Posted by Tim Fierro (Tacoma, WA) on August 18, 2003 at 09:40:28:
Now that is funny!
best way to purchase a tax lein. - Posted by john
Posted by john on August 14, 2003 at 23:02:26:
Can anyone help me out with the following senario?!?!
I’ve got a seller willing to do a lease purchase,however
the property has already been sold to the state for taxes.
Question for some one is?
Should I go ahead do the lease-purchase and as well go in
the back door on the seller and buy his lein, since I’m in Alabama I’ve got to wait three years to redeem, or is there
a quicker way to get around the state tax lein?!?
My view, dim at this time - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on August 15, 2003 at 02:17:15:
John–(AL)-----------------
I agree with the other posts, this sounds strange.
You could get a quitclaim deed from the former owner of the property. Then you could redeem by paying the back taxes. Do you know if the tax lien has been sold to some investor, or to a taxing entity. If to a person, you would have to buy from that person, if they agree to sell.
I don’t know the tax sale law in AL, but I’d be willing to bet that you, as the owner of the right of redemption, would not have to wait any time to redeem the property. That is certainly not the way it is done in any state with which I am familiar.
There may be a chance to make a very good profit here. If you are thinking or reselling soon, I’d suggest you check with title companies before you buy the right of redemption. You need to know if they will issue title insurance to you potential buyer, given how you bought the property.
Good Investing*****************Ron Starr*************
Re: best way to purchase a tax lein. - Posted by Brent_IL
Posted by Brent_IL on August 14, 2003 at 23:26:13:
You might want to check with Ron * Starr, but this sounds messed-up to me. The guy doesn’t have a property to lease or sell. What he may have is a right of redemption. It might have to be redeemed within three years. I can’t imagine the state making anyone wait three years before they can redeem.
If you do this without a RE attorney, I’ll quitclaim all of my interest in the Merchandise Mart in Chicago to you for a few hundred bucks.
Re: best way to purchase a tax lein. - Posted by ummmmmmmmmm
Posted by ummmmmmmmmm on August 14, 2003 at 23:09:07:
So the seller is selling something thats not his? hmmmmmmm
Re: My view, dim at this time - Posted by Ronald * Starr (in No CA)
Posted by Ronald * Starr (in No CA) on August 15, 2003 at 17:08:43:
I received the further communication from John on e-mail. Seeing no problem with his privacy, I post here for others to see and, if they desire, respond.
-–--** THE E-MAIL -––-----*
Thanks for the response, Did a courthouse retrival data pull Property comes up in sellers name, He’s behind three years already at 550.00 plus .15 cents per day accruing. Courthouse has it vaule at 16000.00 he wants 43000 on a lease/option no money down in exchange for repairs. Property should rent for 575.00
with 400.00 going to him
-–** RESPONSE ---–*-**-
John–(AL)----------------
The first thing is to realize that the value in the assessor’s office is usually worthless numbers, unusuable for decision making. Unless you know their figure is useful, ignore it.
You don’t indicate what the property is worth. This is the main issue. If it is worth less than he wants, there is no reason to buy, is there? From the amount of rent it could command, this sounds like it might be worth $45-50K or so.
You also don’t indicate what he owes on the loan, if there is one. Usually sellers cannot sell for much less than they owe on the property. If he owes close to market value, there is probably no deal here.
How much work will it take to fix it up? If the purchase price plus the fix-up costs are greater than the market value, this is a no-go.
There is not enough information given yet to give any advice.
You attached something, but I could not open it. You might put it into a word document if you want to send it again.
Have you talked to the tax collector or treasurer office about the issue of redemption? One needs to know how it works to devise a strategy.
Re: best way to purchase a tax lein. - Posted by Tim Fierro (Tacoma, WA)
Posted by Tim Fierro (Tacoma, WA) on August 17, 2003 at 02:24:48:
… If you do this without a RE attorney, I’ll
… quitclaim all of my interest in the Merchandise
… Mart in Chicago to you for a few hundred bucks.
Hey, I thought you sold that already?
$200 check bounced. Still for sale. 
- NTXT - Posted by Brent _IL
Posted by Brent _IL on August 17, 2003 at 09:55:08:
.
It was sarcasm. Tim played along. Stop email. - NT - Posted by Brent_IL
Posted by Brent_IL on August 17, 2003 at 13:01:26:
.