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Originally Posted by Fr_Chuck I buy them all the time.
You will find little helpful or real information on the web about it. Each state has different laws, so your state will have its own, you will get either a tax certificate or a tax deed, ( not both) it depends on your state.
In some states there are no redemption policy allowed for the home owner, so at the court house steps the property is actually sold, and a tax deed is given.
In other states there is a certificate given, you have to hold this and pay taxes for a time from one to three years normally. After that time period, if the orginal owner does not pay and redeem the property, you can take the certificate and get a deed. During the redeemption period you don't own the propery, only the taxes of it. Normally you will be paid 10 percent on your money if they do redeem it. |
Is there any special requirements that you have to meet to buy them or can just anyone buy them? Like you must live in the county or state you are buying them from, etc.
I had read once that there are several steps you must take if you buy a tax lein certificate before you can have the deed actually put over in your name.
What county/state agency would be the best place to inquire on the specifics of such sale? I'm thinking county courthouse as far as what properties are available, but was wondering if the state's normally have some publications regarding the issue.
Thanks for your response and information.
After posting this I found a county courthouse website that describes the process.....it would be the same for every county or no? On this website it says that if the property is not redeemed within the 1 yr allowed, then you can apply for a collecter's deed. Is this the same as a deed to the place. Meaning you legally own the property and you can do what you want with it, sell it, rent it, lease it, etc.?
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