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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Sheriff Sale, $57K tax Liens and Bankruptcy....Suggestions Please! Posted by Paul L on June 13, 2002 at 3:52 PM I have been following a property for the last couple of months. Here are the details. 3 story brownstone with two 2 bedroom apartments and a retail shop on first level. All are rented. Owner owes 57k in tax liens. It was scheduled for Sherrif sale with the bank foreclosing on $14k. I am almost positive this is a first loan. Did preliminary checking at county records. Title search is next. Property is located in area where prices are high based on speculation of development in area. Development has started and is about 30% complete. If there was no development the property would be worth about $40k. No comps recently but a few properties in the neighborhood are going for $125k to $150k because of speculations of development. Property is assessed for only $32k at the present time. Problem is sheriff sale was held because owner filed bankruptcy. There is a tax lien of $57k and a default loan of $14k on this property. Owner knows property could be worth much more in a couple of years. What can I do about the bankruptcy and how do I value this property? Paul Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : I have been following a property for the last couple of months. Here are the details. : 3 story brownstone with two 2 bedroom apartments and a retail shop on first level. All are rented. Owner owes 57k in tax liens. It was scheduled for Sherrif sale with the bank foreclosing on $14k. I am almost positive this is a first loan. Did preliminary checking at county records. Title search is next. Property is located in area where prices are high based on speculation of development in area. Development has started and is about 30% complete. If there was no development the property would be worth about $40k. No comps recently but a few properties in the neighborhood are going for $125k to $150k because of speculations of development. Property is assessed for only $32k at the present time. : Problem is sheriff sale was held because owner filed bankruptcy. There is a tax lien of $57k and a default loan of $14k on this property. Owner knows property could be worth much more in a couple of years. What can I do about the bankruptcy and how do I value this property? : Paul Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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