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kanela77
Jun 17, 2009, 03:43 PM
Hi everyone,
Well I wanted to ask a question. I want to buy a home and I been wanted to do this for a long time. But every time I look they are high priced. I want a home that has back taxes on it and just have a home of my own with my kids. How do I buy back taxes homes?:(

ScottGem
Jun 17, 2009, 05:19 PM
I suggest you forget about this idea. The process works like this:
1) A homeowner falls behind on his taxes.
2) The local government (usually a county) that is responsible for taxing the property will first inform any lienholders of the arrears. If there is a mprtgage on the property the lender will pay the taxes to protect their interests.
3) If the taxes remain unpaid, then the county will include it in an auction. At the auction the public can bid on the property. Its not just sold for the amount of taxes due. So you would need to fight speculators for the property. The better the condition of the property, the more it will go for in auction.

So, if you do bid on a property and you get it for a price you can afford, it will probably require a significant amount of money for repairs.

Fr_Chuck
Jun 17, 2009, 06:34 PM
Normally the homes you get will be much older most not livable

Also the laws differ, for example in Alabama they have a certain time to redeem the property, what you get is a tax certificate that you latter use to get the property.

And you bid on the property so if the home is really nice, it will go for a lot more than the tax amount.

I bought one that had a hole in the roof where a tree feel though it. I bought another one where homeless was living for years