buying land from auction?

[Red]

just wondering if any one has bought land from auction? im going to a county auction this spring and already have the place picked out that ill be bidding on. i was just wondering how these things usually work? maybe a step by step process if you wouldnt mind. just trying to see what i have to look forward to.

[bubba]

I have. You show up register and wait basically. When the parcel comes up you want to bid on the bidding starts. If you win at least in my county, you have to put 20 percent down certified funds and the rest has to be paid in 10 business days or you lose the property and your deposit. Once paid, you get a deed to the property. I would suggest contacting the owner and working out a deal before the auction to pay off the back taxes and have it transferred. The owner has until the day before the auction to pay off the back and take it off the tax sale. If it will be a prime property, they go up in price quite often. By paying off and doing a transfer before the sale, it guarantees you get it. I would also suggest an attorney to do the paperwork for such a transfer. The owner is public knowledge for the sale.

[Red]

its my grandmothers old place she kind of let it go a few years ago she still owes alot to the bank way more then what the property is worth. she owes the bank around 30 k plus 3 years of back taxes. i spoke with the county clerk the other day she said that the bank has until the end of april to pay the back taxes or its going up for auction in may. i would love to buy it and just pay the back taxes if there wasnt a lein on the property.

[the blur]

its my grandmothers old place she kind of let it go a few years ago she still owes alot to the bank way more then what the property is worth. she owes the bank around 30 k plus 3 years of back taxes. i spoke with the county clerk the other day she said that the bank has until the end of april to pay the back taxes or its going up for auction in may. i would love to buy it and just pay the back taxes if there wasnt a lein on the property.

Usually the bank pays the taxes, so it doesn't doesn't loose the parcel for back taxes. How many acres is it?

[Red]

its only 3 acres but it had a house on ibut it was vandelized realy bad everything was stolen out of it over the past couple of years since it was abandoned. everything the dry wal ripped down furnace wood burning stove and all. so now its only value is the land wich isnt much at all but i have permission to hunt the land around it and theres state land and a friends land less then 10 miles away. the county clerk doesnt think the bank will pay the taxes since its not worth anything anymore.

when you purchase land from auction do you have to pay the back taxes and any other leins on the property? or are all the leins wiped clean before the auction?

Edited January 15, 2012 by Red

[hunter]

If there is a lien on the property it stays as far as I know. When I checked into this the county clerk's office told me I had to check for liens myself. Maybe you can pay the taxes and work out a short sale with the bank but do the short sale first. Good luck.

[bubba]

yup with 30 grand owed against it it will be a lot when you get done. If ti goes up the bank stil will want their money

[First-light]

Depending where the property is this may have more meaning to someone. If the county gets

the property to auction they will retain the mineral rights.

[HectorBuckBuster]

I believe the bank is giving up there rights to the land if they let it goto forclosure.Also a lien can only state on a piece of land for 5 years, and then the lean needs to get refiles. You only get a quick claim deed at a action and not a warranty deed.

[bubba]

that is not totally true. You start with a quick claim but you can get a warrantied deed at your own cost.

[Red]

its over 700' off of the main road in down a really beat up dirt road the property lost almost all of its value due to some one gutting the entire house they took everything including ripping all the dry wall down and braking the sky light causng water damage and mold im guessing the bank wont be wanting the property atleast thats what im hoping. im gonna call the coubnty clerk back in the morning and ask her what all would be owed after the auction. im more interested in the 3 acres since it was my grams place and its where i firststarted deer hunting plus the bucks that love to hold up on it are really impressive. thanks for all the info guys.

[bubba]

what would be owed is the back taxes. However it is an auction, and of someone has interest, the price can go up as in any auction. If no interest sometimes you can get them for a song. If it is down a back road is the road part of the property. If not you need to make sure there is access. Just a few hints is all.

[NFA-ADK]

Good luck Red I hope you get it!!! Sounds like a nice place and considering it was your 1st area for deer hunting I understand the sentimental value.

[Red]

thanks bubba and nfa its a shared road that my grand parents and the guy at the head of the road use to split the cost every so many years to have new stone or whatever put in. im definitely gonna try and hope the bid stays low the back taxes arent much at all. thanks for the info guys.