All Forum Posts by: Bryce Adams
Bryce Adams has started 1 posts and replied 2 times.
Post: Howard County, Maryland Land Valuation
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Quote from @Tom Gimer:
Perhaps @Ned Carey will chime in but IMO the valuation should have occurred prior to bidding. The tax certificate will expire, so if you never start the foreclosure process what was the point of purchasing the lien? Since the owner needs to pay your attorneys fees (essentially limited by statute, so can be estimated) in connection with a redemption, all of that math should be part of the planning. Also title to figure out if the land can even be used for a particular purpose.
But to answer your question regarding value, a decent metric is the current tax assessed value of the parcel:
https://sdat.dat.maryland.gov/RealProperty/Pages/default.asp...
Or you could pay for a broker price opinion.
Thank you for your reply, Tom. We used the tax assessed value to help determine the value of the land and subsequently our bid. Our goal was to foreclose and sell off the land if it wasn’t redeemed. However, once we received the title report, we started to question if we bid to high for the lien.
I’ll look into getting a broker price opinion - thank you for that recommendation!
Post: Howard County, Maryland Land Valuation
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Hello BP community! I recently participated in the Howard county tax lien sale and have a property that I can now start the foreclosure process on. This property is land only and is zoned commercial. I have a title report from my lawyer, but it is somewhat confusing as the land has been subdivided (it started as 9 acres and is now 1.5) and has quite a few transactions - including to the county (I.e allowing the county to build a road). I am hoping to get a better idea of the value of the land to determine if it makes sense financially to start the foreclosure process (the two notices have been sent). I am hoping the BP community would be able to point me in the right direction of someone who could help determine the value of this land.
Thank you!