Sell a Tax Deed Property

A tax deed sale is when foreclosed homes are put up for sale in an auction to pay off the annual tax debt. It is an opportunity to place bids on properties being auctioned at drastically low prices.

The county obtains a tax deed and can then place the property for auction. The highest bidder will win the property. If the highest bidder pays over the amount of tax due, the extra can be given to the previous owners of the property, if requested. There are additional costs after a tax deed sale, including removing the “cloud” on the property, which can be done through a title certification or a quiet title action.

The government puts a lien on a home when the property taxes aren’t paid. The lien prevents the residence’s owners from selling their homes until the debt is settled. The government may sell the tax lien at a public auction if the home’s owners don’t pay their taxes within a specific time frame. A tax lien occurs before a tax deed sale.

It is crucial to be aware of the process and various steps that take place even after winning the bid. Seeking guidance from experts, such as veteran investors and real estate lawyers, can provide assistance throughout this process and prevent major losses in profit.