What are the consequences of buying a tax repossessed property with a lien on it?

Update:

Thinking of buying a large hay field that isn't good for much else.   The current owners haven't paid taxes in almost 4 years and still owe the seller $45,000 on it (at 8% interest).   When would I be liable to pay the seller- when I build something on it?   when I sell it?  What if I do neither?   Who would enforce my paying the seller?

14 Answers

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  • 9 months ago

    You have to pay off the lien

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  • Dan B
    Lv 7
    9 months ago

    Tax lien sales take precedence over any other liens on the propety. The lender and property owner loses it all.

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  • 9 months ago

    With a lien on it it can not be sold until the lien is paid off, so move on.

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  • zipper
    Lv 6
    9 months ago

    A major night mare, Pal, a really bad one. They may want the lien paid yesterday, or not approve of you at all. I would avoid it at all cost!

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  • 9 months ago

    You pay the lien, by signing the contract you agreed to.

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  • 9 months ago

    The person holding the lien will enforce it eventually but if they find out you bought it then that may be the push they need to finally go enforce the lien. You could simply set the price, pay off the lien and then the seller only gets whatever is left and if they won't agree to this then don't buy. There is a chance the lien holder will never enforce the lien or they could start tomorrow. I'm surprised the taxing authority hasn't done anything yet but that would have to be paid off too.

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  • 9 months ago

    Having to pay the lien in order to get the property in your name.

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  • 9 months ago

    You would still owe the seller and if they haven't paid taxes in 4 years are they current with payments to the seller?

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  • Tavy
    Lv 7
    9 months ago

    Well it's not a property if it's a field is it,? it's land. It should be sold with no lien, you are not buying someone else's debt.

    Once you have bought it the seller has nothing to do with it.

    You would have to apply for permission to build a propertyon I it from your government offices.

    You don't sound very clued up.

  • Anonymous
    9 months ago

    The prior seller regains ownership and they owe you the back taxes plus interest.

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