Tax deed auction questions

[Joe Smith]

Want to be sure I'm reading this correctly. A tax deed auction I'll be participating in has the following statement regarding a redemption period:

<to the auction...>>

If I'm reading that correctly, there is no redemption period to speak of during and following the auction, correct?

If you won such an auction, and there are no other liens against the property, it should be yours free and clear following the auction, correct?

Following such an auction, what complications might arise that would prevent you from reselling the property?

I understand that legal action to challenge a tax sale must be commenced within one year of the tax recording date (at least for this county). Does that mean you'd have to hold the property for a year, waiting for this limitation to expire, before you could sell it?

[G.D. Haizlip]

Hello Joe,

It sounds like everyone has already given you some great input. Let me just add this with respect to the "language" you referenced in your note.

This is ideally why SOME Title companies option to wait until one year after the sale to insure a Tax Sale Property: that is they know that a former owner by-law has the option to challenge the sale within that year. To be certain that this applies to your city, county, or state, it is always best to check the Statute/Law as depending on the Sale Type and/or City, etc.. you may or may not have to worry about that. It is not that difficult to find/read. Let me know if you are not able to find it (I'll see if I can help you).

Finally, I suggest checking the Statute first so that if you should decide to apply for Title Insurance than you will know if you have to wait for one year or not to apply for Clear Title. If the Statute says that the owner has the right to file a claim after the Deed has been sold to you/the Investor, than you will know that you have to wait. Some Owners may not know this, so keep that in mind (It is something that you may want to keep closely-guarded as you continue to Invest with Success)!

Another Suggestion--Only A Suggestion: Unless you want to wait the one year: You may want To Market the Property that You have been granted a Deed to as such: "Property Acquired at Tax Deed Sale, Buyer Must Quiet Title."

Take Care & Remember to Keep In Mind what the others here on BiggerPockets have already stated.