Unclaimed Funds Tax Sale Overages(surplus)
I just found out about this tax sale overages, also known as(Unclaimed surplus funds) from tax sales in which people
overbid on the original tax lien amount. If some one can help
me and tell me, what state or counties would give me this tax sale overages list with no problems.
Like every other slam-dunk, you will need to research each county in each state to find the info you are looking for.
If you find a source of this info...let us know, OK?
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Would you mind explaining what you mean by a tax overage?
Is this on tax liens or deed or potentially both?
thx.
I think what is being asked is as follows. All numbers are made us for examples.
These examples are for MO and for Tax liens
Property at tax sale has amount due of $300. Bidders haggle back and forth offering 350. then 375, then 450, until one Purchaser offers or bids $500 for the property. No one else bids so this guy is the high bidder and gets the Tax Sale Certificate that he gets to hold until the redemption period is over. There is a value difference between the amount due (300) and the amount bid (500) leaving a surplus or overage of 200. What happens to the $200 (well _ that depends)? (Don’t you just love them words)? 1) The original owner, if did not redeem the property can ASK for the $200. 2) If original owner redeems property then purchases get the @200 back plus his other monies if he returned the Certificate. 3) The $200 goes to the local school fund after 3 years if it is not claimed.
It also seems like SUCCESS1 is maybe thinking that he can find a “list†of this overage or surplus. This money is printed on each and every Certificate and is in the books that are open to the public to see at each and every county in the state. There is no combined “list†printed anywhere. Its strictly a county thing. And the only ones who may get the over surplus are as stated above, the original owner, the bidder, or the school system. Other individuals are not going to get the money, least ways here in Missouri and I suspect in a lot of other places.
Haynesm...As I understand it... you have it right.
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Whose right?
In Florida, all properties purchased at a Tax Deed sale need to go thru a "quiet title" process...very similar to a foreclosure lawsuit, in order to get an insurable title. An alternative is to get the former owner to quit-claim the property to you.
The issue of a Special Warranty Deed vs a General Warranty Deed is simple: A seller giving a Special Warranty Deed is guaranteeing he did nothing to cloud the title while the property was owned by him.
A General Warranty Deed states the seller is guaranteeing a clear title.
In either case, I would not buy a property in Florida without a title search and usually Title Insurance. The Title Insurance Company will assure you are getting a clean, marketable title.
And a clear title does nothing to assure the property is high and dry, buildable, contamination-free, etc. Buying vacant lots without local knowledge or physically walking the property is usually a recipe for disaster.
Still a lot of swampland being sold here!
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Tax deed lots needs to go thru quiet title....OR you can wait for 4 years and get insurance. For cheaper lots like $3-5k it is not worth the expense if u need to hold on anyway. Unless there is any governmental lien or local code, utilities ,dept of revenue lien etc, which remains valid.
Tax deed lots are a very good investment....must visit the site and check for buildability with local authorities.
You must be experienced before you buy tax deed lots though or have an experienced person help you.
Title insurance is also not worth it sometimes on these cheaper lots.
Q,
Thanks for your comments. You say that tax deed lots are a good investment. But for who?
For me, I want to buy a lot to hold for 1 to 3 years and then sell. Perhaps it would be better to just bid at the charlotte county web site tax deed sale for the lot. Then I can hold the lot which has been tax deeded to me until I am ready to sell. However, it seems that any future buyer would want a steep discount unless a quiet title was performed. Seems that this is a matter of balancing the cost of quiet title action vs. what one could get for a tax deed property.
Quote:
On 2009-08-01 00:50, qamaruddin wrote:
Tax deed lots needs to go thru quiet title....OR you can wait for 4 years and get insurance. For cheaper lots like $3-5k it is not worth the expense if u need to hold on anyway. Unless there is any governmental lien or local code, utilities ,dept of revenue lien etc, which remains valid.
Tax deed lots are a very good investment....must visit the site and check for buildability with local authorities.
You must be experienced before you buy tax deed lots though or have an experienced person help you.
Title insurance is also not worth it sometimes on these cheaper lots.
My rule of thumb is, DONOT pay more than 10% of Todays quick sale market Price of your lot FOR quiet title.. In other words if you bought a lot at Tax deed sale for $3000...
and it costs $1500 to Quiet title....you might as well wait for 4 years .....and invest Quiet title money into lots also...Since u seems to be in CA my suggestion is to work near you, where you can actually SEE the property you are bidding on. One mistake will take profit out of Four lots. I own several Tax deed lots in Highlands county and I sell them $2-$300 over my cost to other investors.
Well, my math is a little different. Calculate the amount of taxes you will have to pay for 4 years and compare that to the quiet title costs. If quiet title costs are no more than 2 times the 4 years of taxes then do a quiet title. The reason you will be able to resell your property immediately upon the completion of the quiet title process, whereas in the 4 year scenario you will be "stuck" with your "investment".
Always better to have the option to sell quickly and be potentially more liquid.