31 May Reasons why property owners are willing to let perfectly fine properties go for taxes
You might be asking WHY IN THE WORLD DOES ANYONE NOT WANT a property anymore or, if they don’t want that property anymore, what is WRONG with that property?
Usually nothing: The VAST majority of all properties you can buy at Tax Deed Sales, through Tax Liens Sales and using our Direct Purchase Technique are FINE properties, many times with utilities, maintained road access, city water, trees on them, and lots of value to them.
So why is it, that many owners don’t want their properties anymore?
The reasons are multi-fold and as many as there are owners. But I will list what I’ve found to be the TOP 7 reasons why someone might want to let his/her property go for taxes:
- The owner lives out of state and just does not want to bother with a distance sale.
- The former owner has passed away, and the heirs now own it, have no emotional affiliation to the land and are eager to get a few dollars for it.
- The owners went through a divorce and need quick cash. Divorces are expensive and are emotion ridden. Sometimes one party in the divorce ends up with the property which the other party brought into the marriage. Therefore they never had any emotional affiliation to the land or if they did it is often a strongly NEGATIVE affiliation (HER LAND or HIS LAND). As a result they sometimes just want to get rid of it, no matter what, and are not willing to spend any more money on Property taxes.
- Life plans change: the owners might have purchased a piece of land for future retirement but then one of the spouses died the other one doesn’t want to follow through on these plans anymore. Or Plans change and even if both are alive and young, they decide they rather not move into that area but stay closer to family, children, parents, grandchildren, grandparents…
- Property was won at a lottery or was a gift (happens more than you think) and the owners have no emotional attachment to it.
- The owner was subject to one of the frequently happening land scams in the 1960s and 1970s where developments were promised that never materialized. They therefore are disillusioned with the land and are willing to just let it go. This is perfect because once you buy the land you can sell it again to people interested in just that, properties in recreational areas where NOTHING is going on. There are MANY people looking for a place away from it all to camp or build an “off the grid” Cabin.
- The owners bought it as a speculation but did not end up doing anything with the land and now it is just a burden.
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