Newbie Tax Sale Questions
Hello all, I was wondering if someone could help me out with a few questions? When you purchase a property via a tax sale, what total costs besides just paying the back taxes are there? If you buy a tax lien, can the owner file for bankrupcy during the redemtion period and if so how does this effect the purchaser of the tax lien? Can there already be a previous tax lien out there on a property from a previous year, and if so how will this effect the purchaser of the new tax lien? I have heard about people getting ahold of the owners before a sale and offering them money to purchase the property through a quit claim deed, if a quit claim deed if filed, does this wipe out any previous morgages, liens ext. ? Or will the purchaser be responsable for all of that? A little info on how that whole process works would be great. Does any one know where I can find info on tax sales for NY and for my county? Also does anyone know what is the % for redemtion in NY, and also how does the % work? If I purchase a property for say - $100 and the owner pays the tax lien within the redemtion period do I only receive say if it was 25% in my area, do I only get back $125? That does not seem like it would be worth the trouble.
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