Property Purchase Information
All of the properties listed on this site are abandoned properties that were purchased at a tax sale. They will require a full rehab and are best suited for seasoned investors. Since they were purchased at a tax sale, all back owed property taxes have been wiped away with the sale. The property taxes are paid up to date. The spring taxes have already been paid.
The properties are being sold via quit claim deed. This passes ownership the cheapest way possible. The only closing fees involved are the county recorders and county assessors processing fee for the deed, which is $55.
Frequent Questions:
We accept Zelle, Wire Transfer, or Cashier's Check.
You can split the purchase price into a 3 month payment plan with our option to purchase plan. It works like a layaway program and would be handled through our real estate attorney. A buyer would put down a deposit on the property. The purchase price would be split up to be paid within a few months. After the balance has been paid, the quit claim deed will be signed and the buyer would gain ownership of the property.
We do not. These properties are best suited for investor end buyers due to the price and amount of rehab needed.
These properties are abandoned properties. They do not have current power. There will need to be some rehab done before having the ability to turn the utilities back on.
After you have walked through the property and are interested in moving forward, contact us and we will write up a contract for purchasing the property. The properties are being sold as-is, so there will not be a due dilligence period. After payment is recieved, we will fill out a sales disclosure for the city. The quit claim deed will then be filled out, signed, and notarized.
Once the quit claim deed has been notarized, it will be filed with the Lake County Recorder's Office and the Lake County Assessors office. They charge $55 for processing the deed. It typically takes 2-3 weeks for them to process. Once processed, the quit claim deed will be uploaded to the county's website showing the new owner of the property.
There are a few options for closing:
Online: The contracts will be signed via DocuSign, the buyer will pay through zelle or wire transfer, copies of all paperwork will be sent to the buyer, and the notarized quit claim deed will be mailed to the County Offices for processing. This is the most inexpensive way to close. The only fees involved are the $55 fees charged by the county to process the paperwork.
With a real estate attorney: They will be a third party in the transaction and will accept payment, get signatures on the contract and make sure the quit claim deed has been filed. If the buyer chooses this option, they will be responsible to pay the attorney fees involved.
When a property goes through a tax sale, the property owner that is deliquent in taxes is given notification from the county and a redemption period to bring their property taxes current before they lose the property to the tax sale. Once the redemption period is over, the propery is sold via a tax sale and ownership rights are severed. Because the property was sold through a tax sale, there is one additional step to get a clean and clear title. In the future, if you want to put a loan on the property or rehab it to sell it, you will want to do a quiet title. Most investors start the quiet title around the time they start the rehab so that the quiet title is done or almost done by the time they finish the rehab.
The quiet title usually takes 3-4 months to complete and will cost around $800-900 and is done through an attorney. Lake County has several knowledgeable attorneys at title companies that do quiet titles all the time
We recommend:
Attorney Crystal Johnson: 219-213-6774
Attorney Mike Kvachkoff: 219-661-9500