I recently discovered that my county (and probably every county) holds tax sales to auction off houses which have back taxes owed on them. The list of properties shows the address, and the delinquent years and the amount of back taxes owed. From what I understand, the county auctions these houses with a starting bid of the amount of taxes owed (generally $2,000 - $5,000).
The part that I'm not sure about, is what happens to any liens that are on that property? If the person who owned the house had an unpaid mortgage, will that become your responsibility? Does the county take care of the loan with the mortgage company before auctioning, or is the mortgage company just screwed?
It seems like an awesome opportunity, if I understand it properly. In my case, they will be auctioning off over 300 properties on one day with starting bids at the amount of tax due. If anyone else has ever purchased at one of these sales, please let me know.
Thanks
1 comment:
Well written article.
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