sounds like you been reading some book. most people will not sign a quit claim deed. I have had owner unwilling to sign a quit claim deed fro even $500 or more AFTER the sale and all redemption rights are gone.
It makes no sense, but happens all the time. I have one now where I offered $5,000 for a quit claim after the sale and redemption period and didn’t even get an answer and had to have the sheriff serve them.
The assessed value can be way off. As noted in my original post, the property can have road frontage and look valuable but not be. YOU determine the value don’t rely on the assessment.
Offer the seller what you think will be a good price for you.
David
i have been going through the 2 and 3 year delinquent tax database at the city treasurer’s and would like to know what to say in a letter for initial contact with the owners in an attempt to purchase their properties.
perhaps i am approaching this all wrong and would appreciate any suggestions. i am trying to get furher information on tax liens in chicago(how the prcess works) and also am attempting to do delinquent taxes in wisconsin as they do not have tax lien sales.
Your approach should match your objectives. Are you seeking the properties or just the interest income? Your letter cna ask if they are interested in selling.
Are you looking for cheap properties? Many on tax sale are low priced but not worth much. Be careful of toxic, environmental, sewage, flood plain, wetland, etc. problems.
One property that was on tax sale looked good on the tax maps, five acres on a paved road, not landlocked.
However, when visited found that it was a shear cliff up 100 feet from the road into the property. My helicopter was not in service that day.
Good Luck and be careful!
David
I would take a totally different approach. Chances are if the taxes are this far in arrears then a private company now holds the tax lien. Contact them and inquire about taking assignment of the lien and then foreclose on the lien. For more tax lien info check out taxsales.com, investorsnet.com and ax.com.
should i ask for a quit claim deed(for a nominal amount of $25-$100?) and(if they do not respond/reply) then follow up with an offer(how would i determine what to offer? i.e. a percentage of the assesed value or? and what percentage?) or ask them what they would sell for?