| Unfortunately, in the current economic climate, property | | | | purchasing in most states is either a lien, which will |
| being sold for back taxes is at an all-time high. As | | | | allow you to petition to foreclose at some point in the |
| more and more people find the task of home | | | | future, or the deed, but you will have to wait a certain |
| ownership to be too cumbersome, and more and | | | | period of time before you can have it. It is very rare |
| more people find themselves unable to come up with | | | | that you will actually get the deed and access to the |
| the hundreds to thousands of dollars to pay their | | | | property right then and there (only a few states do it |
| government property taxes, back taxes property is | | | | that way). Usually, the counties give the delinquent |
| cropping up everywhere. Their loss can be your gain, if | | | | owners a year or more to come in and "redeem" the |
| you play your cards right. | | | | property- that is, pay off the back taxes, plus the |
| If you're looking to invest in back taxes property, there | | | | accrued fees. In this case, you would get your money |
| are a couple ways to go about it. Don't make the | | | | back along with whatever the state ordained interest |
| mistake of thinking you can pick up a nice property- | | | | rate on that money is. This scenario plays itself out |
| like one you'd like to move right into- for the amount of | | | | almost every time, so if you're looking to acquire back |
| back taxes owed. This never happens. What actually | | | | taxes property this way, you'll almost always be out of |
| happens at the tax sale auction, which is held monthly | | | | luck. |
| or yearly by county, is that there are many bidders all | | | | A much better way to obtain the actual properties |
| trying to get the same properties, and the nice ones | | | | themselves is to buy them directly from the delinquent |
| will be bid up to close to what you'd pay on the open | | | | owners just before they are about to be lost for good. |
| market. The other pitfalls are that you rarely, if ever, | | | | These owners, in that time frame, are a unique subset |
| can inspect the interior of the property you're bidding | | | | of sellers who are often willing to sell you their deeds |
| on (eek... what nightmares lie within?), and you will have | | | | for pennies on the dollar. This is the only surefire |
| to pay the full amount, in cash, at the sale. | | | | method to acquire back taxes property for cheap, and |
| If you do end up winning the bidding war and | | | | without a ton of competition. It's also a great way to |
| purchasing a property, what you are actually | | | | find a cheap home to live in yourself. |