Going to a courthouse aution for tax repo homes and land. What is that all about. What do they do there. How does it work.
Thank you
Originally posted 2009-05-30 18:26:51.
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{ 2 comments… read them below or add one }
9 times out of 10 the mortgage company is going to outbid you at those tax auctions.
You may be able to find a house that doesn’t have a mortgage left on it but they are few and far between.
I would contact your county’s sheriff s office as they are usually the ones to handle them.
Ask them what their fees are because there are always fees involved.
Also – some of those houses have not only tax liens but other liens on them – maybe a mortgage leftover, or some other loan where they borrowed money and used the house as collateral, or another lien like if they had work done on the home and didn’t pay the contractor off.
MAKE SURE YOU DONT GET SCREWED – do a title search.
$100 or so but they are worth every penny to keep you from getting screwed !!
Lisa
A tax sale is somewhat different than a foreclosure sale. In a tax sale you are just paying the unpaid taxes. If there are any liens on the property you just assumed them. In a foreclosure sale all liens are eliminated. Now, in either sale you are buying as is, where is and your bid is not subject to financing. You must have the cash and it’s usually payable before the end of the day of sale. If you are the successful bidder at either sale, you will have some legal expenses. The winner gets a tax sale deed to certificate of sale. You must now perfect the title. A lawyer must file a quiet title action. Once that is completed you have title to the property.
realtor.sailor