2006-11-30 02:48:08 · 2 answers · asked by missy 22 1 in Business & Finance ➔ Taxes ➔ United States
They should set a sale date and location. You show up and bid (if there are other bidders). They usually require a 10% deposit at the sale and then give you either 10 or 30 days to pay the balance. This is how I bought my house when it was in foreclosure and I believe that delinquent tax sales are handled the same way.
2006-11-30 02:59:46 · answer #1 · answered by koral2800 4 · 1⤊ 0⤋
Most places will have what they call a Tax Lien Sale. You attend an auction and will have to pay your bid, usually within 24 hours. The minimum bid is usually the amount of taxes owed. The owner or mortgage holder has the right to buy back the lien at the cost plus 15% interest within the first year. (Times and % may vary from state to state.) If they do not buy it back within the year, you can foreclose. Often the mortgage holder will pay the taxes and interest to protect their investment.
2006-11-30 11:59:53 · answer #2 · answered by Aggie80 5 · 0⤊ 0⤋