Tax lien Foreclosure

To purchase a tax lien foreclosure property , the buyer should confirm about all the liens or unknown debts charged on the property . For more details he/she should visit the county tax assessor office within the area where the property is located so as to know the value of the home. Another option is to find an experienced and knowledgeable real estate agent who understands foreclosures.

From what I know I would say for you to discuss a purchase price with the seller where you would pay the back taxes on the property and give them some money so they can move out. Ask them to provide paper work with everything they owe on the property and find an attorney who would draw you up a contract where it would specify that you the buyer is buying this property from the seller but some of the money would have to go towards the owed taxes on the property. Then again this would all depend on how much the seller owes the bank. Run your numbers!!

I am foreclosing on a property in Syracuse NY and I am looking for a referral in Syracuse. I need to find a reputable broker, as well as other professionals that can help me assess the condition of the house and therefore help me determine its potential value. I need that in order to determine whether to go ahead with the process, and the expenses associated with foreclosing.

Could anyone give me a referral in Syracuse?
Thanks
Francisco

You answer lies somewhere between $20K and $200,000K. However, with the foreclosure looming you need ta act quickly. Come to a purchase price with the owner of the property. If you get a good deal great. If the owner is not willing to bend then they need to see what the foreclosure will do to them. The bottom line is that the lien must be paid off. Act quickly. Give the owner a sense of urgency. There is money to be made here.

first you need to find out if there are any other liens pending on this property; you can get this information from a title agent.

Find out if homeowners are just trying to get out their home; if so, you can offer $ for them to move and then pay off the arrears, and sell the property for a profit. Ask them how much they need to move? You will be surprised at how many people just need some money to relocate...
If you don't have funds, maybe you have a buyer on your list who can provide the funds or a PML?

Thank you for the input. The property owner now indicates that aside from the tax liens there are also medical and lawyer liens on the property. One of my partners owns a local RE brokerage and we will run a title report which ought to expose the full extent of the lien picture. He also indicates that the MLS shows the property has been on and off the market sporadically for some time.

The comps are about $200k and the liens are substantially above the approximately $20k we originally estimated based solely on what we knew about the property taxes. This is like peeling the layers off an onion.

We know if we can buy the property for net $100k and put some money into we can easily sell it for $200K. We do have funding sources if it comes to that, but I would flip it if the opportunity arises. It will now depend on how realistic the property owner is about their prospects to walk away with dignity.

Thank you all again for your input. I will try to keep everyone informed about this process as it is a valuable learning experience.

this Pre tax foreclosure? right?
If its pre, time isn't on their side.
if they own it out right and its worth 200k, I would imagine that's much more then the owed taxes on the property. If they let it go to foreclosure due to delinquent taxes, they wont see a dime. Selling is clearly the best option & sounds like theres plenty of equity in the deal to account for the debt(taxes) owed against it & also to cover profit / fees for an investor as well.

Miltsonn1, it sounds like you have some clarity that in order for the deal to come together, not only must the numbers actually work on both sides, but you have a person with problems that you are dealing with, and you want to help them to be able to move forward, as you said, with dignity, maybe a little cash to help with a move, and an understanding that this is not a failure, but rather a transition, and a chance to move forward in their life. My first mentor in investing always emphasized the people aspect of the business, and using a "What's In It For Them" Approach. I truly believe that the person who stays focused on this is the one who will have the greatest success, not only financially, but in terms of the quality of service that you provide to others. It's important to be able to sleep well at night.