Foreclosures Help Information

Government Tax Foreclosure Houses

Question: For foreclosure properties, can you tell me the steps of the process please?

For example, how is it determined whether house is owned by bank or government and whether… and how is it determined whether it goes on the market or to an auction… and where are the auctions held? If back taxes are owed, does the bank pay the city off? I am very curious as to how this process works.

If know any of these answers, will you reply please?

Thanks!

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Answer: Calling an agent is a great idea (I am a broker) but I think what you are looking for are tax sales and sheriff sales. These are typically posted at your local county court house. Go to the court house and ask at the assessment office, or tax claim. One or the other will send you where you want to go.

Financial institutions that hold mortgages on these properties will purchase the properties at auction and then they may put it with your local real estate agent. There are some deals to be had at this level.

Where you have to be careful is if you purchase a property that still has a lien on it meaning you buy it for back taxes but you are also buying the old mortgage too. This can happen at auction.

Good luck, make sure you do your research.

Real Estate Tax Foreclosures

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