Bought $75000 property at tax sale for $5000. Now what?

Question

What is the fastest way to turn this property for a quick profit?

Listing with RE agent is one way..but is it quickest?

Answer 1

If u hold the mortgage on the house you'll make more money in the long term that way.  but for a quick buck you can post it on craigslist.com or list it with a RE agent

Answer 2

Depending on your local laws it may not be very valuable just yet.  In a lot of areas the person that lost the home to a tax foreclosure has 6 months or so to reclaim it by paying you back what you paid for the house at auction plus some small fees.

If that is true in your area then no one would want to pay a lot just to lose it all.  You may have to wait out the redemption period.

Answer 3

I don't know what state you are in but in some states the former property owner has the option of paying you exactly what you paid for the property within a specified period of time and gets the property back.  Likely you have a sheriff's deed which is not exactly a clear title.