Struck Off / Resale Properties

Comments(10)

• 
  JohnMichael15th December, 2004

  Most Stuck off or County Resale properties that I have dealt with are on the lower end of the investor market with an abundance of rehab. I will agree with you that most are just parcels of land. Most I have found are over encumbered and the list of negatives can go on.
  
  I only deal in this market when supply for properties are low.
  [addsig]

• 
  RonaldStarr1st December, 2004

  AKRobinson--IL---------------------
  
  The main issue, it seems to me, is if the liens will be redeemed. If they are redeemed, will you get more money back than you paid out? If not, why would you buy?
  
  I'd worry about a sharp experienced person selling to me, were I a beginner. Have you gotten references from this person and checked those references? Have you checked his/her credit report and whether there have been lawsuits filed against him/her?
  
  Why would this person sell the liens rather than reap all the profit? Why are you going to get a good deal?
  
  Good Investing************Ron Starr***********

• 
  AKRobinson1st December, 2004

  Ron,
  
  Thanks for the reply. My understanding is that the redemption period on the properties has expired. While I have checked for references, court cases and liens against this guy, I didn't run a credit report. I will get on that ASAP. As always, you are a fount of information. Thanks again.
  
  AK

• 
  mrmark2nd December, 2004

  Important points - BE VERY CAUTIOUS OF THE "RESELLLERS IN TOWN!! Obtain from the clerks office the certified print-outs: the insurance report & the tax lien report - (under $60 for both most of the time). These 2 items will provide all fees due to the city- including the demo liens, (most vacant lots sold in city tax sales were previously w/ homes now demolished -having demo liens now) With the certified reports there's no issues if theres a errorsin the amounts due later. Review the the city zoning site- if its not R3 or higher don't bother = non buildable/desireable! New zoning rules are now in effect in the city as of this month. Expect 2years to pass before obtaining a tax deed, tax court is backed-up. Tax title services can help w/ the quiet title issues if you want to save $$ & get done quicker on the process. There's a lot more but this will get you started, email me for more after more homework good fortune! Mark :-D

• 
  AKRobinson2nd December, 2004

  Mr. Mark,
  
  Thanks for the great advice! I'll be emailing you for that homework!
  
  Thanks again!
  
  AK

• 
  MROPTIONS6th December, 2004

  Hi AkRobinson
  I know of 3 companies in the Chicago area reselling the certificate they purchased at the tax sales.
  
  I've spoke with all three owners and they seem to sell at a higher price not knowing for sure if it will be redeemed by the homeowner but i know they offer a full refund if the property is redeemed though.
  
  A friend of mine does buy the certificates from them at times and made a very nice profit from some of the properties but some were redeemed and he got back what he paid for the certificate only (THE DOWNSIDE).
  
  He to purchased some bigger size lots and resold them to a developer for a quick profit.
  
  I hope this helps you in some way.!
  
  I would list the three websites but i don't want to be grounded from TCI use.
  
  If you want you can send me an email to discuss it more.
  
  MROPTIONS.

• 
  AKRobinson6th December, 2004

  Thanks Mr. Options! I would love to hear more about you and your friend's experiences with these resellers and whether they have more/better properties than the individual I have been dealing with. I'll send you a message.

• 
  MROPTIONS7th December, 2004

  Hi Akrobison
  I see you sent me a PM but i can't read it on the count that i'm being access denied.
  
  I tried to send you an email and the same thing so if you know of another way to exchange email address or phone numbers please let me know so i can give you information on those other tax certificate sellers.

• 
  AKRobinson15th December, 2004

  I think without membership on the site you can't view or send messages. You can send me an offline email to **Please See My Profile**. Thanks.

• 
  MROPTIONS16th December, 2004

  Hi Akrobison
  You can give me a call at 708-606-8855
  
  I tried to email you and it said access denied so i'll post my number cause i'm changing the number next month anyways.
  
  MrOptions