I think that he said that the mortgage company was trying to take the boat out of state before the county mafia could lay claim on “their interest”…
quote:
Originally posted by TaxManI hope this will answer some questions. The only thing wrong with the boat that I am aware of is the genset needs some work. The boat is sold as is and there is no warranty. It was brought to Pierside Boatworks on its own power. The last option the county has to protect its interest is seizing a vessel. The mortgage company was going to take the boat out of state and we caught it before it escaped county waters. If we had not acted as we did the county would have lost $50,000.00. “For the bidder’s own protection, it is recommended that professional advice be sought if there are any legal questions pertaining to a delinquent tax sale.”
TaxMan,
So the county has first dibs on recouping “their” money first, instead of the mortgage company. Is that correct?
quote:
Originally posted by Black Bartquote:
Originally posted by TaxManI hope this will answer some questions. The only thing wrong with the boat that I am aware of is the genset needs some work. The boat is sold as is and there is no warranty. It was brought to Pierside Boatworks on its own power. The last option the county has to protect its interest is seizing a vessel. The mortgage company was going to take the boat out of state and we caught it before it escaped county waters. If we had not acted as we did the county would have lost $50,000.00. “For the bidder’s own protection, it is recommended that professional advice be sought if there are any legal questions pertaining to a delinquent tax sale.”
TaxMan,
So the county has first dibs on recouping “their” money first, instead of the mortgage company. Is that correct?
sounds that way…
sort of sad,the mortagage holder actually has something to lose,the county just pulls numbers out of their ass and say you owe…
you work all your life and never really own anything…
Bets on what the winning bid will be?
36 Contender Fisharound
Are We There Yet?
Mr Taxman, nice report 
Me thinks you should pay ChasFishin dot com the commercial advertising fees. Do you think this site runs for free?
Ill go ten grand if four others are interested!!! Just saying if everything checked out!!!
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I bet you the lien holder will be at the auction and will probably look out for their investment (depending on how much is still owed on the boat).
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F200 Yam
Anybody know the current value?
36 Contender Fisharound
Are We There Yet?
The boat is on Yacht World reduced to $499,000,I know the boat ,it was at the t of b dock,Charleston Harbor Marina,VERY CLEAN BOAT,THERE IS NO WAY THAT BOAT IS GOING FOR $50,000
islander
quote:
Originally posted by TaxManI hope this will answer some questions. The only thing wrong with the boat that I am aware of is the genset needs some work. The boat is sold as is and there is no warranty. It was brought to Pierside Boatworks on its own power. The last option the county has to protect its interest is seizing a vessel. The mortgage company was going to take the boat out of state and we caught it before it escaped county waters. If we had not acted as we did the county would have lost $50,000.00. “For the bidder’s own protection, it is recommended that professional advice be sought if there are any legal questions pertaining to a delinquent tax sale.”
Scratch the auction - I’ll buy it for 50 g’s.
Please?
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quote:Bingo... Who really owns the property if the state has all the rights to it? Keep in mind that this is Charleston County, (NOT the IRS)... Personally, I think that property taxes on boats are a scam. I can see if 100% of the money went towards the boating community (i.e. boat ramps, etc), but I would bet that it does not... If that's the case, then it's just another stupid tax.
Originally posted by Gut Wrenchsounds that way…
sort of sad,the mortagage holder actually has something to lose,the county just pulls numbers out of their ass and say you owe…
you work all your life and never really own anything…
Taxman,
Just curious - if the tax bill on this vessel is say 50K and it is auctioned off for 200K where does the other money go? Does the owner get a check for 150k?
36 Contender Fisharound
Are We There Yet?
quote:
Originally posted by DownandOutTaxman,
Just curious - if the tax bill on this vessel is say 50K and it is auctioned off for 200K where does the other money go? Does the owner get a check for 150k?
36 Contender Fisharound
Are We There Yet?
Nope.
Charleston county would keep it all. That’s why there will be a representative from the mortgage company to run the bid up until they satisfy the lien.
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Been through these auctions before. The lien-holder will be there to protect it’s interest. They will bid up to and quite possibly above what’s owed on it.
Sorry, nobody is going to walk away with this boat for $50k.
OK - $100k, but this is my final offer. TAXMAN - all you have to do is say SOLD!
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I think I will attend this event just to see what the boat goes for
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but no man having caught a large fish,
goes home through the alley.
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quote:Make sure you bring a suitcase full of money!
Originally posted by ladyshrimpkillaOK - $100k, but this is my final offer. TAXMAN - all you have to do is say SOLD!
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“highest bidder must pay with cash or certfied funds that day”
I have never bought a boat at a tax auctions - however over the years I have bought several piecies real estate at delinquent property tax auctions. For real estate the county sends letters and certified letters to the owner, then they post notice in newspapers. If you are the lucky bidder you pay that day cash or certified funds - property sold “as is” - know what you are doing when dealing with “as is”. With real estate the old property owner has one year from the date of the sale to reclaim the property - if they reclaim they pay the back taxes, penalties and interest on the amout of taxes due - which may be less that what the property actually sold for. With real estae at delinquent tax auctions all other debts on the property other than the real estate taxes are waived - EXCEPT IRS leins. Still there may be clouds on the real estate and you must have an atty do their thing (thousands of $$$$) to get the title marketable - sometimes things get so jumbled that you own the property but don’t have a clear title which may impact the sale or ability to borrow money etc - I have had this happen on property before. So bottom line: do your homework - as best you can, get good legal advice and understand it may be more involved than you anticipated.
THE TAX SALE HAS BEEN CANCELLED. THANK YOU FOR YOUR INTEREST.