Facing a Tax Sale or Auction in Connecticut
When the deadline is close and time is running out
When a property owner falls behind on property taxes, the town can move to sell the property at a tax sale. Once that date is on the calendar, every week matters. Here’s how we helped one owner who called us with two weeks left.
The story: an 8-family building, two weeks before auction
The situation
The owner of an eight-unit apartment building had fallen behind, and the town had scheduled the property for a tax auction. On top of that, her bank was pressing her to get it sold.
When she called us, the auction was about two weeks away. If the building sold at auction, she risked walking away with far less, and losing control over how and when it happened.
What we did
We met with her quickly and walked through the building. One walkthrough was enough for us to understand what it needed. We didn’t need extra inspections or a second visit.
We made her an offer, and we signed a contract on the spot.
From there, it was about moving fast and getting the paperwork right. We closed three days before the auction date.
How it turned out
She sold the building on her own terms instead of losing it at auction, and she walked away with cash at closing.
The building fit well with the apartments we already own and manage, so it’s still being cared for today.
If you’re facing a tax sale, auction or foreclosure
Call early. The more time there is before a deadline, the more options you have. A sale still needs enough time for a title search and closing paperwork, so don’t wait until the last few days.
Know your dates. Find out exactly when the sale or auction is scheduled, and whether you can still pay what’s owed to stop it. Your town’s tax collector or your attorney can tell you.
Ask how the buyer is paying. When time is short, a buyer who needs a loan approval can run out the clock. We buy with cash.
Ask whether the offer can change. A long inspection period can eat up the time you don’t have. Our offer has no inspection contingency. Once we agree on a price, that’s the price.
Get advice that’s about you. Selling isn’t always the right answer. If you can catch up on what’s owed, or if listing makes more sense, we’ll tell you.
Questions we often hear
How fast can you close?
As fast as the title search and paperwork allow. Every situation is different, so call us as soon as you know there’s a deadline.
Do you buy multifamily and apartment buildings?
Yes. We own and manage apartments ourselves, and we buy single-family homes, multifamily buildings and rentals.
I’m behind on my mortgage, not my taxes. Can you help?
Call us and tell us where things stand. The sooner we talk, the more options you’re likely to have.
What if I’m not sure I want to sell?
That’s okay. We can talk through your options first, with no pressure either way.
Let’s talk before the deadline
Tell us about the property and the date you’re working against. We’ll tell you honestly whether we can help in time.
Call Jesse at 860.990.4509 or start with the address below.