Tax Sale Deal?
Here it is I bid on A Tax foreclosure deal, my question is can you get a mortgage on that deal or does it have to be Paid in cash to the clerk of superior court if I am the highest bidder on the property? thanks :-?
jameel99-------------
Most tax sales are all cash. But, you should call the office that will conduct the sale and ask them.
Most institutional lenders will not provide loan funds for bidding at foreclosure and tax sales. But if you have a very good relationship with a banker, you might try getting money from the bank.
Good Investing************Ron Starr**********
thanks RonaldStarr,
I do deal with a commercial lender, where I can get the money in 10-14 days, I am pretty sure they can wait , by the way when I asked they gave me the same answer that I get with mortgage foreclosure, that if no one upset the bid on the last day they expect the $ on that day, but i dealt with that (bank Foreclosure)and I usually ask for 30 days and they agree , I assume they woulfd like to get 200k instead of my 8 K deposit (ther5%) so keep the the fingers crossed.
Thanks
jameel99-----------------
I would assume you are wrong. Rarely is it possible to pay for tax sales at sometime after the sale. In most counties it is payment at the auction. In some counties they stop the sale until the sold property is paid for, then resume by offering the next property for sale.
Don't assume. Talk to the people at the entity conducting the sale and ask them when they want to be paid and with what types of funds.
Good Investing************Ron Starr*********
Tax sales are due the day of the sale in cash or certified funds made payable to yourself and signed over to the county.