owe back taxes. Where I pay the tax debt and they either pay me back or I own the property. Can anyone tell me how long they have to pay back the taxes back before you can own the home. I’m also taking any advice on getting started in this business.
I live in Ohio so i’m interested in Ohio’s law or statue of limitations and intreset rates
Marc
Comments
your best bet is start at the property appraisers and or tax offices for the county you are in. This is NOT good idea to get involved with this. Property Taxes are through the roof right now because of of rising home prices. Plus depending on how the mortgages are written, they have first shot at the property
What you are talking about is referred to as a Sheriff Sale, and the process is like an auction, the property goes to the highest bidder. Back taxes are often more the property’s value, due to other liens on the property, or contaminated property, and etc. Rarely does the property owner really desire to own the property.
Best way to determine the limitations on charges interest rates is to call one of the small personal loan business that loan less than $1,000 they usually charge the limit.
Basically you will end up royally sc****d. The lein for taxes is on the property. The government takes the property and you are out of luck. So talk to your ATTORNEY and ask him how much is owed by the property, not the owners or the real-estate agent. You think the agent works for you but legally the agent always works for the seller (this is the law, so if anyone says different, they’re wrong).
When the government wants it’s money it takes the property, so you LAWYER should advise you how to do it. Never trust the real estate agent to do it. Lawyer or don’t buy.
Having said all that you should just walk away. If they can’t pay the taxes then almost 100 percent of the time their are other leins on the property they aren’t telling you about.
I’m an ex-reporter and I have done a billion stories on people who have lost all their money because they bought a property with taxes owing and didn’t see their lawyer first. It’s a real bad sign, believe me.
