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Updated almost 9 years ago on . Most recent reply

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Shawn Abadie
  • Investor
  • Phoenix, AZ
0
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Why is a party foreclosing a tax lien now offering to buy?

Shawn Abadie
  • Investor
  • Phoenix, AZ
Posted

Just got a notice today from a business partner of the lein holder, who filed intent to foreclose about 6 weeks back.  The property is vacant land in Yavapai County, fairly difficult to access, not much development / improvement going on nearby.  It's been held by a corporation for about 11 years, and they stopped paying the taxes on it about 4 years ago.  

The letter received states that "instead of obtaining a judgement and receiving the property that way, it might be better for all parties to mediate a purchase", where the back taxes and everything else is paid by buyer and seller received a nominal sum ($2500).

Question is:  Why would someone offer this if they are already on their way to obtaining the property through the lien foreclosure process?

Thanks.

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John Underwood
#1 Short-Term & Vacation Rental Discussions Contributor
  • Investor
  • Greer, SC
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John Underwood
#1 Short-Term & Vacation Rental Discussions Contributor
  • Investor
  • Greer, SC
Replied

a Tax deed would have a cloud on the title and would then need a quiet title action to remove cloud. I would try and get $4000.00 because a QT would cost about this much and take 6 months or longer.

  • John Underwood
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