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Updated about 5 years ago on . Most recent reply

User Stats

29
Posts
10
Votes
Matthew Holland
  • Rental Property Investor
  • Palo Alto, CA
10
Votes |
29
Posts

Tax Lien Foreclosure - Owner didn't pay for 3+ years... now what?

Matthew Holland
  • Rental Property Investor
  • Palo Alto, CA
Posted

Hi BP Community,

I started buying tax liens 3-4 years ago in a few different counties.  One of the tax liens that I purchased 3 years ago in Pinal county (AZ) had a 3 year redemption period and is now on the foreclosure date!  I hold the first lien position on the property and have the right to foreclose on the property if I pay off all of their property taxes.  The property taxes would cost around $3,000 and the lawyer would cost around $2,500 to foreclose on the house.  

I'm wondering if anyone who has been through the tax lien foreclosure process can share some details on their experience with this?  Are there any actions you can take to make sure the process goes smoothly?  Any way to minimize risk that the owners won't damage the property before moving out?   Is it recommended to pay the current owners if they agree to sign a title transfer form and vacate the property?  

Any advice would be much appreciated!

Matt

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