Re: OT---BUYING UP PROPERTY TAXES

Posted by Steve from Tn on December 25, 2003 at 14:33:34 from (208.128.241.12):

In Reply to: OT---BUYING UP PROPERTY TAXES posted by lenray on December 25, 2003 at 11:50:32:

I'm not sure what it is you are thinking about doing. Usually after a property owner has failed to pay his property, there is a auction sale of the property. If this property is sold the previous land owner has one year to retrieve the sold property. The new owner can charge something like 10% to the previous owner if he chooses to retrieve his property. Rarely do we see valuable property go in a tax sale. Most of the time the taxes owed against it are more than the property is worth. In my county, the bidder has to bid at least the amount of the delinquent taxes along with penalty and interest. I know of one house that was assessed at something like $50,000 that sold for $200. The woman who owned the house just found out this year that it had sold back in 1995. She had continued to make sporadic mortgage payments to her lender and her lender had continued to pay her taxes on the property each year. The new owner did not charge her any rent or contact her after he bought the house. Bizzare!

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