Curious

Floyd, VA

#1 Oct 24, 2013
Has anyone had any experience buying through the tax sales at the courthouse, try to acquire some land and am in no position to get a loan so I thought this may be an option
Curious

Alexandria, VA

#2 Oct 26, 2013
Nobody?
Buzz

Fayetteville, WV

#3 Oct 26, 2013
I have they aution it off to the highest bidder,sometimes you can get it for just the back taxes
Curious

Halethorpe, MD

#4 Oct 27, 2013
Buzz wrote:
I have they aution it off to the highest bidder,sometimes you can get it for just the back taxes
I have heard they have 18 months to pay you back, is it always that long or does each property differ?
Buzz

Fayetteville, WV

#5 Oct 27, 2013
yep they have 18 months some counties is 2 yrs but they have to pay u back plus if you have did any improvements on the property they have to pay you for that also.
no no

Parkersburg, WV

#6 Oct 27, 2013
Buzz wrote:
yep they have 18 months some counties is 2 yrs but they have to pay u back plus if you have did any improvements on the property they have to pay you for that also.
all wrong
Curious

Halethorpe, MD

#7 Oct 27, 2013
no no wrote:
<quoted text>all wrong
if its wrong, then what is your experience?
Curious

Halethorpe, MD

#8 Oct 27, 2013
Buzz wrote:
yep they have 18 months some counties is 2 yrs but they have to pay u back plus if you have did any improvements on the property they have to pay you for that also.
so your saying that you own the property until they pay you back?
Buzz

Fayetteville, WV

#9 Oct 28, 2013
YEP,they have to pay u back .I have got several pieces of property this way and again if u do improvements to the property u have to be payed for the work u did.if not idiots would let ppl get the property for back taxes them let u fix it up and step back in and take it back.
keyluck

Pine River, WI

#10 Oct 28, 2013
I think people have 3 years to reclaim the property so it is not a good short term solution.
no no

United States

#11 Oct 28, 2013
When you buy the property at the sale the owner has 18 months to redeem the property. you can not sit foot on it for 18 months. if they pay you back they also pay 12% interest plus other expences but you cannot touch property until a deed is issued in your name.
well

Silver Spring, MD

#12 Oct 28, 2013
Buzz wrote:
YEP,they have to pay u back .I have got several pieces of property this way and again if u do improvements to the property u have to be payed for the work u did.if not idiots would let ppl get the property for back taxes them let u fix it up and step back in and take it back.
I have bought several houses and I think 10 to be exact. You are buying a tax lien and not the deed.The deed holder has about one year in WV to redeem to lien. If the lien is not paid then the lien holder petitions the county to have a deed made for the property. They would have another 30 days from that point to pay the sale amount plus interest to the state. The state then releases the lien from the property.
If no one pays the lien then a deed is made in the name of the lienholder.
Why would anyone start working on a property that they don't have legal title to ? I would be hesitant to spend money on something I didn't own depending on some idiot to pay me for repairs that he didn't legally have to.
interesting

Spencer, WV

#13 Oct 28, 2013
When is the sale this year?
no no

United States

#14 Oct 28, 2013
nov. 14 at 9:00
Curious

Lexington Park, MD

#15 Oct 28, 2013
Buzz wrote:
YEP,they have to pay u back .I have got several pieces of property this way and again if u do improvements to the property u have to be payed for the work u did.if not idiots would let ppl get the property for back taxes them let u fix it up and step back in and take it back.
thank you very much, you have been a big help.
Curious

Lexington Park, MD

#16 Oct 28, 2013
well wrote:
<quoted text>
I have bought several houses and I think 10 to be exact. You are buying a tax lien and not the deed.The deed holder has about one year in WV to redeem to lien. If the lien is not paid then the lien holder petitions the county to have a deed made for the property. They would have another 30 days from that point to pay the sale amount plus interest to the state. The state then releases the lien from the property.
If no one pays the lien then a deed is made in the name of the lienholder.
Why would anyone start working on a property that they don't have legal title to ? I would be hesitant to spend money on something I didn't own depending on some idiot to pay me for repairs that he didn't legally have to.
also extremely helpful, do they give a short description of each auctioned property?
keyluck

Pine River, WI

#17 Oct 28, 2013
Appreciate the info. I think they even have to pay interest for the tax fees. Do you have to have cash on hand?

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