While looking at properties to buy, you may have started to research purchasing homes through tax sales. Because these homes are going up for sale to pay for unpaid taxes, the prices are often cheaper than other houses you have found for sale, making them an attractive potential investment.
However, purchasing properties through tax sales can seem daunting, requiring someone who knows the ins and outs of the process. Below are a couple of reasons that you should hire an attorney if you are interested in getting started with looking for and buying tax sale properties.
1. They Can Help You Keep Track of the Redemption Periods for Each Potential Property
One reason that you should hire a lawyer to help you with purchasing homes put up for sale due to unpaid taxes is that they can help you keep track of the redemption periods for each potential property. Even if a property has been put up for sale, the owner has a set amount of time during which they can pay the taxes and retain ownership of their home.
Whether you find a tax sale property or your attorney directs you toward one from a listing, the lawyer can find out what this grace period is and find out if and when the taxes are paid. They can also advise you about the likelihood that a property's owner will pay the taxes so you can move on instead of waiting.
2. They Can Assist You During the Foreclosure Process after You Put in Your Bid for a Property
Another reason you will need a lawyer is that they can assist you with the foreclosure process. Unlike the purchase of a property that goes through closing, a tax sale property has to go through foreclosure before you can complete the purchase.
During this process, there are multiple forms and other requirements that are needed. The attorney can ensure that you do not forget anything important so that all paperwork is in order once the foreclosure has been completed.
Whether you are wanting to buy a home through a tax sale to live in or multiple properties to increase the size of your portfolio, an attorney can help you throughout the process. They can help you keep track of the redemption periods as well as help you through the foreclosure process so that you do not leave anything undone or open yourself up to surprises. If you are ready to get started, contact a tax sale attorney's office in your area such as the Law Office of Crystal L Johnson to set up an initial consultation.