05 Sep Knowing the Ins and Outs
Getting a topographical view of the property that you want to invest in has a great advantage in the Tax Delinquent Investment business. Having all the details of the property gives you an idea if there is a big wash happening in it. A wash means dry lands where it rains a lot. It is where the water accumulates and flows thorough. It is kind of land not good to build a house in, because the wash might take a different path. It will take your house with it. With a wash in a certain location, there will be some building restrictions applied. Needless to say the land is undesirable.
One more thing is when you see that the land is located on a steep hill. It would be extremely difficult and costly to try to build anything on top of that. It could also be considered, undesirable.
What if you fail to get this pertinent information? You are not completely in the dumps. There is still a way out of it. If you find such a property, wait until the 60 to 80 day period is over. This is when the sale agreement expires, and you have no more obligations to purchase this property. This is one easy way to get out of the property purchase. Now, obviously, if a property is on a super steep hill, completely steep, that is a material fact. If the seller does not tell you about that, you have the right to back out. The seller is required to disclose pertinent information about the property that greatly affects its disposition.
The topographical view of a map will show you ridges, steep hills, washes and plains. It would be preferable to know these things before a purchase because this greatly affects the property’s sale ability. If by any chance you have missed this before purchasing a property, there is a remedy available. Knowing your ins and outs of Tax Delinquent properties will help you overcome whatever challenges you may encounter in your Tax Delinquent Investment Business.
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