Hello I am starting to drive for dollars and ,so I found this property where a lien and property tax is owned. When I looked up the property there is a 60K lien, and property taxes. There is a another lien on the property but it is not open to the public. I'm not sure why this is. The owner has given up rights and the property address is as listed for a renowned address. What does all this mean and what should I do at as new beginner in wholesale. Advice please?
Real Estate Investor · Lansdowne, PA · Member since 2013 · 1k+ posts · 656 votes
7y
well, if you're a newbie and aren't sure how to move forward then you need to return to the drawing board. get some more researching and studying in. some opportunities will be a bit much from a newbie perspective. there's plenty of information available here on BP for homework purposes.
you'll need to perform a title search to identify all liens on the property.
If there is a tax lien be aware of the final date to pay off the lien before the property goes into auction.
Im pretty sure a title company will not transfer title while there are active liens on the property. So unless your going to do a double closing on the property then it doesn't matter.
Does the property have a mortgage? If so and depending on the state the property is in then you need to take that into account. if the person hasn't been paying there taxes then there prolly not making there mortgage payment either.
Theres alot of moving parts to this but depending how much time and cash you have and what the property is worth then It could be done.