Hello BP community,
I recently just won the bid on a piece of adjudicated property in Baton Rouge,LA. For those of you that aren't familiar with this process, a property is adjudicated in the parish of East Baton Rouge when it goes to the sheriffs tax sale and no one buys it. The property ended up on the sheriffs sale list because the current owner of the property did not pay the taxes that current year in my case it was 2009. An online company named civic source usually does the bids online but I did all of the foot work myself for my first one. I went to the assessors office and opened the file and placed a deposit once found out it was adjudicated. The city council has approved my offer for the property as well. I then had to do research to notify all interest in the property (i.e. Probate records,civil records, mortgage records and et cetra) of what is going on. If no one comes up in 6 months and says anything I can buy the property. I have been informed that the person can always come back and get there property back, and the property is sold without warranties.. They say it rarely happens but it is a possibility.
1.) I have been told after 10 years I can get a lawyer to do something to get it set into stone. How true is this?
2.) Is there only a tax deed I can get. Is there a process I can go through to get a quiet claim deed. Or a deed set in stone and no one can ever challenge it?
3.)I want to borrow money against it so I can buy another piece of property. I have been told banks are unlikely to give money on a tax deed property
4) I need advice and answers!!
