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Updated about 12 years ago,
Buyings Liens to Gain Interest in Property
Hello BP!
I am not new to forum, but I read more than I post! I was wondering if any of you who purchase Tax Liens, Mortgage Liens, HOA liens, etc could shed some light on something. I have a house near my neighborhood that has been growing tall grass for at least 4-6 months. The other day i saw a county code officer knocking on the door as well. I have gotten so far as finding out the owners names of the property, as well as found out through county tax office that there is a $4000 Lien on the property as well as a "security lien" i think it was called, which i believe would be a mortgage, although i'm not sure how to find what bank holds the note.
My question is, is there any proactive thing i can do to acquire, or create a deal with this property if it is just sitting? Can I try to buy the tax lien from the county or try to locate the owner to try and negotiate to buy the deed since they have split?
I was thinking it would at least make a decent short-term rental until i can work something out with the mortgage holder or try to wholesale the option if i get offered a good price...any thoughts or does this strategy of buying liens only effective on free and clear properties?
I would much rather leverage my cash with liens then say, purchase a property for $30-50k and have money tied up in one house, if that makes any sense...
The house was sold in 2006 for 110k, i believe the current value is around 62k.
This is Gwinnett County. near Atlanta, Ga. by the way.