All Forum Posts by: Reuben Gathright

@Omar Diaz Here is the link to Calcasieu Parish Sheriff Sales, mostly foreclosures.  Note starting bid is not always shown and may be less than writ amount.

http://208.180.188.69/SheriffS...

@Anastasia Jordan The judge never ruled so could the same party file another suit requesting a summary judgment? 

For this reason, before I sell my tax deeds, I always take the time to locate former heirs along with lien holders and serve them notice of their unpaid taxes.  If they protest then they have the option, with my timely prior notice made before lien maturity to pay their taxes.  When they try to file a suit the judge will see that I have already taken the time to notify them.  In the end, I can sell my deed and provide my buyer with the properly served notices. 

Helps me sleep at night but I do make less money as a result of doing my legal paperwork.  I'll take less money anyday.

Market in Calcasieu Parish has been ferociously bought for the past five years due to a rush by investors to capitalize on the temporary worker boom brought about by the construction of new LNG facilities.

Now that is done and only one new LNG plant being built in Cameron so we lost over 5,000 rental units of demand in less than six months of 2019.

In next two years we will see numerous bankruptcy auctions by local Sheriff as over extended landlords are forced to liquidate.

Many Sheriff auctions are going unbid right now as we discover the new floor or price per sqft for medium and low income housing.

DISCLOSURE:  I am a tax deed investor and waiting out the market from that perspective.

'Owner' Column = Former owner / current owner if taxes redeemed
'BUYER Name' Column = the tax lien or tax title buyer who loses their status if taxes are redeemed by the former owner / current owner

May I ask why you want the tax lien list for your city?

In my opinion, you should have asked for the list of properties with unpaid taxes or the list of adjudicated properties in the tax collectors office.

NOTE:  A wise investor should be cautious about dealing directly with the "US Bank" on the list.  They want to make a lot of money and any title sales with them should be done using the consultation of an experienced real estate attorney.

Property owned by "holding company from Nebraska." will require you to make an offer to them for the property.  They will want the offer to be at least double the amount they have already paid in taxes and liens. 

If they bought the property at Sheriff's tax sale more than 3 years ago then yes they own the house as a matured Tax Deed.  If there are no heirs then their title is uncontestable in court.

You could elect to pay off the back taxes owned if the property is less than 3 years behind on tax dues.  However, you would not have a way to claim the home yourself with a deed.

Did you know that Sheriff's tax titles & deeds that are issued for non-payment of taxes are one of the best ways to reclaim abandoned properties?  Without this legal process numerous homes and properties would remain abandoned forever with no clear way for someone to claim possession if the former owner has no heirs.

Hello, this market is not internet integrated.  

Maybe I can find the right person for you, what are your interests in real estate?  

@Dan Maciejewski Your creditor sees the same clouded title, no matter if you finance a tax deed property or buy a tax deed property for cash and then finance it. 

In the end, the bank or private lender is going to ask for TITLE INSURANCE on any property you offer as collateral for a loan.

Why do you think financing a property after paying cash for it allows you to secure a loan?

@Justin Morris @Dan Maciejewski

You are both inquiring about a potential lender who would help with financing on the tax deed property. 

The bank or private lender is going to ask you for the TITLE INSURANCE to protect themselves from any former owner of the foreclosed property filing a suit to annul the tax deed.  To get TITLE INSURANCE you will need to issue a due process notification of the initial tax sale and upcoming quiet title suit to any an all former owners and heirs. 

LOW COST SOLUTION:

You can at anytime just quiet title and never locate any former owners but the company issuing the TITLE INSURANCE will simply find any heir that you never served notice too and invalidate your eligibility.  Keep pawning off your property on other TITLE INSURANCE companies until one accepts it.  After your first lawsuit, you will likely never gain another TITLE INSURANCE policy.

REAL WORLD: 

Want to see if you can get TITLE INSURANCE on any tax deed property?  Find the former owner, knock on their door and give them their post tax sale notice.  If they are happy about it then you can easily Quiet the title using a follow up formal due process notice service.  I have done this multiple times with my properties.  The situation is always tense and the former owners are fully aware that the paper you are holding says they owe money and lost their beautiful home.  Skip tracing and process service by a professional will cost about $200 per person and can cost as much as $600 if the former owner wants a carton of cigarettes before appearing to get served.

CONCLUSION:

If you want a loan on the TAX DEED rental home then get TITLE INSURANCE by notifying every former owner with an in-person legal notification of their tax debt by a person authorized to do so according to Florida court statutes.

@Fahkii Williams I go research liens on my tax titles at the court house in person.  If I am not able to go then I ask my group of local tax sale buyers if they can check when they go.

Point is that, YES you should take the time to research those liens and read your state's constitutional law on how liens are handled with tax sales.  In some states the liens can be transferred to the former owner / debtor.  We research the liens prior and after tax sale.

Finally, try and invite another investor in your local area of operations.  You will gain a person to discuss these matters with and build on your experiences together.  

Have you asked the sheriff and assessor for the reason this property is listed as "UNKNOWN OWNERS"?

In my area of operation, I will always ask for clarification of situations like this.  Sometimes the property was never properly assessed or the chain of ownership in a corporate real estate sale was lost.  Modern GIS systems are helping rural counties revise their tax rolls and find missing properties.