Buying Foreclosed Properties At Auction

March 1st, 2010

Buying Foreclosed Properties At Auction

Question: Buying a property that's been seized for delinquent taxes?

The house right next to me has been seized for delinquent taxes and is scheduled to be sold at auction. It is a new build, and it's been empty for a year. It was listed for $105k. I bought a foreclosed house at auction in the past and it was a fairly straightforward process, but I've been told this is a little more complex. Apparently, the property owner has the opportunity (a year and a day) to re-acquire the property? The question is, what all is involved? I need detailed documentation and sources. Be prepared to get a thumbs down if you answer and don't provide those two things.
The property, btw, is in SC.
OK, guys, lighten up on the "thumbs down" comments. I'm just sick of people hopping on and saying "try google" or "you should ask somebody who is omniscient."

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Answer: No one can give you an accurate answer without knowing your location. States handle this, not feds.

In most states you do not actually acquire the property, only the debt. In all states you would be subject to other liens before you can acquire the property, which is after the redemption period.