Are you looking to buy properties at a cheap price? Attend tax deed sales to find some great deals and get your money’s worth.
A tax deed sale is basically where the county or municipality forecloses a property of a delinquent taxpayer for non-payment of real estate taxes. The process for administering tax deed sales vary from state and county. That is why it’s very crucial to understand your local laws and regulations about these tax sales in order to be updated.
The bidding process of tax deed sales is determined through local regulations. This means some of the jurisdictions require the minimum bid to be a fraction of the appraised value or the exact value of the property. While other jurisdictions utilize the taxes owed as the minimum bid for the sale.
One of the good news about a tax deed sale is that if the property doesn’t sell at the initial tax sale, some jurisdictions allow the county or state to sell them with no minimum bidding and no matter how much is being owed. This is possible in some states in the US like Arkansas. Although this kind of deal don’t happen every day but it does.
Call the county money person, whether the tax collector or treasurer and ask them what procedures are to be followed for delinquent taxes. They would tell you when the next tax deed sale would occur. You can also call the correct department in order to find out the steps for those properties that don’t sell at the initial auction. Do this and always be persistent in order to buy the real estate property you want.
