Tax Lien Sales In Memphis, TN

Comments(11)

• 
  achab10th January, 2004

  Hi Jovec,
  
  I think you definitely need to learn how to do your own title search. If you pay a title company to do so, you will spend too much money, and chances are most of those properties you do the search on will not make it to the auction, and most others will be redeemed within a few months (giving you only a small percentage return).
  
  If you are a beginner, stick to improved residential properties (single family homes, condos, etc.) to reduce enviromental risk.
  
  Make sure you learn also about Tenessee law regarding tax sales.
  [addsig]

• 
  InActive_Account10th January, 2004

  If I am correct (someone please correct me if I'm incorrect), when you receive a tax deed it wipes out any other leins on the property. The owner has a redemption time period in which to redeem thier property by first paying all the back taxes as well as whatever interest your state allow for tax redemption.

• 
  achab11th January, 2004

  Quote:
  On 2004-01-10 13:50, esuccess wrote:
  If I am correct (someone please correct me if I'm incorrect), when you receive a tax deed it wipes out any other leins on the property. The owner has a redemption time period in which to redeem thier property by first paying all the back taxes as well as whatever interest your state allow for tax redemption.
  
  
  Hi ESuccess,
  
  That's true in most (but not all) cases. But Jovec stated that his goal was to acquire the property. Everything else being equal, properties who don't have a mortgage on them are less likely to be redeemed. So title search is still important.
  [addsig]

• 
  thebuy11th January, 2004

  Abdenour, which states don't cancel all other liens?
  
  Rachel

• 
  achab12th January, 2004

  Quote:
  On 2004-01-11 20:54, thebuy wrote:
  Abdenour, which states don't cancel all other liens?
  
  Rachel
  
  
  Hi Rachel,
  
  I don't know the law in all states, but here is an example: In Oklahoma, state liens stay with the property if you buy a lien from the county and get the deed.
  
  Another one: in all states, if there is an IRS lien and IRS has not been notified in a timely manner (i.e. letter sent 30 days before auction and received 25 days before auction), the IRS lien stays with the property after the tax sale (and I am not simply talking about IRS's redemption right). I believe that in some Texas counties, some hospital bills don't get wiped out. In California, 1915 bonds stay with the property after the tax sale.
  
  Learn the specifics of the states you want to invest in. Also, keep in mind that laws do change.
  [addsig]

• 
  thebuy13th January, 2004

  Thank you for the extra info.
  
  Rachel

• 
  pejames14th January, 2004

  Hello Rachel,
  The best advice you can get is to do the research for the area you want to invest in. Learn the State statutes and then learn how the county or city in some cases handles and disposes of delinquent taxes. You will find that each county has it's own way of doing things and you will have to learn that method along with your due dilligence on each property. Good luck

• 
  jovec14th January, 2004

  I found out by putting a list of questions together and calling the county is the best way to get a lot of your questions answered. In the State of TN you do not have to worry about additional Tax liens. The clerk said the only thing you may have to worry about is if the person has filed for bankruptcy or obtaining property that requires a lot of repair work.
  
  Does anyone have any suggestions on how to search for if the individual has filed for bankruptcy? All answers and comments are greatly appreciated.
  
  Thank you,
  
  Jovec

• 
  RonaldStarr14th January, 2004

  jovec-----------
  
  Check the BK courts. Now, a person could file in any court, but usually they file in the court that has jurisdiction in the area where they live.
  
  I'm sure there may be some differences between courts, but here in CA it is possible to sign up for PACER and get information over the internet. You can put in a person's name and see when they filed, if they did. Also if the case has been completed. Also one can call a telephone number and key in the name to check. Some courts have real live persons who will check their computer for the names of bankrupts.
  
  Good Investing**********Ron Starr************

• 
  fruend20th January, 2004

  your best bet is to write a return requested letter offering to buy the property. this will work with but not well.
  the return out telling you that the peoplw are not geeting there tax bill.. this is
  the best list to take to the action to
  get the land. i wish we only had a one year wate in mo.

• 
  lilsoulja23rd January, 2004

  Quote:
  On 2004-01-09 14:49, jovec wrote:
  
  I have been trying to figure out what is the best way to go about doing a legal search? Can I do a legal search on my own or do I need to hire a title company to conduct this search for me? Here is my dilemma, I have my eyes on multiple properties and I imagine it can get kind of costly conducting a title search for multiple properties. If I can do my own legal research can you suggest any web sites?
  
  
  Thank you so very much for your time.
  
  Sincerely,
  
  L. Willis
  <IMG SRC="images/forum/smilies/icon_eek.gif">
  
  
  I am beginning to gather as much information--the free kind until I am ready to get more aggressive--as I can. I am in AL. I started visiting our local courthouse to get information on properties that were listed as foreclosures in the newspaper.
  
  What I know SO FAR (please stress this when you read it):
  -Mortgages and deeds should be recorded in the appropriate section of the courthouse.
  -You should be able to look up tax records by an individual's name.
  
  Bonus material!!!
  
  I copied this from the "job requirements" of a title searcher in New York:
  
  Searches titles by tracing records and legal instruments of transferred real property back to earliest deed
  indicated as the beginning of the search;
  Checks and rechecks existing abstracts and related records, including deed books, mortgage books, lienbooks,
  and judgment books in the County Clerk's office, and, if necessary, records of the Surrogate's Court of
  the County of Essex;
  Traces of the method of transfer to the present owner, searching and abstracting all legal records which may
  affect title;
  Searches records of the Surrogate's Court in regard to descendent estates affecting title; consults with attorneys
  and the public and aids them with property record questions;
  Completes data and prepares abstracts of title, and checks abstracts for final approval; May assist in the
  preparation of plots of property involved in searches and surrounding areas;
  Performs a variety of related clerical duties connected with title search activities, and gives instructions for
  typing of abstracts;
  Reviews New York State Real Property Transfer Reports prior to final review and approval;
  Prepares monthly statistical reports to be submitted to the New York State Board of Equalization and
  Assessment.
  
  I hope that I did not go past post limits.