tx3amigos

Has any one purchased property with a tax deed?

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I have some tax deeds for property here in AZ...generally, you have to wait a certain period of time before foreclosing on the property. In AZ, the time is 3 years.

If you do foreclose, then you may have to buy out other lienholders - but in reality, you will be paid off by those lienholders.

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Here in FL if you purchase with a tax deed the property comes with all the liens and encumberances on the property - which can be substantially more than the property is worth.

Edited by Denita

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The tax deed thing works like this: there are a handful of guys at the courthouse who are the real players. Every week, somebody fresh off a seminar comes in and tries to buy a property. The regulars will bid far more than it's worth, then let him have it--or if he blinked first, they'll buy it even though they're losing on it. Either way, the newbie goes home and likely doesn't come back.

If you have quite a bit of money to lay down and you're willing to pick up some of the properties that have more problems of one sort or another than most, you may become a regular and a good 'ol boy and they'll stop doing that to you.

Good luck.

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