So, You Think Back Taxes Are the Key to Your Dream Oklahoma Abode? Hold Your Horses (and Stetsons)!
Ah, Oklahoma, land of wind, cowboys, and... opportunities to snag a house for pennies on the dollar, right? Well, hold on to your ten-gallon hats, partners, because buying a house with just back taxes is a bit more complicated than wrangling a stubborn steer.
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| Can You Buy A House By Paying The Back Taxes In Oklahoma |
The Straight Shootin' Facts: Back Taxes and Property
Let's get down to brass tacks. When a property owner skips out on their property taxes, the county ain't too happy. They might place a tax lien on the house, like a giant "YOU OWE US!" sticker. This doesn't mean you can just waltz in and claim the place by paying the overdue bill.
Tip: Read actively — ask yourself questions as you go.
Here's the real story:
QuickTip: Pay close attention to transitions.
- Tax Sale Rodeo: After a few years of unpaid taxes (usually around three), the county throws a tax sale. This ain't your grandma's bake sale; you gotta bid against other folks to buy the tax lien certificate. You're basically saying, "I'll pay the back taxes if you let me try to get the money back from the original owner."
- The Redemption Twist: But here's the kicker: the original owner has a set amount of time (usually a year or two) to redeem the property by paying you (the snazzy tax lien certificate holder) the back taxes, interest, and fees. So, you might be waiting a while before you can move in with your pet armadillo.
- Tax Deed Trouble: If the owner doesn't redeem the property, you might be able to get a tax deed, which gives you legal ownership. But even then, there could be outstanding mortgages, liens, or surprise squatters (those eviction fees add up!).
The bottom line: Buying a house through back taxes is a gamble, partner. It might be a cheap way to get on the property ladder, but it's a long and risky ride.
Tip: Reread tricky sentences for clarity.
So, You're Still Itchin' for a Deal?
Alright, alright, we admire your tenacity. If you're still set on this back-tax bonanza, here are some things to consider:
QuickTip: Look for patterns as you read.
- Do your research: Investigate the property's value, potential liens, and the original owner's situation.
- Talk to a lawyer: This is uncharted territory, so having a legal eagle in your corner is mighty helpful.
- Have a backup plan: This whole process can take months or even years. Make sure you have a safe place to stay in the meantime (unless you're cool with living in a tent on the property...with the potential squatters).
How-To FAQs for the Back-Tax Bold
How to Find Out About Back-Tax Properties? - Most counties in Oklahoma have websites listing properties up for tax sale. You can also contact your county tax assessor's office.
How Much Does it Cost to Buy a Tax Lien Certificate? - It depends on the property and how many folks are interested. The bidding starts at the amount of back taxes owed.
How Long Does the Redemption Period Last? - This varies by county, but it's usually around one to two years.
How Do I Evict Squatters After Getting a Tax Deed? - This is where your lawyer buddy comes in. Eviction laws can be tricky, so legal counsel is highly recommended.
How Do I Know if This Back-Tax Business is Right for Me? - If you're patient, have a healthy dose of adventurous spirit, and don't mind a gamble, then maybe it is. But if you crave a smooth and predictable home-buying experience, this might not be your rodeo.
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