Won some property at a tax lien auction

[Dad03]

Wife has been looking into this process for a few years. This year when it came around she went prepared. She went to the auction today and won 5 acres of wooded property.

Granted the registered owner has a year redemption period to pay back taxes, interest owed, penalties, etc, etc before its legally ours (RO lives up north somewhere) we were told we have full legal access to the property just don't make any improvements because if the RO makes good they are not obligated to reimburse any improvements and we lose the investment.

At this point all I want is somewhere to hunt (bow) and maybe a 25 yrd pistol range shooting into my portable bullet trap.

-----------

When we get a break in the weather I will go out and scout the property.

If I see evidence of the area being hunted by others what should I do. For now I really don't care other than when I am out there.

Edited March 18, 2012 by Dad03

[Oh Shoot]

... She went to the auction today and won 5 acres of wooded property in Culeoka. ....

Sure had to look that one up.

Congrats!

- OS

[kckndrgn]

cool, care to share the process? I've been interested but it seems like anytime I look into I've missed all the auctions.

[Sniper23]

I am very familiar with Culleoka. Depending on where the land is located, be ready for a lot of hunting pressure and possible trespassers. I have family in Culleoka and hunt their land myself. You'd be surprised the amount of people I run off. If you have any questions about the area let me know.

[frankmako]

i would post it to keep others off.

[broylz]

i am really interested in the process as well. there has been some group effort to find out where the sales are and when on a Yahoo group im part of.

[analog_kidd]

I thought that property won at a tax lien sale did not officially become yours for one year after the sale. It remains the original owners, who have the right to pay you back with interest right up until just before the year is up. If there is a mortgage on the property, the bank that holds the mortgage often pays the bill. You might want to check it out, otherwise you might actually be trespassing.

[Dad03]

No mortgage on it and they do have a year to redeem themselves as I described above. Was told our name goes on the Deed as having paid the past owed and current year taxes. Its not officially ours yet but we have legal access to it.

If they do pay the back taxes and fees to redeem themselves we get our initial costs back + 10%

Edited March 16, 2012 by Dad03

[Lumber_Jack]

Sure had to look that one up.

Congrats!

- OS

Me too!

No mortgage on it and they do have a year to redeem themselves as I described above. Was told our name goes on the Deed as having paid the past owed and current year taxes. Its not officially ours yet but we have legal access to it.

If they do pay the back taxes and fees to redeem themselves we get our initial costs back + 10%

Since you have everything in order, I'd do this.

1) identify the property line and post signs

2) look for obvious ingress and egress areas and post this area conspicuously.

3) spend time on it. If you run into trespassers explain the new ownership (briefly, no need for detail) and be polite even if they aren't.

4) keep your fingers crossed

[Guest Ceolas]

Since you have everything in order, I'd do this.

1) identify the property line and post signs

2) look for obvious ingress and egress areas and post this area conspicuously.

3) spend time on it. If you run into trespassers explain the new ownership (briefly, no need for detail) and be polite even if they aren't.

4) keep your fingers crossed

Completely agree with this.

As you are a new owner the locals around you will see you as the intruder. I still have issues with the surrounding families 15 years after I bought my place. Everyone is pretty flexible with property rights until it's their property that's involved.

Try to be nice and do the "Golden Rule" thing.

I only called the Sherriff after they threatened me with a pickaxe (And he advised me to ignore them and don't call him even then...)

[analog_kidd]

No mortgage on it and they do have a year to redeem themselves as I described above. Was told our name goes on the Deed as having paid the past owed and current year taxes. Its not officially ours yet but we have legal access to it.

If they do pay the back taxes and fees to redeem themselves we get our initial costs back + 10%

Wow, I totally skipped right over that paragraph. My bad. Reading is fundamental