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!
