First Name
Email
Are you a:
 

Call Andy Today!

504-571-9576

Contact

Contact

11 Responses to Contact

  1. Paul says:

    Love your site! Got a question about title auction; we hope to participate in September. What is the concept behind the lowest interest bidder winning? If you bid under 100%, win, and they fail to redeem; how does the spilt in % of ownership effect you trying to acquire property after the redemption period is complete? How expensive and complicated is it to acquire the property if it is never redeemed?

    Thanks so much for your time!

    Paul- uptown resident

    • Andy says:

      Hi Paul,

      That is what everybody wants to know. The percentage interest was not put into law until 2008, and since it takes a minimum of three years before the tax lien holder can move to get title of the property, there has not been one instance yet (being 2011) where a judge has had to rule on this. On one hand, you would think that the intention of this law is that the lien holder would get an interest equal to the percentage they bid on, but there is other language in the law that implies the lien holder is entitled to full interest. I am not going to dig it up for this post, but I have read the law on this and if I were suing to quiet title, I would argue for 100% interest regardless of what I bid. I have had no problem however winning 100% interests at the auction. There is much less competition on the pricier tax liens, say $1,500 and upward.

  2. Yoshika says:

    Hi Paul,
    I’m interested in bidding on a tax sale soldly to get a rental property. If I win the bid, can I rent the property out or do I have to wait until the redemption period is up before I can rent it?

    Thanks!

  3. Amber says:

    Ok, I still don’t understand exactly what they mean by Percent ownership interest. I mean I understand when it comes to 2 people sharing a property and having 50% ownership interest but in this situation if I bid 15% who owns the other 85%?

    • Andy says:

      The current property owner would own the other 85%.

      • agonz says:

        andy, what would it mean in the following instance – we won an auction at 1% but the property is bank-owned owing to foreclosure back in 2009. complicating matters, the bank itself has gone under (and thus why they didnt pay their taxes). if the redemption period passes, how would a quiet title situation work where there’s no easily identifiable owner?

        • Andy says:

          Whoever was the owner at the time of the tax sale should have been notified by the City but that often doesn’t happen. That is why it is important to notify them yourself immediately after getting tax title. If you bid 1%, in theory you would only be taking 1% ownership in the property. I would need more information to comment further. When the bank went under did another bank buy it? Did it end up in bankruptcy court? These things would affect what entity would have claim to the other 99%.

    • Andy says:

      The property owner who did not pay their taxes would own the other 85% if you moved forward to quiet title. The question is after the redemption period would a 15% interest be worth more than the cost of catching up the taxes? Be careful bidding low percentages.

  4. Josh says:

    The law says that I am required to pay subsequent taxes on liens that I hold. What happens if I do not pay these taxes? Will the parish offer that years delinquent taxes at the next tax certificate sale? If so, will I still be earning interest on the lien or do I forfeit any rights to the lien and any interest earned? Can they put a lien on the lien holder? What is the protocol? Thanks for your comments!

  5. Mike says:

    I purchased property on line as tax sale by city of New Orleans in 2009. My question is:
    • Am I responsible for Home owner association fee and penalties? If answer is yes, how I can get my money reimburse as city of New Orleans is not responsible for that. If real owner redeemed property by paying taxes to city of New Orleans, they will take off my lien against it. I am afraid that money I paid to Home owner association will never be reimburse as they are different.
    • Am I responsible for grass cutting, as I don’t have any real possession of that property?
    • Can you please provide me some names of attorneys who are expert in the tax sale?
    I will really appreciate your help!
    Thanks

Leave a Reply to Mike Cancel reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>