Washington Tax Auction process.

[Justin Delahoyde]

Hello,

I am looking for information on the process of Washington Tax Auctions. I understand some of the first steps, but would love a good overview or somebody to have a deeper discussion on. My local area consists of Whatcom, Skagit, Island and Snohomish Counties. I know that some are online now as well. That there is a redemption period for minors and disabled, and that funds are due at time of auction. However I am curious about what happens after. I through researching am seeing that WA is a tax deed state. however i want to get a good understanding of what i can expect. do i get property right away or do i need to do the Suit to gain control. can i get title insurance and if not what would that open me up to. Can i take ownership in a legal entity. Am i missing a question that i should be asking. Would love to hear from current auction attendees or a legal opinion.

Thanks

[Bruce Lynn]

I know nothing about the WA but here are some tips I can give you based on where I live.

Pick 2-3-4-5 counties around you and call the person responsible for the auction or who somehow touches the auction.  That could be the county appraisal district, tax assessor, and or a 3rd party attorney.   Ask all of them if they have any resources about the sale, the process, rules, etc.   Call all 3 and maybe also go in person.  So if you pick 5 counties you could be talking to 15 different people or more.   You could always end the call with....who else should I be talking to?

Make appointments with 3 different closing attorney's or title companies.  Whoever it is in your local that researches title and issues title insurance.  They'e going to be the best people to determine how and when and if you get title insurance at some point.   Same thing...you might ask them at then end who else you should know or talk to.

Get the list for the next sale.  Go through it and do you research for a trail run.  Do you titcord le searches, do you value searches, go see the properties in person...prepare your maximum allowable bid.  Then go to the sale to watch....get there early, network....are you buying anything today?  first time here?   any better auctions to attend?  is this the typical crowd?  what do you think the property is worth that is your target?  buy anything before?  any issues with that?  

Then record the sales prices and compare that to what you would have offered....do they match up?  Better or Worse than expected?  Record who wins and talk to them after the auction....hey congratulations I see you bought X, what do you plan to do with that, why did you buy that, what do you think it's worth?   Think you can get title insurance on that...

Then watch a few of your targets over the next few months....any change in occupancy, any work done, are they for rent or sale?   Any big buyers who buy several properties....can you take them to lunch?

Just like every strategy...it requires work...from what I've found in my area, there are not many experts and we have 254 counties....lots of people have a little information, but no one seems to have all the information.  Almost like putting together a big puzzle...lots of little tidbits from lots of different sources.  

Best wishes and good luck.