Yesterday I went over Tax Liens so today, This video will look at Tax Deeds.
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Tax Deeds Defined
In a tax deed state US investor are actually going to acquire title to the property.
Now here’s the thing, we need to really define what the title is. A tax deed is not a warranty deed. Therefore the title may not be free in your, you may not be in first position although most the time you are, and you may have a problem gaining title insurance.
Most of the time there’s going to be some waiting. Usually about a year but sometimes more where title companies will feel comfortable ensuring the property. What this means is that you’re going to be holding the property for a while. Now if your exit strategy is to buy and hold and that’s no problem at all however if your interested in using the property as a flip it may be a whole stood another story altogether.
On top of that, A few states sell deeds that still allow a redemption period. Arkansas has a 30 day redemption., Delaware’s redemption period is 60 days, Massachusetts is six months, and in Texas you could wait as long as two years if the property is listed as a homestead or is some sort of an agricultural use property.
Okay that was the bad news. Now the good news. Buying tax deeds if done correctly is a surefire way to get homes at pennies on the dollar. At the end of the day, the less money you spend to acquire property the greater the possibility for profit down the road, right?
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