property liens

[gh1950]

while I have the lien the property cannot be sold or transferred, so basically if you bought the property liens for many years on a low income home in Atlanta that would be developed, the developers would have to pay you before they could do anything to the property

That is 100% incorrect, and you will go broke following that strategy.

 

[chucklenut]

That is 100% incorrect, and you will go broke following that strategy.

i know it varies from municipality; my understanding of a lien is that the title/deed cannot be transfered while a lien is outstanding but then again i could very well be wrong on this.

i always make a point of letting folks know they need to do their own research

 

[gh1950]

i know it varies from municipality; my understanding of a lien is that the title/deed cannot be transfered while a lien is outstanding but then again i could very well be wrong on this.

i always make a point of letting folks know they need to do their own research

Until the lien holder, bank, IRS, local government, HOA, judgment, perfects it's title, usually through some foreclosure process, the property can be transferred, subject to the lien. The decision to do so is with the purchaser, who may be willing to buy the property subject to the lien, and then satisfy the lien.

Selling a tax lien per se does not create an ownership interest in the real property, and the property is fully alienable until the lien is foreclosed, which in Georgia can be no sooner than 12 months from the date the lien was sold. No local government can change this principal.

I don't feel like typing out the whole plan, but I know some lawyers in SE GA who made a fortune buying an interest in "heirs property" that had years of tax liens on it (the counties down there letting taxes on rural property ride for years because they were so low) and selling the usually very mature timber and walking away from the dirt.

 

[chucklenut]

Until the lien holder, bank, IRS, local government, HOA, judgment, perfects it's title, usually through some foreclosure process, the property can be transferred, subject to the lien. The decision to do so is with the purchaser, who may be willing to buy the property subject to the lien, and then satisfy the lien.

Selling a tax lien per se does not create an ownership interest in the real property, and the property is fully alienable until the lien is foreclosed, which in Georgia can be no sooner than 12 months from the date the lien was sold. No local government can change this principal.

I don't feel like typing out the whole plan, but I know some lawyers in SE GA who made a fortune buying an interest in "heirs property" that had years of tax liens on it (the counties down there letting taxes on rural property ride for years because they were so low) and selling the usually very mature timber and walking away from the dirt.

heirs propertys? thats something to look into i suppose. thanks for the info!!

 

[J hex]

I have personally been involved in a couple of these deals. One turned out good, one has become a big hassle and not worth the work.