Newbie - NYC TAX "SALE"
NYC seems to axctually sell properties wth tax liens. I am not really clear what they are doing and no lawyer I have found knows either. Does anyone know if I get a clear title (or even close?) A properety I am looking at has (had?) $600,000 in tax liens as well as 3 prior tax liens already sold. Know the city wants to sell it and I can bid in writing. Does anyone know what exactly I am bidding on and what I might receive?? Thanks in advance
mando1666--(NY)-----------------
I don't know much more about the details than you have written. I know that in New York City only the city may bid on the delinquent property tax liens. They then foreclose or convert the property from liens to city ownership, after which they offer them for sale to the public. Sometimes they have public bid auctions. Sounds like, from what you wrote, they also have sealed bid sales.
First, I'd suggest you ask the agency that is handling the city's sale of the properties for any and all disclosures they have on the matter. That might answer your question.
Then you need to find an attorney that really knows the tax sales situation. Y ou might ask at the offices that deal with delinquent property taxes and the properties that they have taken in if there are some attorneys that they know that deal with tax sales properties.
Other ways to track them down: Lawyer's referral service run by the local bar association. Looking up cases dealing with tax sales in the state law books and trying to find out which attorneys where involved in the cases. Similar, looking up cases in the local court system(s) that have something about tax sales and see what attorneys were involved.
You really also should, it seems to me, spend the time in the law library reading up on the topic, so you know youwself directly what the law is, unfiltered by somebody else's perceptions or misperceptions.
Good Investing**********Ron Starr***********