Learning To Play The Real Estate Auction Games!

Once you get the title, what then?

Waiting out the redemption period is hard. Nobody likes to wait–I certainly don’t. But after you wait the 12 months, or whatever it is in your county, you file the papers, get the judge to sign the order, and then get the county auditor to give you a tax deed, then the property is all yours, free and clear. Then what do you do?

The first thing is to go look at it. During the redemption period, the only thing you could do was look at it from the outside. If there are people in it, then that’s your first problem to deal with. You have to either let them stay and start collecting rent from them, or throw them out. But, chances are, the property will be vacant. Assuming it is vacant, and probably boarded up, then once you get that title you do have the right to go into the house now. When you do that, bring a copy of your tax deed with you, because chances are, the neighbors will see you breaking down the door, and wonder what’s going on. They may even call the police, and you’ll need some evidence to show that the house is yours now. I’ve always found that driving up in a nice car and carrying a clipboard with papers on it will usually circumvent any question, and people will assume that you’re legit.

Of course, you will have to break down the door. When you get a vacant tax house, there are no keys. Come with some appropriate tools, and once to do gain entry, the first thing you’ll need to do is change the locks. You may also need to do some repairs to the door frame if you had to force your way in.

At this point, you need to be prepared for anything. The house may have been sitting empty for a year or more. There may have been, or may still be, squatters living inside, and if you see evidence of squatters living in your house, it’s a good idea to come with the local police and not go in on your own.

Now of course, is when you take stock of the condition of the interior. Until now, you have only been able to evaluate the exterior, with the interior condition determined only by possibly peeking in through the windows. Chances are, it’s going to need at least some cosmetic repair. The place may look to be in a great deal of disarray, but you’ll be surprised what a few days of cleaning, a few drywall patches and some new vinyl floor tile can do.

Check my book, “Learning to play the real estate tax auction game” (now available on Amazon) for more details.

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