| Anyone can buy a home for a fraction of its | | | | headed for a tax foreclosure auction will redeem the |
| appraised value at a tax foreclosure auction, but few | | | | property prior to the auction. So the property that you |
| people know how. There are foreclosed properties in | | | | really would like to purchase may not even be |
| virtually every city that will be going to auction, and | | | | auctioned at the sale. |
| anyone is eligible to bid on them. | | | | Keep in mind, the property owner may have additional |
| All properties are subject to taxes, but not everyone | | | | rights to redeem the property after auction. If this |
| who owns the property is able to pay the taxes on | | | | happens, the owner usually must pay the fees and |
| them. When the property owner gets behind on their | | | | interest to the person who bought the property in the |
| taxes, the government agency (either the state or | | | | auction. Depending on the state, these interest charges |
| county) will conduct a tax foreclosure auction and sell | | | | can be quite substantial. Several people actually make |
| the property to the highest bidder. | | | | a good living buying and redeeming properties at the |
| The laws regarding the sale of the property depend | | | | tax foreclosure auction. |
| on which state the property is located in, so before | | | | Usually the state sets the minimum price that the |
| you head down to the auction block, you need to be | | | | property must sell for, if that price is not reached, the |
| familiar with the rules and regulations for your state. | | | | state will acquire the property. Usually, this property will |
| Some states require the full purchase price to be paid | | | | go back on the auction block with a reduced price. |
| on the date of the auction; other states will allow you | | | | This is not a get rich quick scheme (most of them |
| pay off the purchase within a certain time frame. | | | | never work), but it is a legitimate investment |
| Some states require a cashiers check on the date of | | | | opportunity to buy property at below appraised value. |
| the auction; others will allow the fees to be deposited | | | | You may not always get the home you were looking |
| the next day. Again, check with your state to | | | | at, but sometimes you really can get lucky and get a |
| determine what the rules and regulations are. | | | | home at substantial savings. |
| Most property owners that have a home that is | | | | |