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Buying Property At The Tax Sale.

Posted by Harry Pritikin on Friday, 23 March 2018, at 7:05 a.m.
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In response to 141870: Tax Sale Properties, posted by Laura R2 on Thursday, 22 March 2018, at 12:54 p.m.

Aloha Laura,

There are two types of foreclosures, judicial and non-judicial. With a judicial foreclosure, a judge issues a decree quieting the title to the property thereby granting the buyer possession. It's permanent, and a title company will issue title insurance on that property. With a non-judicial foreclosure, there is no judgement, and the original owner can file suit at any time in the future in an attempt to regain possession of the property. It doesn't happen very often, but the threat is always looming out there. Because of this, title companies will not insure the title in cases of non-judicial foreclosures. If you go to the County Of Hawaii's Real Property Tax Site and click on the Tax Sale tab you will get to this page: http://records.co.hawaii.hi.us/weblink/Browse.aspx?dbid=1&startid=55713 . Beside the PDF icon/link containing the list of properties it says "66th Nonjudicial Foreclosure Sale List". So, you will only be given a quit-claim deed, which is uninsurable. In addition to the threat that the original owner could file suit ten years down the road to regain possession, he also has the right to regain possession within the first year if he pays all the taxes due, and pays you and County back for any and all expenses plus 12% interest. The County will refund all your money, with interest, if this happens. If you end up buying the property at the auction, check with an attorney to see about filing a Quiet Title Action against the property to obtain clear title (after the one year waiting period). This might cost ten or twenty thousand dollars. Your attorney will post notifications three times in three newspapers on three islands. After a waiting period a judge will hear the case on the date posted in the newspapers. If people show up in court claiming ownership rights to the property, the judge will determine their percentage of ownership and require you to pay off these people. Once that happens the judge will declare that the title has been quieted and you will be given clear, insurable, title. If no one shows up at the hearing claiming possession rights you will be given clear title by default.

Hope this helps. www.konarealestateagent.com


Responses:
   Δ thankyou
    Laura R2 -- Friday, 23 March 2018, at 4:40 p.m.
   Δ Worth It? Maybe, Maybe Not
    Harry Pritikin -- Friday, 23 March 2018, at 5:02 p.m.
   Δ Go see Harry Pritikin
    Diane H -- Saturday, 24 March 2018, at 5:21 a.m.
   Δ Pretty good return for low risk
    Ronald HM -- Saturday, 24 March 2018, at 10:21 a.m.

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