Tax Defaulted Property Purchase -- Financing

[AngryDad]

What is the name of your state? California

Hi,

I'm considering buying a property on the public auction. The auction is for tax defaulted properties and it is being held by the state tax collector. Would it make any difference for the lender when I come to them and ask for the mortgage? I called a couple of lenders, they said it should be fine, but that didn't satisfy me.

To rephrase the question: how different is the process of obtaining the mortgage for such a property comparing to the property purchased the regular way.

Thanks.

 

[seniorjudge]

What is the name of your state? California

Hi,

I'm considering buying a property on the public auction. The auction is for tax defaulted properties and it is being held by the state tax collector. Would it make any difference for the lender when I come to them and ask for the mortgage? I called a couple of lenders, they said it should be fine, but that didn't satisfy me.

To rephrase the question: how different is the process of obtaining the mortgage for such a property comparing to the property purchased the regular way.

Thanks.

If you are wanting to purchase tax defaulted property, you need a lawyer, a title company, a surveyor, and a soil test (EPA and all).

Buying real estate is risky; buying tax defaulted real estate is insanely risky so you had better get all the help you can get.