[1HOMESEEKR]

I am currently living in a home in which the homeowner/agent is facing great financial difficulties. I have a been renting this property and found out that the property is going to be auctioned in approximately four months. Should i try and purchase the property in tax auction. The owner is delinquent approx. $6500.00... please advise

[tickle]

You can't purchase it for the delinquent price. There is more to it than that. You have to hire a lawyer, have the title searched and purhase the property through the normal legal channels.

[Fr_Chuck]

Actually you can purchase it at the tax sale, ** if there is a mortgage on the home, they will not ever let it sell, they will come in the week or so before and pay the tax and add it to the mortgage payment that is due normally.

In some states you will get a tax certificate that you have to hold for 1 to 3 years at interest ( most pay about 10 percent now) and if it is not redeamed within that time, you turn it over for a tax deed. In some states you get the actual deed the day of sale. These sales will not clear up local city property taxes due, or IRS liens on property.

I buy a lot of properties at tax sales each year. Now it will be a auction, so a property with tax of 6500 may sale for 20,000 or it may just go for the 6500 it depends on the number of people bidding and how bad they want that property

You will have to have cash ( approved check) the day of the sale.

[ScottGem]

Frankly, if you don't want to move, I would make an offer on the house to the owner. If there is a mortgage as, Chuck said the mortgage holder will not let not go in auction. But if there is no mortgage, then you may be able to buy it for a little more that the taxes owed. For example, you can offer the owner $5K for the house plus you will pay the tax arrears once the property is transferred.

But, since the house is occupied, its probably in decent to good condition so will fetch much more at auction.