Chances are if you're reading this, that you may have heard stories about individuals acquiring properties at bargain prices by purchasing at a tax sale. Though these stories are likely true, there are many laws which act to govern real estate sales in cases where the property owners are behind on tax payments. Prior to attending such an event and bidding on a home, land or building, you should take the time to educate yourself as t the sales terms and whether financing is available. In this article, we will provide a few tips to help you through the process involved in purchasing a tax sale property.
Step 1 - Get in touch with the county treasurer's office where the purchase will take place. Sales will be published in a newspaper as a mater of legal record a few times prior to any bidding taking place, however the publication may or may not outline the selling terms or whether the original owner is afforded redemption rights. If you happen to bid on a property without determining these specifics prior, you may be stuck with a property which you are unable to remodel, sell or move into until after a period of redemption passes by.
Step 2 - Make a point to examine the property thoroughly, if at all possible. One reason that some properties are sold for such low prices is that bidders are not able to view the interior of the structure prior. This is quite common is circumstances where a foreclosure is involved and the current residents are still living at the property.
Step 3 - Get in touch with the county appraiser's office in order to find out what the value of the property is. Keep in mind that the number provided will not be of fair market value. Rather, it should serve as a way to provide you with an idea of what the property could possibly sell for later on.
Step 4 - Arrange for financing through your bank before the bidding begins. Depending on the county regulations, you may be required to submit a letter of qualification, stating your financing approval to a specific dollar amount before you are allowed to bid. Some counties will even require that a representative from the bank is present during the actual auction to write out the check. Of course, if you happen to have the cash handy, you can easily bypass all of this.
Step 5 - If there happens to be a minimum bid on the estate, begin the bid at the amount that is due in back taxes. The terms of the auction will be announced prior to bidding.
Step 6 - If you win the auction, you will take possession of the property. If there is no redemption period, any residents still living in the home will be required to vacate. A sheriff will be assigned to accompany you during the eviction or you can choose to handle it on your own. If you feel up to it, you can also decide to allow the current residents a period of time to relocate.
Author Resource:-
When going to Tax Sale resident know quality when they see it. For more information please visit http://www.civicsource.com/.
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