Tax sale June 8

[Hotzcatz]

If you are a successful bidder at the auction, there is a person with a sticky number who will put it on your sleeve and escort you directly to the payment table. If they are unable to shake you down for a bid amount, the property will immediately go back to auction and be resold. You must have the payment right there, right then. No going outside the building to get it. We haven't bought any properties at the auctions, but they are fun to watch.

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"I like yard sales," he said. "All true survivalists like yard sales."
Kurt Wilson

[Midnight Rambler]

quote:

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Originally posted by John S. Rabi

As to the "cash" subject, try to show up there and pay say $120,000 in cash for one of those lots in Puu Lani Estates. Both the police and IRS will be very interested in talking to you. [][][]

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I highly doubt that. They might think you're nuts, but a cashier's check, money order, or traveler's check is essentially identical to cash except in being a smaller piece of paper.

[DanielP]

I agree Midnight.
I have gone with cashiers checks from my bank in various denominations; $20K, $10K, $5K, and 4-$1K denominations plus I keep $1K in cash. That way If I win a bid I have pretty close to exact change for anything up to $40K. What checks I don't use I return to my bank.

[DanielP]

In addition; Know the rules and be prepared for any and every downside to occur. A cheap property may not be a good deal.

[KeaauRich]

I've always been curious about tax sales. For those of you who've bought properties, how frequently (if ever) did the original owner pay you back and reclaim the property? And were there ever any other negative repercussions?

[Lucy]

Keaaurich,
There could be that tiny problem of clear title.
There are other situations too I am sure, but this one comes to mind.

Lucy

Having another Great day in Paradise, Wherever that Maybe!

[rbakker]

I went to one, it was a big waste of time. Most of the properties were taken off the list before the bidding even started and the rest went for way too much. Don't bother.

[John S. Rabi]

quote:

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Originally posted by KeaauRich
For those of you who've bought properties, how frequently (if ever) did the original owner pay you back and reclaim the property? And were there ever any other negative repercussions?

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I know of one case when the owner reclaimed the property. I have not heard of any other problems in my 15 years of going there. I personally had no problems with buying and selling my tax sale properties.

Aloha,
John S. Rabi, GM,PB,ABR,CRB,CM,FHS
888.819.9669
johnrabi@johnrabi.com
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
(This is what I think of the Kona Board of Realtors http://KonaBoardOfRealtors.info)

[John S. Rabi]

quote:

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Originally posted by Lucy
Keaaurich, There could be that tiny problem of clear title. There are other situations too I am sure.

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Based on the postings it seems none of you guys ever bought properties at the tax sale. I did for myself, and my company represented a few clients there for a fee as well during the years. The title reports of all properties are on a large table as you walk in, so you have the opportunity to read them. You know exactly what you are buying. There are other "investigations" you can and certainly should do in advance. In addition, the following might help in regards to the title question:

"The County of Hawai`i, Real Property Tax Division (RPT), makes every effort to provide you with a free and clear title, however, it is not able to guarantee that. Therefore, you still purchase the property "as is" and may be required to clear all recorded liens on your own. The County has taken the following steps to help you in this matter:

* The County has ordered title reports and made every effort to put all owners and lienholders on notice of the pending tax foreclosure sale. Copies of the notices and return receipts of those notices are on file with RPT and you may purchase copies if necessary.
* The County published notices in the local and statewide newspapers to provide notice to the public of the pending sale.
* The County has adopted Section 19-42, Hawai`i County Code, which states that title in the tax deed shall be free and clear of all liens. To date, the County is unaware of any challenge to its ordinance, but issues this warning, "the constitutionality or legality of that section has not been decided by the courts".
* The County will attempt to eliminate all recorded liens (other than Federal) from the title for recording with the Bureau of Conveyance or Land Court. These do not include covenants, grants of easements or other encumbrances that run with the land."

Aloha,
John S. Rabi, GM,PB,ABR,CRB,CM,FHS
888.819.9669
johnrabi@johnrabi.com
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
(This is what I think of the Kona Board of Realtors http://KonaBoardOfRealtors.info)

[hawaiideborah]

quote:

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Originally posted by John S. Rabi

quote:

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Originally posted by hawaiideborah
...you go with cash and there is an auction. Do you know how much over the taxes owed these properties go for?

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I sure sometimes wonder how people think. Hello! It's a real estate auction! Cash?! Genius. You gotta be kidding!

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I am always amazed at how insulting John rabi is.
Calling me sarcastic names (genius).
what a great real estate professional, full of insults.

BTW, most real estate salesmen have heard of "cash sale"/ "cash buyers"/ paying "cash" for a property...
usually with real estate when one says "cash" they don't mean suitcases full. SHEESH....
lighten up on the insults Rabi.