Upcoming Foreclosures

Government Tax Foreclosures?

Is it truly possible to purchase a house by only paying the taxes on it, and then sell it at true market price? They advertise houses for under 1000 dollars each. If anyone has any information in the form of links, or anything I would really appreciate it. Also, if you have tried this government program, please share your experience. Thanks

Public Comments

1. Homes truly do foreclose due to homeowners not paying property tax. Each month in your local newspaper, along with regular foreclosure notices, tax deed foreclosures will be listed. Each state is different in its rules concerning tax foreclosures. In order to find out the rules in your state, you should contact your local tax assessor's office and inquire about tax deed foreclosures. Usually they have some type of publication they can give you which explains exactly what a tax deed foreclosure is and the rules concerning them. For instance, in the state of Georgia, tax deeds are sold on the courthouse steps of the county in which the property is located. It is an open-bid auction in which the highest bidder wins the tax deed. A tax deed in the state of Georgia must be held for one year before action can be taken. During the time you hold the tax deed, no matter if it is longer than one year, you must pay the property taxes on the property. You DO NOT own the property at this point. After the year is up, you can begin the foreclosure process just like mortgage companies do. The homeowner has an opportunity to pay you the property taxes and the amount you originally paid for the tax deed plus a large interest rate. If the property owner does not do this, you can go ahead with the foreclosure process, (you should have a real estate attorney handle this for you), and take ownership of the property, depending on foreclosure laws in your state. In Georgia, when a property is foreclosed on, you can take possession immediately if it is not occupied, or must give eviction notice if it is occupied. If you choose not to foreclose on the property in which you own the tax deed, there is a potential to gain ownership for the property after so many years of paying the property taxes. The amount of years varies with each state. In this case, you obtain ownership of the property automatically and do not have to go through the foreclosure process. The eviction process, however, may still be necessary. IN RESPONSE to the second person's answer: Properties go up for tax sales when homeowner's have not paid property taxes. It does exist and it happens every month in every county. The amount the bids start at is the amount of back taxes that the homeowner's owe. Usually this will not be $1000, but somewhere between $5000-$10000 and higher. Be careful when you are looking at tax deed properties. There are a lot of companies out to get your money. Do not purchase properties through companies. Tax sales are open to the public.
2. This is next to impossible. You can get foreclosure homes for very cheap, but not just by paying taxes on them. If you hear anything about buying a house for $1,000.00 it is a scam. No one is giving homes away like that, not even the government. Sorry.
3. Hi,your question can best be answered by checking out this website. Good luck! https://therena.com/?utm_source=blog&utm_medium=blog%252Bfeedaback&utm_content=godevsite-track-1&utm_campaign=TheRENA%252CEvents%252CThe%252BReal%252BEstate%252BNational%252BAssociation%252C
4. There's a very good overview of how to get free reports and listing information for tax-sales properties and other sites entering foreclosure: http://mysite.verizon.net/dsarokin/xa/id4.html Finding Foreclosure and Pre-Foreclosure Properties It should give you everything you need.