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Anyone need a chimney?

March 22nd, 2013 · 8 Comments

I was out checking properties for the 2013  Baltimore City Tax sale today.  One property going into the sale is 702 N Carrrollton.   The good news is 702 will soon be an end unit.

This is the property right next door, #700.  This must have just collapsed because the city wouldn’t leave a building in this condition long.   It is scheduled to be demolished because it is a safety hazard.  While this one is not in the tax sale this year, it shows the importance of inspecting properties in the city.  It would be easy to look at the picture in Google and bid  thinking  “I can pick up a fixer upper three unit dirt cheap.”

Hey if you need a chimney it’s still got a perfectly good one.   And all the bricks you can carry for free !

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Be Safe – Ned

Tags: real estate

8 responses so far ↓

  • 1 E Hawkins // Mar 24, 2013 at 10:23 am

    Such a great point, Ned. I’m finding that some investors don’t take the time to do all the on-the-ground reconn necessary to make sure you have a good deal.

  • 2 Idir // Mar 25, 2013 at 3:12 am

    Hello Ned
    I want to buy tax liens in Baltimore City this year. I am looking for interest , as the redemption period is 6 months i am wondering if you have any tips for to avoid ending up with a forclosure.
    Is it true MAryland Counties do not require the investor to pay the full amount of the bid at the time of the sale?
    Thanks
    Idir

  • 3 Ned // Mar 26, 2013 at 12:57 am

    Idir,

    The redemption period can be years! You can start foreclosure after 6 months but the property owner has until the foreclosure is final to redeem and pay of the taxes and interest. In fact the term foreclosure is short for “Foreclose the Right of Redemption.” You have up to 2 years to start foreclosure and the foreclosure itself will typically take 6 months to a year. At any time in that period the owner can redeem.

    Bidders who only want the interest pick the nicest properties or the nicest neighborhoods to bid on. Generally someone is not going to let their house go for a few thousand dollars in taxes if it is worth substantially more. Even if they cannot afford the taxes they have the option of selling the house. Another option is to bid on properties with large mortgages. The bank gets wiped out in a tax foreclosure so they will usually redeem the property to protect their interest. A third option is to only bid on homeowner properties. Homeowners are most likely to fight the hardest to keep their properties.

    Yes it is true you do not pay the bid amount the day of the tax sale. However depending on your bid you may have to pay a “High Bid Premium.” This premium does not collect interest so it affects your overall return.

    I wrote a post explaining the high bid premium here

    Thanks for reading – Ned

  • 4 Eli // Mar 27, 2013 at 8:47 pm

    Hi,
    Any updates regarding the rent control bill, HB 315?

  • 5 Nick (2 comments.) // Mar 29, 2013 at 5:51 am

    Where would one go to get a list of properties going to tax sale in Baltimore?
    Nick´s last blog post ..No Listings

  • 6 Ned // Mar 31, 2013 at 10:38 pm

    Nick, Go to BidBaltimore.com for a list

  • 7 Nick (2 comments.) // Apr 1, 2013 at 12:24 pm

    thanks Ned

  • 8 Yann (1 comments.) // Aug 24, 2013 at 8:24 pm

    Hi Ned. I was actually on your blog doing research on what realtors would need in the way of an After Effects video slideshow template when I saw this post. I am always looking for a deal, and I thought I’d check it out. It’s great that you point out that if you aren’t going to do the leg work you may end up with a nightmare property rather than a cash cow.

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