What is a Tax Deed?
When an property tax payer becomes delinquent, the Tax Commissioner may issue a tax lien against the property. The tax liens are sold on the first Tuesday of any month to the highest bidder. Purchasers of properties at tax sale do not automatically "own" the property. Purchasers must by law allow the owner one year after the date of sale to redeem the property. In addition to the property owner, anyone who has a legal interest in the property, such as a mortgage company or anyone who holds a lien on the property, may also redeem the property. To redeem a property, the owner or interested party must pay the purchaser the amount the purchaser paid at tax sale, plus 20% of that amount. If the owner or interest holders do not satisfy the tax deed holder within 1 year then the foreclosure process starts.
What happens after my property went for tax sale?
You have two options, you can either pay off the tax deed amount plus 20% or you can sell the property subject to the tax deed. Contact us and we'll make an offer!
I purchased a tax deed over a year ago. Can I sell the property now?
Unfortunately, no. At this moment, you cannot acquire title insurance with a tax deed alone. First you must foreclose the right to redeem then a quiet title action must be filed to gain marketable title. However we would be willing to make an offer to purchase your tax deed.
Can I sell my property with a mortgage?
Yes, we will purchase the property subject to any mortgages or encumbrances on the property via a quitclaim deed.
My house went for tax sale over a year ago. Can I still sell it?
In this scenario, please contact us asap to evaluate your title situation. In a lot of cases, we were able to put cash in people's pocket even after all hope was lost!
I'm entitled to excess funds. Can I sell my rights and get cash fast?
Absolutely! Will offer a quick and easy cash for the right to collect your excess funds. We pay certified funds upfront and deal with legal process of applying for the funds. Here at Hermes Venture, we offer payouts within 1 week in most cases.