Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 4 years ago on . Most recent reply

User Stats

4
Posts
0
Votes
Sara Miller
0
Votes |
4
Posts

First Time Tax Sale Purchase

Sara Miller
Posted

My husband and I own 3.5 acres in Pennsylvania. Our neighbor passed away nearly two years ago and he owned the adjoining 10 acres. (Also has a house on it however, it is condemned.) We have been trying to work with the family to purchase the property however they have been a nightmare and basically are letting it go to tax sale to just wipe their hands because they want nothing to do with it. The back taxes are about $10,000 so we could get this for a steal however, it is a prime piece of property in one of the most sought after locations near us. I do not have the cash to go into this but my in-laws are willing to help us. I am curious as to what my best route might be. My in-laws will eventually be selling their home and building on this property. I have looked into doing a 1031 exchange because they also own 3 undeveloped acres an hour away that they have been trying to sell and I have looked into creating an LLC. Any help or information would be greatly appreciated since I have no experience with this sort of thing what so ever.

Most Popular Reply

User Stats

4
Posts
5
Votes
Jacob Temple
  • New to Real Estate
  • Illinois
5
Votes |
4
Posts
Jacob Temple
  • New to Real Estate
  • Illinois
Replied

@Sara Miller

Look into your states laws for tax sales. I know in Illinois you bid on the interest from the tax lien. Here 0-4% normally wins. The lowest interest amount wins. But then the family still has 2.5 years to pay the back taxes and take the property back.

The laws can be different if it is a tax lien sale or a tax deed sale.

Loading replies...