Seeking advice from experts

**Mobes85** · 08-25-2007, 10:04 AM

Hello everyone. This is my first post to the forum and I am hoping some of you seasoned veterans might share with me some of your wisdom. This morning I was having a discussion with a friend and she mentioned how she and her boss are heading to out county court house this week to place bids on delinquent properties, lots, etc. She says that the buyers who win the auction are required to pay the taxes on the home as well as any other accrued fee's. Then they must wait for one year in which the original homeowner has the opportunity to pay the fee's and regain possession of the home. If the original owner does now pay within the year the ownership then switches to person who paid the taxes. Then the new owner has the option to re-sell the home or do with it what they please.

I am sorry if it seems I am rambling but it's just that I truly have no idea what I am talking about other than what she told me. Can someone please elaborate on this topic or tell me if I am mistaken or such? I would truly appreciate any info that anyone is willing to share with me. Or even to point me in the right direction to further study it. Thanks a bunch and have a great day.

Ryan

**Malok** · 08-25-2007, 10:33 AM

Sounds like a cross between buying tax liens, and foreclosures with statutory right of redemption purchases.

What questions specifically did you have?

**Mobes85** · 08-25-2007, 10:53 AM

First of all thank you for your quick reply. I guess I would be wondering where I can find information dealing specifically with this subject whether it be online, books, people, etc.

Secondly I was wanting to see if you could possibly name some of the drawbacks of this type of real estate dealing. The woman I was discussing it with earlier said that if I were to pay x amount for the property taxes but the original owners eventually paid the delinquent payment within that year time then I would still get my money back. Would that be true?

I guess I am just looking for some direction here. I want to get involved with this type of real estate but I have no idea where to go. I am planning on attending the auction this week if my class schedule permits. I suppose that would be step one, just observing and taking notes. I understand some of these questions I have posed are rather broad but I would truly appreciate anything you can tell me. Thanks again.

Ryan

**Malok** · 08-25-2007, 11:33 AM

Its going to vary from state to state.

If you were talking Kentucky real estate, I could point you directly to articles regarding it like these:
http://www.foreclosure.com/statelaw_KY.html
http://www.lrc.ky.gov/KRS/426-00/530.PDF

You should be able to use a search engine to find the information you need for your particular state.

Talk to to your friend - and see if she can provide guidance, or additional information resources for your state.

**InRealEstateSolutions.com** · 08-25-2007, 09:00 PM

foreclosurelaw.org will tell you about your state and its right of redemption. If your state has a right of redemption, that means that the owner that got foreclosed on has a certain amount of time (30 days, 60 days, 1 year) to make the back payments after the auction and they will get their house back.

Some times, having a right of redemption depends on which foreclosure process was used. CA for example can use a judicial foreclosure (has right of redemption) or a non-judicial foreclosure (no right of redemption).

I'm not sure how the tax liens play into it, but they can have a right of redemption as well.

Florida has no right of redemption at all.