If you’re planning to purchase at a tax sale, there are a few things you should know ahead of time. While the chance to buy a new home or investment can be tempting to grab as soon as possible, not everything is straightforward with tax sales. Our experienced Maryland tax lien attorneys have compiled this guide so you know whether or not you should hire an attorney as a tax sale purchaser.
Purchasing Property at a Tax Sale
When property taxes and other liens on a property are left unpaid, every county in Maryland can sell the lien on the property in an auction, called a tax sale, and award it to the highest bidder. As such, the purchaser will need to pay the taxes and lien owed at the time of purchase. This includes paying a “high bid premium” if the bid exceeded a certain percentage of the home’s assessed value.
Generally, a foreclosure at a tax sale can’t be filed for at least six months after the tax sale. After this step, it will take between six months to a year, and sometimes more, to meet all of the notice and service requirements, get a tax sale judgment, and ultimately get title to the property. Before judgment occurs, an interested party can redeem the property at any time.
Do I Need an Attorney as a Tax Sale Purchaser in Maryland?
When it’s your first-time purchasing property at a tax sale, various questions come to mind, such as how much legal fees might cost. With so many steps that go into this process, it only makes sense to hire a Maryland tax sale attorney. There are other reasons as well, including:
Looking for a Suitable Property
Going through a tax sale is a long and difficult process, so you will need to ensure that the property you invest in meets your investment needs. Depending on the tax lien, a property may or may not be suitable for you — our Maryland tax sale attorneys can help you determine the factors you need to consider in making such a decision.
Narrowing Down Your Options
Once you’ve chosen all the possible properties you’re interested in, our team can help you look through each option thoroughly and narrow them down. This will help you determine which will prove to be a better investment. We can then help advise with all steps along the way to help you secure title to the properties you have identified.
Assistance With Foreclosure Processing
Unfortunately, one of the hardest parts of tax sales comes after you purchase the lien certificate. This time-consuming process is best handled by a Maryland tax sale attorney who can help, thus reducing the amount of time and energy spent on your part – and – more importantly, helping you avoid costly mistakes.
Contact Our Team of Experienced Lawyers at LewisMcDaniels Today
Our team at LewisMcDaniels can help you through each step of your tax sale purchase. With years of experience behind us, we’re known as the top Maryland tax lien attorneys. Give us a call today at 301-818-0405 to talk to an expert.