“If you don’t adequately research the property you are bidding on, you may end up with something that has no value and you don’t really want. That equates to not being able to get your money back out.”
So if you buy the lien and find out it is junk, and the property owner doesn’t pay, do you have the option to not take deed? Is it automatically deeded to you (foreclosed) or can you take the loss of your investment to avoid the liability of owning a junk property? I realize you would lose your investment, but is that even a possibility? Or would you be required to take deed on the junk? Hope this question makes sense.
Thanks Marti for your questions. You’re right, there can be some junk properties and investing in tax deeds and tax liens can be risky. Because each municipality has different procedures, various right of redemption periods etc, I would recommend consulting with a local real estate attorney familiar with the procedures in your area. You ccould also find out more information from the tax deed office, usually located in city hall. All the best,