Tax Delinquent Properties

[Nestor Maldonado]

Found a property on the Tax Delinquent List that im interested in minimum bid is 16k the owner owes 13k in back taxes, I offered him the 16k plus I would pay for his back taxes, he agreed was this too easy ?? of course it was a wholesale deal im assigning it to a buyer once its under contract, he needs about 10k in cosmetic repairs to be rent ready, and about 20k to make it look better to almost 2019 standards. the total ARV is about 120k what do you guys think

[Lynnette E.]

Originally posted by @Alexandra Plummer:

I have a question regarding this topic. I have a list of delinquent property, Im new at this. Do these delinquent props have mortgages? So if I get prop from owner, pay taxes what happens to the mortgage?

When you enter into the contract with the owner the past mortgage should be addressed. Are you paying him XX cash in hand for the property and you will become responsible for liens and mortgage, HELOC, IRS holds, whatever the title report shows, or do you want clean title and those items will be paid out of what you offer through escrow? The contract should be clear.

Generally when someone gives the seller less than $20k its move and go away type of money and the whole seller is taking care of whatever is on the title.  But only a foolish whole seller would make such an offer without knowing what is on the title report as the owner may owe more than the property is worth.