If you're considering buying property through a tax sale do your research ahead of time so you fully understand every aspect of the process.A tax sale auction is a good way to find property including land or a home on the cheap. When you're looking at the cost to by land to build on or to buy a home already complete the price tagged can be astonishingly high. However your careful shopper and a savvy consumer you can find the deals to be had by investigating websites that offer property in a tax sale auction.
UGGs Bailey Button What you're paying for in these cases is the back tax amount owed by the property owner who has lost the home to the government forugg men failure to pay taxes. Sometimes the amount can be amazingly small as little as $ in some cases. In cases the back tax amount can be in the thousands and still be nowhere near the value of the property.
UGGs Bailey Button But before you start bidding there are some things you need to do. First you need to educate yourself about what a tax sale is and realize that it's not a simple as reading on property on eBay. First you need to do your own research on the property just like you would for any property you plan to buy to look for lien holders and problems that could keep you from taking possession of the property once you pay the back taxes an attempt to take ownership.
UGGs Bailey Button And unlike property that you buy in land type auctions, property you purchase in a tax sale has a one-year grace period in which the previous owners can come forward with the back taxes and repay you the tax money and take possession of their property again. So any improvements you've added to it they can take as well.
UGGs Bailey Buttonugg men This is where you need to take a years grace period and not touch the property at all. Just let the property sit untouched, and don't attempt to rent it out, live in it, or evict the current tenants.
UGGs Bailey Button It's a good idea to talk to your lawyer before you bid so you fully understand what your rights are and what the risk are.
UGGs Bailey Button Bidding on vacant land is of course a lot easier; because there's probably no one living there that you have to worry about evicting. But you still need to wait a year to ensure no one comes forward to repay the back taxes and claim ownership of the land you just built your home on.
UGGs Bailey Button Despite these risk factors, buying property through a tax sale can work and you can walk away with a great deal atugg men a really rock bottom price. But do your research before you bid and understand all aspects of the process beforehand.
UGGs Bailey Button Think of it this way, even when you by land through a realtor you have to do your due diligence and research the property title including the back taxes and lien holders. So when you buy property through an auction like this, it's not the time to become complacent and avoid due diligence. Back Taxes