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Professional Real Estate and Tax Question?

I'm looking for information from a TRUE Real Estate and Tax Professional! There is a house I am interested in. Its 1- not on the market 2- is 100% mortgage free (has been since it was new) 3- owes several years in back taxes, 1 year currently owned by a 3rd party tax lien company 4- it needs a lot of work This property is neglected, the current owner, is unemployed and has several underlying alcohol and drug issues. So far I have 3 options 1- wait until it forecloses, the 3rd party lien company is not foreclosing on it currently. So it could take up to 3 years. And catch it when it goes to public auction. 2- take assignment on the current lien owned by the 3rd party company, and force it in foreclosure. Only issue, is that I'm not 100% sure how this process works or how long it will take, and if I can assume ownership of the house once its foreclosed? 3- I can put an offer bid to the current owner, minus what she owes in back taxes. And deal with the 3rd party tax lien holder, and the county after. Please clarify - 3 consecutive years? So if I take assignment of 2007, buy the taxes for 2008 and 2009 from the county. I can apply to take ownership of the property?

Public Comments

1. go with the second choice
2. this can be easy; asap, find out why the current tax cert holder has not gone to court... or---instead of giving away your position---quietly buy 3 yrs of back taxes, 3 consecutive ones. [not from the current single year owner] ---I am assuming you are buying delinquent tax CERTIFICATES. I have become a bloody specialist in this arena] when you have paid 3 consec years, then, get a court date for a sheriff's or [your state's name for it] deed. you must find out who the prop owner owes........so make sure you do a prop title search.......and debt search. I do not buy the idea that the prop is debt free and still owes back taxes......maybe it has an IRS lien for 90% of its value....or the owner has private, unlisted liens which of course, are not your responsibility but they can be placed on the house at any time prior to the court hearing. AT the court, any lien holders may show up to pay you off. IF they do not, the judge orders a deed in your name and you file that with the county and when you do, the house is yours and then you must evict the owner........which is a 30-45 days --mechanical process. get back to me for any more help [one additional warning; the druggie could have buddies and after you gain control of the house, they could come back and not knowing you are the new owner, .......do s h i........... to your house....or burn it down, just be careful cause drug users are mean ...................holes .