New Orleans tax deed sale watch out
Posted in the The Santa Fe New Mexican Forum
Since: Sep 08
#1 Nov 24, 2008
They have one the 1st and 2nd of Dec this year. They had the first last year and it was quite a opportunity.
However, this one looks like a sucker hustle this year. They changed the rules and are way too vague on important things you should know. Last year the first to claim got the property and it was removed from the lsit immediately. This year they are doing a blind bid on least ownership. It doesn't smell right. The way things are arranged now you can pay a lot of money and be forced to go through NOLA courts to get title or to even get your money back if the owner redeems it. You get sucked into their web.
If anyone has has ideas of participating, think twice, unless you are a professional in that field. They have some very attractive deals this year, but it just doesn't smell right. Smells like NOLA.
Read the vague fine print.
#2 Nov 27, 2008
Hi! I just wanted to say that I participated last year, and was very happy with the results. I only got two of the many properties I had on my watch list, but one is already redeemed, and I got my money back plus interest, and the second I don't think the owner is interested in, so I might have a chance at acquiring the title. Also, just to clarify-- I looked into the process after the three-year redemption is up, and I have to sue for title regardless-- all I have now is a tax sale deed, which is for 100% of the property, since last year they didn't incorporate this percentage process. Anyway, what I am saying is, even if you did it last year, you still have to go through the court process to sue for title. The tax sale deed is always just a legal interest in the property, it doesn't become a clear title to the property on its own, you have to go through the legal process for that. However, I too noticed that the process was different this year. After watching the video and reading the FAQs, I was a little confused too. I am lucky enough to have an old college roommate who is a lawyer in real estate now. He actually helped me with the tax sale process last year, and when I talked to him, he said it was actually on the up and up, and how they are supposed to do it in Louisiana, but a lot of parishes just do it the old-fashioned way in the courthouse, where it really does end up being just people "in the know" Anyway, I think the online aspect makes it a little less hard to gauge (obviously if you're in person, you can see the other bidders readily, which I think could be helpful in this situation) But... I'm still going to try to bid. I will say that my friend (the lawyer) said that I should probably only bid 100% if I do plan to eventually sue for title... or at least above 51%, bc then I'd be the majority 'interest' older... But that's only if I want to acquire the property outright. So I think I'm going to do that on a couple of properties, and then bid really low on a few too, so I can make a return-- I don't like to risk too much on that though, I usually stick with properties at $1000 or less.
I know I'm lucky that I have a friend in the legal field, but I just thought I'd pass it on...if you do have someone familiar with real estate law, I'd definitely take advantage of their expertise. I think you should be safe if you do your research on the properties you're interested in, I did a drive-by of the properties ahead of time last year, but I know if you're not local that can be tough...
#3 Jan 22, 2011
We purchased properties at the Tax Sale that are now three year in. I would like to know of an attorney to sue for title. We restore houses for needy families and have limited resources but we are a non profit org and any help is tax deductible. Does anyone know the process or has done it???
#4 Jan 11, 2012
We have properties that are over the three year redemption period. Talked to attorneys. Expensive. Do you know of a reasonable attorney or could we do the process ourselves? We are a non profit that restores homes for needy families. Any help can be tax deductible. Please let me know.
#5 Jun 25, 2012
Please contact me if you didn't get a lawyer to redeem the property. I have a guy who seems like he has the info. Please contact me at [email protected] thanks.
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