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Sheriffs sale - What should I know? - Page 2 - Walleye Message Central
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  #11  
Old 07-09-2018, 01:20 PM
CCRet CCRet is offline
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“…will mean the property has not been occupied for 3-5 years before it gets to the sheriff sale.”

This is a fantastic deal, as long as a person “occupies” their property, they can withhold paying property taxes forever and not be subject to a Sheriff’s sale?
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  #12  
Old 07-09-2018, 01:57 PM
Burr Burr is offline
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Quote:
Originally Posted by CCRet View Post
“…will mean the property has not been occupied for 3-5 years before it gets to the sheriff sale.”

This is a fantastic deal, as long as a person “occupies” their property, they can withhold paying property taxes forever and not be subject to a Sheriff’s sale?
No, that's not the way it works.

Maybe it's just the properties that I've been associated with over the last 5-10 years. Maybe the reason the taxes weren't paid is because the owners moved on and it took that long to clear and get to the sheriff's sale.

At any rate - my point is - after sitting empty for 3-5 years (no heat in winter months), or more - just plan on having to completely replace anything and everything related to plumbing.

It's different from state to state, but it seems like the tenants are removed before the property hits the auction where I'm at.

Abstracts are often hard to come by in Sheriff sale property too. Sometimes they can be found, sometimes the abstract can't be found. Depending on state law and eventual buyer - that may affect marketability. Some buyers just won't purchase a property that does not have an abstract even if it is legal to do so in the state.
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  #13  
Old 07-09-2018, 02:36 PM
MK cant log
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Talk to a real estate lawyer about the legalities; they vary from state to state and some of the info provided so far is not accurate.

Sheriff sales and tax sales are different. Sheriff sales are absolute and tax sales have a redemption, IN INDIANA.
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  #14  
Old 07-09-2018, 02:39 PM
mk cant log
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[QUOTE=Burr;6219118

Abstracts are often hard to come by in Sheriff sale property too. Sometimes they can be found, sometimes the abstract can't be found. Depending on state law and eventual buyer - that may affect marketability. Some buyers just won't purchase a property that does not have an abstract even if it is legal to do so in the state.[/QUOTE]

Indiana is not an 'abstract' state. You virtually never get an abstract when you buy and even if so, its just for historical giggles; carries no weight. Its all title insurance based.
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  #15  
Old 07-10-2018, 12:27 AM
Aspencreek Aspencreek is online now
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Same here in WI. I always do a title search to turn up any ghost's in the closet. Some of the things on those things are "interesting".
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  #16  
Old 07-10-2018, 06:53 AM
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yarcraft91 yarcraft91 is offline
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Quote:
Originally Posted by MK cant log View Post
Talk to a real estate lawyer about the legalities; they vary from state to state and some of the info provided so far is not accurate.

Sheriff sales and tax sales are different. Sheriff sales are absolute and tax sales have a redemption, IN INDIANA.
Good example of state-to-state differences. After any Michigan foreclosure sale, the former owner has 1, 6 or 12 months to redeem the property. Be aware, the IRS can also redeem the property if the previous owners had unpaid tax liabilities.
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  #17  
Old 07-10-2018, 08:06 AM
CEUL
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Originally Posted by Aspencreek View Post
Same here in WI. I always do a title search to turn up any ghost's in the closet. Some of the things on those things are "interesting".
Our county is pretty accommodating. They have a dedicated computer set up at the clerks office for people to do title searches for free. They can't assist you in person for liability reasons, but have the computer there, logged into some system, with instructions on how to do the search.
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