It’s that time of year for Jackson County to hold their annually Tax Sale. The Eastern Jackson County sale is going to be held on Monday, August 13 at the Independence Courthouse and on August 20 at the Kansas City Courthouse. Please know, to be eligible to bid on properties you must register at least 10 days before the sale.
We get phone calls everyday for purchasers who bought a property at the tax sale or with a tax sale in it’s history and here are some tips form the most common questions.
- INSPECT THE PROPERTY: Drive by the property, you will not be allow in the property but you can walk the property to get an idea of the scope of work needed. Extra tip: Make sure the property as access to an exit. (trust me it has happens)
- CHECK THE TITLE: Jackson County has a disclaimer on their website of AS IS and the purchaser is responsible anything that “may be on title”
The purchaser is responsible for any additional taxes that are owed against the property that are not included in the judgment, mechanic’s liens and Federal liens. To order a title report click here.
- CASH IS KING: Unlike a “tradition closing” where we don’t like cash, at the Jackson County Tax sale, cash or certified funds only… No checks. Make sure you have enough money on hand to purchase the property(ies) you are looking at because payment is due at the time of sale.
- BUY RIGHT: As with most real estate, they say you make your money on the buy, not the sale. Understand the property may be is bad shape, really bad shape. Since tax have not been paid on these properties for many years there is a good chance that they have been sitting abandoned for just as long or longer. Plan your budget on having to redo all aspects of the property and if something is salvageable, it’s a bonus. Extra tip: Plan on being responsible for 2 years of taxes. The foreclosure process takes a bit of time to complete from start to sale to recording of the deed. 2018 Tax Sale is for 2016 taxes, you will be responsible for 2017 and 2018 taxes.
As you may know, we have a partnership with our fiends at Title Bridge to be able to offer title insurance on these properties.*
*not all properties will qualify