• Real Estate Taxes And Acquiring Tax Lien Properties | My Taxes

Calindra Said:

Real Estate Offer- Is this a reasonable offer?
Here is the situation
1- The house is owned by a relative. The house is 100% paid for. She has no liens on the property that I am aware of, other than a 3rd party tax lien. Which, brings me to why I want to try and acquire the property. She has not paid the taxes since 2006. My cousin whom she was never there for, paid her 2006 taxes. 2007 are owned by a 3rd party tax lien company and 2008 are deliquent, and 2009 have penalties. The property has been neglected and is in need of a lot of updates (roof, gutters, pain, carpet, bathrooms etc).

2- I was contiplating the idea of buying the tax liens, then forcing foreclosure, and requesting eviction. But I thought this was too harsh, and could take a LONG time.

After talking to a lien tax specialist, I think we’ve decided it would be better if we place an offer on the property.

What I would like to do, is offer a sum that I think the property is worth in its current condition, minus the deliquent taxes owed, and minus the closing costs.

Because of her personal life, it might be in both best interests that we pay her monthly, payable to her new landlord. I think her being an apartment setting will help eleviate the current issues with her inability to maintain the property, and financially she does recieve other assistance via Social and Human Resources through the county and state.

Does this seem like a far offer?

Comment made on February 21st, 2010 at 7:46 pm

knowitall Said:

I don’t know how you are going to pay her monthly and to her landlord unless she agrees to carry the financing and pay him, not her. Also, you cannot take the $8,000 credit even if it is your first home in 3 years. Buying from a relative disqualifies you.
References :

Comment made on February 22nd, 2010 at 12:50 am