Most tax sales properties don’t sell quite cheap
When real estate taxes become delinquent, the taxing jurisdiction may take the property in lieu of payment of the real estate tax obligation. Most people assume that when they buy a property at a tax sale, that they don’t have to worry about other liens such as a mortgage.? While most tax sales properties don’t sell quite this cheap, the premise is accurate that valuable homes, land and property can be bought for pennies on the dollar.There are two ways that you could find out about other liens or judgments on tax sale properties; one is going to cost you some money and the other is going to take some of your time. The first way is to hire a title search company to do a simple title search on all of the properties in the sale that you are interested in bidding on. Government auctions and county tax sales are just one way of finding real estate well-below market value. When a home has a small or no mortgage encumbrance but becomes available at a real estate tax sale auction, a real opportunity exists to buy homes for pennies on the dollar. Because property tax sales occur each year, there may be liens on the same property, for different tax years held by different investors.If you fail to pay your county property taxes, by law, the county has the right to seize your property and sell it at government auction to recover their losses. These are known as county tax sales.
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