to the point. A sharp lawyer truly will keep it at 15 minutes. If it ran to 25 minutes that's the attorney's fauly, and the price is still $50. You'll need to avoid the tangents more than the lawyer, but ask while you have a chance. Just put a shorthand note next to your question. Go to the next, or ask it and be done with it. Have only two questions or three max for the appointment, so you have time for a clarification question with the attorney's explanation. Control the session. Some attorneys answer questions with questions, so be in charge of the ending time if you sense it is nonsense (as opposed to getting more info to better answer your question).
Interview (phone if possible, get what you can from the legal secretary): Are you well-versed in Tax Liens? How many cases have you been involved with? Any references I may contact briefly?
Call the shots when you can, always politely. Some people fold when talking to an attorney, to not offend. Be sure your chosen attorney is knowledgeable and don't waste money. Some attorneys you may have to play by ear. Just don't throw money away for nothing--it saps your motivation. Perhaps he wants to read up and then meet with you. If attorney has references which check out, schedule your 15 minute appt--attorney knows your serious now.
Show up early. Know as much as you can possibly read before you step into the office. The attorney may help you see the forest while you studied the trees, or better help you understand the species.
Is it worth it? Yes, your credibility and reputation always are. The forum will save lots of time. Used along with your personal efforts, you will become a full-fledged, capable financial advisor/note and real estate investor.
Real Estate Agency e-mail newsletters, such as RealtorMagazineOnline, and William Bronchick articles (he's an attorney and RE investor) are ways that I get current law affecting investors and RE business sent to me. I'm sure attorneys get newletters of recent cases, which I'd be interested in signing up for if they are free. I'm slightly less interested if there is a cost, since there will be much N/A. I have yet to search this out, however.
Take care, friend.
Alan
[ Edited by fearnsa on Date 05/30/2004 ]
Alan,
Excellent post, however this should be an Article, if you need help submitting it let me know.
Knowing you state laws really has to do with becoming a serious player in real estate investing and part of that is becoming familiar with a persons State Statutes. Written by attorney's for attorney's is no excuse not to learn about real estate laws in one's own state.
John $Cash$ Locke
You guys(and gals)are great
Thanks again
If you can not read and understand the mechanics then maybe investing in tax liens is not such a good idea.
Also consider it as a barrier to entry so that if you figure it out others might not and you have slightly less competition.
In the case of AZ tax liens you will find that many others are out there so maybe it is a little less difficult then it first appears.
Good luck.
Oh, what sort of returns are common these days on the liens (just the interest aspects)?
John
Quote:
On 2004-05-30 16:48, afar1 wrote:
Have you ever tried to read that material let alone understand it?
Written by lawyers for lawyers.
[addsig]
Hello,
The attorney who wrote most of Arizona's tax lien legislature is Mark Manoil. He sells a book that he created to give every day investors (non-legalese) the break down of everything they need to know about tax liens in AZ.
You can buy it from his website at www.cpexchange.com.
(no, I do not get a cut)
AZ has a new law that gives investors a specific amount of time to foreclose after they have bought a lien. You might check the legislature as old lien holders from 1990 might have forfeited their rights already.
Good luck.
Francoise