Log in

View Full Version : Back Taxes Sale


Ingris
Apr 22, 2008, 02:44 PM
I live in Queens NY. I wanted to know if if is possible to buy properties with only paying the back taxes the owner ows?
If yes: where do I go to find out more?
And if anyone can buy?
Is this legal in NYC?

Thank You.

tickle
Apr 22, 2008, 03:05 PM
I don't really think this is a viable solution to owning property if one can't afford to buy a house the regular way.

Here is the way it works where I come from which is Ontario, Canada and it can't be any different where you are. I tried this once many years ago because, like you, I thought wow, get a house for back taxes only ! Nope. I was looking at rural properties and possibly a fixer uper I didn't mind that, but what I saw from a booklet the government put out I wouldn't put my dog in.

There was one listing that read 'cabin in the woods, two bedrooms, needs work, taxes owed, etc". The back taxes were manageable but in order to release the land from leins etc. was going to cost me another $4000 and even then it wasn't absolutely sure and a lawyer would have to do a lot of work for me. It didn't seem all that attractive to me then because I then thought how much is it going to cost to renovate? I am not that hard up.

If you want to find out what is available in your state, go to the nearest county records office and start there. I don't know about the legality but they would know that too.

I know possibly this doesn't answer all your questions but knowing someone has been in the same boat may help.

Fr_Chuck
Apr 22, 2008, 03:16 PM
It does work different in the US.

If the property is sold at a tax sale all liens are automatically released except Federal liens. Which can be found by doing a simple title search.

But you don't go and just pay the back taxes, after a property gets one or two years behind, the county will sell the property at auction. So if there is a lien from a mortgage company, they almost always go and pay the taxes and then add it to the lien and just foreclose thierself if they have to.

Most tax sell properties are junk, deserted, most not livable but some will be good properties.

Also in many states in the US you don't even get the property at the day of the sale, you get a tax certificate which you get to turn in after a redemption period ( one to three years) before you can get the actual deed.
Sorry not up exactly on your states exact procedure but they all work similar with a few differences.

So contact your county tax office and ask if they have a list of the tax sale rules and when they hld tax sales.