Tax Lien Sale - forclosure

[nordictom]

Not sure if this is the correct section...……. Admin's can move it if needed.

So, I have made the payments for 3 years on a Coconino County Tax Lien sale certificate. I am into it that much ($$), just wanted to see how it would turn out. Well, I am at the time when I can foreclose. Has anyone foreclosed on a Tax Lien Certificate? Did you use a Attorney? do it yourself?

Any help would be great.

Thanks,
NT

 

[Havasu blue label]

Or you trying to buy the unit or do you own it

 

[Turnup]

I would use an attorney and get it right the first time. If you miss one dotted i or one crossed t you could set yourself back and put some serious leverage into the occupant's side. I don't envy anyone foreclosing or doing an eviction in these times, unfortunately it won't happen for a while..!

 

[DrunkenSailor]

Not sure if this is the correct section...……. Admin's can move it if needed.

So, I have made the payments for 3 years on a Coconino County Tax Lien sale certificate. I am into it that much ($$), just wanted to see how it would turn out. Well, I am at the time when I can foreclose. Has anyone foreclosed on a Tax Lien Certificate? Did you use a Attorney? do it yourself?

Any help would be great.

Thanks,
NT

Hire an attorney. You need to get this right. Surprised the bank hasnt redeemed yet but they will have the option in foreclosure. Your legal fees should be covered if they redeem. If its in socal i have attorneys i can refer you to.

 

[nordictom]

Or you trying to buy the unit or do you own it

I have a tax lien certificate on the property. So, I don't really own anything, just paper.

Thanks,
NT

 

[nordictom]

The Property is in Coconino County, Arizona. So what I have gathered (everyone's posts) , it has (should be) to be handled by an AZ licensed attorney.
I looked into the process, seems some what straight forward, but, I don't want to screw up.

I talked to an RE Attorney in Phoenix, he claims its going o to cost $1500, out the door. I need to send him the retainer. He did say that it anyone (current resident, Mortgage Co.) comes forward, AZ law says that need to reimbursement the total amount, including attorney fee's.

Thanks,

NT

 

[nordictom]

Hire an attorney. You need to get this right. Surprised the bank hasnt redeemed yet but they will have the option in foreclosure. Your legal fees should be covered if they redeem. If its in socal i have attorneys i can refer you to.

I wish I had a few tax lien cetificates in CA. BIG money to play in that game.

Thanks,
NT

 

[cofooter]

Its not easy / cheap to acquire a property via a tax lien. People invest in tax liens to recover the interest on the lien. That's is all you are guaranteed. You have no other rights to the property. If the value of the property is higher than the tax lien, it will go to auction and anyone can bid on it.. Somebody else can buy it and can pay off the lien with interest if their offer is higher. The only way you acquire the property is if no one else is interested at auction.

 

[Riverbottom]

In my experience, the county tax assessor will put the property up for auction. You can bid on it just like everyone else. You purchased the tax lien which entitles you to the amount paid plus interest. Just paying the property taxes does not get you the property. At least that is how it is done in La Paz county Az.

 

[STV_Keith]

I've got a few I bought raw land tax liens this year in Mohave County. Same deal, wait 3 years to foreclose. One was $2500 in taxes owed, got it for 16% interest...that's the one I want, so 3 years from now the owner will owe me $3900ish + fees. The property is worth about 6k, so I'm guessing they probably will just let me foreclose. I did talk to an attorney...he claimed about $3500 all said and done. Maybe I need to do more attorney shopping.

 

[cofooter]

I've got a few I bought raw land tax liens this year in Mohave County. Same deal, wait 3 years to foreclose. One was $2500 in taxes owed, got it for 16% interest...that's the one I want, so 3 years from now the owner will owe me $3900ish + fees. The property is worth about 6k, so I'm guessing they probably will just let me foreclose. I did talk to an attorney...he claimed about $3500 all said and done. Maybe I need to do more attorney shopping.

I would take 16%..........

 

[Royally PO'd]

And make sure you get a qualified Real Estate attorney.

 

[nordictom]

I got this one "over the counter" after the online tax sale. I am getting 16%.
I think the attorney costs vary by county. I talked to a attorney in LHC, a referral , he really didn't want to do it, because it is in Coconino. too much driving. He gave me a referral to a RE attorney in Flagstaff, she said was too busy, but ball parked the cost at $1600. She gave me a few names, & I checked them on the AZ BAR site. So I went with the one that was responsive, followed up, and waived the consultation fee. I do have a few Tax certificates in Mohave County, the one I wanted was about $1600 back taxes, at 8%. I bought it during the auction. So, hoping in 2 more years...…….

 

[C-2]

Oops, I was trying to learn more thru example questions I posted, but there are too many to list, lol.