Taking advantage of late tax paying property owners. By paying the late tax and then bidding ownership
The highest bidder for a property at a tax deed sale receives the deed interest held by the taxing authority. Regardless of the sale type, the original owner’s interest in the property is abolished due to the right of taxation. This sale typically follows an auction style process where the taxing authority sets the minimum acceptable bid and the interested investors bid against each other until one is the clear winner.
Upon entering the sale, all bidders will register with the individuals assigned to monitor the sale. Registration may sometimes be limited by a variety of factors.
Example: It is common practice in some States to require that individuals may only bid if they are not currently in arrears on any real estate tax payment to any taxing authority. If this ruling exists at a sale that you attend, you will be asked to sign a statement confirming your status…
View original post 418 more words