Question
Government Tax Sale Properties?
I'm trying to find out exactly what these are. Questions like: At a county auction what am I actually buying? Who puts the lien on the house? What entitlements do the owners still have? When can I sell? Just trying to find out the ins and outs before I look anymore into buying one. Any feedback or personal experience with this would help.
2 years ago - 2 answers
Best Answer
Chosen by Asker
Varies from state to state. In some states, you are buying the actual property; in most you are buying the tax lien and the right to be the person who redeems it (usually for a decent profit) If it a sale, the Court will order a tax sale deed to you free and clear; or depending on the state law, subject to the prior liens. If not a sale, you are listed as lien holder instead of the county and the county files that change. If it's a lien, the owner's have the same rights they always had; if a sale, in some states they vacate in 30 days; in others , they have a right of redemption that can run up to a year. If you are serious about this, pay for a consultation with a local real estate atty for the low down on your county and state specifics
Source(s)
Title examiner
by wizjp
2 years ago
Asker's Rating: 
Other Answers
Well all of this depends on what you mean by Government Tax Sale Properties. From what you are saying I am guessing your talking about a tax lien sale. And, these rules vary from state to state. If this is what your talking about...your not actually buying the property...your buying a lien on the property that states if it isn't settled in X amount of time they will sell the property. If no one bids more for the property than the tax lien then you get it...BUT THAT ISN'T GONNA HAPPEN (unless it is not worth owning). Generally, whoever holds the mortgage will pay you and take control of the property. If there isn't a mortgage there will usually be a gaggle of investors there that will insure you don't get the property for just the tax lien.
by Russ B- 2 years ago