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Updated almost 3 years ago,
Land acquired at tax sale. Looking for ideas to develop or sell?
I acquired about 3 acres of lots at tax sale in a very hot real estate market. The 3 acres of lots are not contiguous but there are 6 lots that are contiguous where houses can be built on them. The property in this area was subdivided into lots a long time ago (1950s) but the property was not developed. As a result, people lost lots at tax sale.
The problem is that the 6 lots are land locked but there are places to build streets to the property because the subdivision lists the streets. My 6 lots are located directly behind 3 houses that are on a street. It would be easy to build a road to the 6 lots because they are not far from the already existing street. I would just have to connect to the already existing street.
I think that it would still be expensive to build the street and then build houses on these lots. Once I build the houses, it may be hard to sell them because title insurance companies won't insure property acquired by tax sale because of potential title problems related to a tax sale.
I am wondering if any has advice as to how I can make this property productive.