All Forum Posts by: Sam Bagwell

Rather than look for a lender local to the property, speak with lenders close to you.  For commercial loans, especially in the price range you're looking at, local banks are looking to lend to people they "know" or can vet locally, which may be tough for an out-of state investor.

@Varun Parkash  That's a pretty broad question, and is tightly location-dependent.  Cumming itself is a very small city, but which dominates Forsyth County.  In the past couple of years for certain segments of Forsyth County and Cumming, I've been seeing sales prices going up each year by 10%-15%, though that has slowed in the last 5-6 months, it seems.  In the Northeastern part of the county, though, appreciation has been much slower.  Residential construction is difficult in Forsyth County for properties not in a subdivision, so I've been seeing an uptick in prices for un-built lots in subdivisions, but a bit of a plateau in prices for lots of land less than 10 acres.

@Louis Flemish  Sorry for the late reply:  The short answer is this.  Going through the process you went through wipes out property tax bills incurred prior to the lien which was levied on for the tax sale.  For those subsequent years, you are responsible.If they continue unpaid, then the tax commissioner (especially in Fulton County where everything is sideways) could easily auction the property again based on those unpaid taxes.  If that happens, though, you'd still have the right to redeem the property from the new tax deed purchaser.

I don't recommend letting that happen, though.  Go ahead, get the taxes caught up (from the tax lien referenced with your tax deed through the current tax bill), and move forward from there.

Again, sorry for the late reply.  I'm much more reachable through my direct email than I am through these forums, unfortunately.

Small world!  I grew up in Forsyth County (and still live here).  The main problem in Forsyth County is finding a property.  The market is hot, and lots of deals (especially lake properties) never even hit the market.  I've never had to research the issue of short term use in Forsyth County, so I don't have as much experience there on that particular issue.  If you find an interesting property, and want me to pull the zoning/ordinances, give me a shout.  I'm happy to help however I can.

Thanks @Dan Mahoney!  The quiet title is normally necessary before any lender will make a loan against the property.  So, if your buyer is buying for cash, you might be okay.  By not having completed the quiet title, you eliminate any potential buyer who would need a loan, so make sure you have a good pool of buyers before you take that risk. Eventually, though, a quiet title will need to be done, and normally the person in the best position to do so is the tax deed purchaser/the one who foreclosed the right of redemption (often called the "barment").

Hall is awkward.  They have a transient rental permitted use under their commercial zoning, and a vacation cottage rental permitted use under the residential zoning.  They require hotel/motel tax for either use, though, which often requires a site inspection and engineering signoff.

10.8 cleared acres in Forsyth County, Georgia, approximately 1.5 miles from GA 400.  Backs onto industrial property; potential for re-zone.  Seeking $30,000/acre.

The property may also benefit from being in the 400 North Opportunity District.

We are currently offering 10.8 acres of undeveloped land in North/Central Forsyth County.  Approximately 1.5-2 miles from 400.  The property is located off Burruss Mill Rd.  We're accepting offers on the property starting at $25k per acre, assuming all 10.8 acres are sold together.

Please note that the tax records are only updated once per year, and that Velentine Way Enterprises, LLC no longer owns this property.

@Account Closed  That is correct.  the 20% is for the 1st year or any portion thereof.  

As to your second statement, that is incorrect.  "The person," who has a right of redemption includes the prior owner, or any other party with a legal or equitable interest in the property.  Additionally, no matter how much time has passed, you cannot take possession until you have foreclosed on the right of redemption (which you can do after one year, or at any time thereafter).   Technically, your tax deed may ripen by the passing of 4 years, but again, this isn't automatic.  You still have to go through the notice steps and requirements to all interested parties, which is basically the same thing as foreclosing on the right of redemption.  After that (or after foreclosing on the right of redemption), you can take possession, but you still will not have marketable title unless you quiet the title to the property, which is a separate legal action.