| Several things should be considered before you place | | | | information out about the property and its history as |
| a bid at tax foreclosure sales. You should know as | | | | you possibly can. |
| much as possible about the circumstances surrounding | | | | Tip 4. You need to know whether the property has |
| the foreclosed property. | | | | been vacated or not. If the occupants are still living |
| Tips and advice | | | | there, it is often difficult, costly, and time-consuming |
| Tip 1. There are two types of foreclosed property | | | | to get them to vacate the premises. |
| tax sales: a tax lien sale and a tax deed sale. It is | | | | Tip 5. Make a site visit to the tax foreclosure |
| crucial you know which type of foreclosure property | | | | property you are interested in. You want to know as |
| you are bidding on as they are very different from | | | | much about the condition of the property as possible. |
| each other. | | | | If you are able to get a look at the interior of the |
| At tax lien sales, the county government responsible | | | | property, which is not always possible, you might |
| for collecting taxes on the property sells the tax lien | | | | want to hire an Inspector to go with you and assess |
| itself that the homebuyer hasn?t paid. The winning | | | | the state of the property. |
| bidder is actually paying the tax debt on the | | | | Tip 6. If you are the winning bidder, you must pay in |
| property. The homebuyer must then pay the bidder | | | | cash, or with a cashier's check, in full, ordinarily by the |
| back, at a higher rate of interest than normally | | | | end of that business day. In some instances, you |
| allowed, or face the final prospect of foreclosure | | | | might be able to qualify for a loan at the auction site |
| from the person who paid the tax debt. | | | | if there are lending institutions present to assist you. |
| At a tax deed sale, the county government is selling | | | | Tip 7. Homebuyers can pay the taxes anytime up to |
| the entire property and rights to possession go to | | | | the day before the auction, in most cases. If the |
| the winning bidder. | | | | taxes are paid, you will no longer be able to bid on |
| Tip 2. Many places are available to search for | | | | the tax foreclosure, no matter how much research |
| information on tax foreclosure sales that have | | | | you may have invested in it. |
| attracted your interest. Web sites can offer | | | | Know the laws governing a sale |
| invaluable assistance in finding out details about the | | | | You should have a good working knowledge of the |
| foreclosure property. Foreclosed properties are made | | | | laws, rules, and regulations governing tax foreclosure |
| a part of the public record; much information is | | | | sales before you purchase. The procedures can vary |
| available if you know where to look. | | | | from state to state, and county to county. Once you |
| Tip 3. You can visit with the County Clerk?s office in | | | | find a property you are interested in, stay on top of |
| the county where the property is located. They keep | | | | what is going on with it, as changes could alter your |
| a record book called, "Registry of Impending | | | | mind as to its purchase. |
| Foreclosure Sales". Again, you want to find as much | | | | |