All Forum Posts by: Daniel Segovia

@Taylor Hudgins

Thank you. It does help.

@Lamont Marable

I am not investing in Cincinnati yet. Thus far I have been focusing in Franklin county.

Are you investing in Cinci?

Hello BP Family.

I am an investor in Ohio but I became interested in tax sales in Virginia, especially in the Hampton Roads area.  I used to lived there many years ago and I still have ties to the town.

Sales in Ohio are executed by the County's Sheriff and they are typically called Tax Sales. I can go to almost any Sheriff and I will find a list of properties. 

In Virginia it appears to be a huge difference. I read that Virginia's state law labels it as "Judicial Sale of Real Property" but not every county or town calls it that way. I also read that all sales are at the physical address of the property for auction. Is this true?

Also, where can I find a list of properties for Virginia Beach, Chesapeake, Hampton, and Newport News? It looks like every city has its own method as they were their own counties, but the information is not clear or easily available. It is not clear to me who is doing the actual sale. Are these cities using private auctioneers such as auction.com, foreclosure.com or do they use private law firms?

Any help is appreciated.

Thanks BP Fam..

Hello guys, I am trying to analyze a property going for auction in Ohio. Probably I am reading too much into it but I am getting confused with the last part of the County statement, "sale shall not less than 2/3 of the difference between the value of the real estate, as appraised, and the amount remaining on the mortgage".

If the appraised value is $160,000, the 2/3 of that is $106,666. Please help me understand the 2/3 difference? Thanks in advance.

Here is the full County statement.

Sold subject to the mortgage of a local bank, that there is due and owing on this mortgage the sum of $270,000. Sale shall be for not less than 2/3 of the difference between the value of the real estate, as appraised, and the amount remaining on the mortgage of the Defendant, Bank.

I believe your lawyer has to formally certify/notify the IRS of the your purchase.  By law they have a window (I think it is somewhere about 120 days) to reply/answer your letter. Your lawyer should know the exact procedure and time frame. The IRS will have to decide if they want to redeem, if this is the case, they have to execute the sale and they will have to pay back what you have put in up to this point to include your lawyers fees, etc. Again, your lawyer should know how to navigate these waters. As far I understand it, the IRS will not engage because it is more costly to them and time consuming. They have a legal obligation to recuperate the money, so if there is not enough equity to get their money back and buy you out, then they will simply let it go. They have other legal tools to get their money.

just like stated in the prior post, run it by your lawyer. At the end, they should be filing the paperwork with the IRS for you. 

good luck. 

Visit the irs.gov website. A lot of my questions were answered on their Q&A section one day when I was bidding on a property with an IRS lean against it.

I didn't win the bid, but I was comfortable bidding on the auction after reading their website .

By no means I am an expert and I could be wrong but it is my understanding that if there is a judgement, your lawyer notifies those who filed against the owners so they can initiate their foreclosure process to recup their money. They have a window to file and execute, otherwise it is yours.

I will be interested to see what experienced investors have to say. 

Great question.