Hello all,
I'm counting on some advice and help with q's here, as I'm committed to attending my 1st tax deed auction in upstate NY (Catskill, Hudson R. area) on Sept. 11. I'm already researching many parcels of land and some modest SFR's. I will go to as many as I can when they hold open houses the day before and avoid ones where there is no showing due to current tenants. Here are my most pressing questions:
1. I will have to pay the full amount of the bid same day. I don't get the quit claim deed until it's approved by the County legislature and filed in the county clerk's office. Any idea how long that usually takes?
2. Are closing fees usually this high in your experience: NYS transfer tax, $2 per $500 of purchase price; filing fee of $125 to 250; tax transfer deed recording of $45 plus $5 per page; a 10% of purchase price Buyer's Premium even though I'm paying cash or via bank check; 1.8% of bid price Advertising fee; and "all other fees and surcharges required by the Green County Clerk for recording of the deed." YIKES! Is all this typical, or is NY out of the ordinary?
3. On top of all of the above, what is the likelihood that I'll also need to hire a Title Search company for conveyance, and pay them another $1-2K?
4. Do most investors who buy land or houses at out of state auctions then list them themselves, put them online or hire a local realtor? Doesn't the latter take too big a bite out of the profit margin? My goal is to snap up deals and turn them over FAST by listing them at only about 60% of the full market value. Then reinvest the profit in buying at more auctions.
I'll be VERY grateful for the benefit of your thoughts and experience!
Ru Monsell
