Many people are looking for new ways to invest. One way to invest is to purchase a tax sale property. These transactions can be risky, especially if you do not have an attorney to help you with the process. Your attorney can help you navigate the sale. The following are some of the primary benefits of using an attorney for a tax sale transaction.
Your Attorney Can Help You Locate Properties
If you are interested in investing in property through a tax sale and you do not know where to start looking, your attorney can help you. Most counties will publicize a list of the properties available for auction along with the auction date. The process of vetting properties and narrowing down your choices can be time-consuming and confusing for those who do not normally research properties regularly. Your attorney can help you choose some of the best options for you and gather all the details you need to help you make the best decision.
Your Attorney Will Inform You of Redemption Periods
When you purchase a property as an investment, you want to ensure the sale closes as fast as possible. Closing a tax sale property that is being foreclosed on can get dicey. In some cases, the owner of the property may have some outstanding debts on the property that can cause issues for the sale.
For that reason, you need to know about the redemption period of the property. The redemption period is the frame of time where the owner of the property can come back and pay the tax debt and ultimately retain the property. After the redemption period ends, the property will foreclose, and you can move forward with the purchase.
When the property has a shorter redemption period, you can close the sale faster. Your tax sale attorney will prioritize the available properties based on the redemption period and let you know if a property has a longer redemption period than you prefer.
Your Attorney Can Help You Through the Foreclosure Process
The property has to foreclose in order for you to purchase it as an investment property. The process of foreclosure is time-consuming and comes with a slew of documents and potential disputes. Your attorney will help make this process as easy as possible for you and streamline everything to make the transaction smoother. If there are any other requirements you have to follow, your attorney will guide you through those as well to finalize the transaction.
For more information, contact a firm like the Law Office of Crystal L Johnson.