Can you buy properties just by paying back owed property taxes? Does not the county auction them first? How about the banks, don't they auciton them too?
It seems like that's what the John Becks free and clear package seems to wants to believe.
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Can you buy properties just by paying back owed property taxes? Does not the county auction them first? How about the banks, don't they auciton them too?
It seems like that's what the John Becks free and clear package seems to wants to believe.
You can not just pay the back taxes at the tax office.
The county will sell them ( normally once a year) they will go to the highest bidder, sometimes this is for just the back tax amount, sometimes it is for 10 times that amount, just to the highest bidder.
Then it goes to state law, in some states you will get your tax deed at the time of sale, in other places you will get a tax certificate that you have to hold for 1 to 3 years before turning it in for the deed. * during this redemption time the past owner can still reclaim the property by paying you what you paid plus interest.
Normally if there is a bank lien on property they will never sell at a tax sell. Since the bank pays the tax, and then will require you to pay or they will foreclose.
Also out of perhaps 100 properties listed for a tax sale, only about 10 will actually sale, the rest will have their taxes paid anytime up to the day of the sale by either the bank or by the owner.
Banks will auction off foreclosure property, normally their bid starts at the loan value, if no one bids at least the amount owed on the loan then the bank takes over ownership. Seldom will they sell for less than the loan, at least at the first sale.
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