Property/ Tax Redemption Periods
If someone had purchased the taxes on a piece of real estate that I own; years 1995-2001 on 12-01-2003, and signed an affidavit for me to redeem by 9-6-05, do I have any more time to redeem legally in Cook County, Chicago, Illinois at this date of 09-25-2005?
1) Due Dilligence is making sure that you check everything out with the property (i.e. title work, home inspection, taxes, fees, liens, building permits, code violations, and more) before you purchase. Once you have purchase, the deal is done.
2) Paying Premiums can mean several things depending on the context. It could mean loan fees, RE agent fees, or other fees.
3) You do not have to reside in the state in which you wish to invest in although it makes it easier to make good investments when they are close to you.
oh thank you so much that was so helpful....i actually just thought of one more question...
Lets say you get the tac certificate and the homeowner doesnt pay and you go throough the process of acquiring the property.....are you responsible for any mortgages or bill or payments that the homeowner has left deliquent or do you start w/ a clean slate?
ok got it. thank you so much.....if anyone else here has any info or advice on this subject, feel free to pile it on. Its great to hear it from actual everyday people, not just a very successful author.