Today I’m answering your question, “How can I find tax sale properties near me?” and the topics I’m going to cover are:
- Tax Sale Properties Are Sold in Local Taxing Districts
- Counties Auction Real Estate for Unpaid Property Taxes
- The Difference Between Tax Lien and Tax Deed Auctions
- Where You Can Find Tax Sale Properties?
- What Happens to Tax Delinquent Properties That Don’t Sell?
- Do Your Homework Before Buying Tax Delinquent Property
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Tax Sale Properties Are Sold in Local Taxing Districts
The United States is divided into 3,000+ counties, so you wont need to look very far. In addition to the counties, there are also over 1,400 municipal governments.
Counties are separate jurisdictions as are municipalities. Both are separate taxing districts and have the authority to levy and collect property taxes.
Starting in your current location, you are surrounded by counties and municipalities. Each will prepare their own tax sale properties auction list.
State governments are governed by a legislature, usually located in the capital city. These lawmakers meet regularly multiple times each year, and they create the statutes which are passed down as laws to the local county board of supervisors, county commissioners or the people who run the municipalities.
Counties Auction Real Estate for Unpaid Property Taxes
In every state in the United States the legislature has mandated that all property owners must pay property taxes. It’s the law.
The local counties do all the work and the board of supervisors and county commissioners will give notice of past due taxes to all property owners that fail to pay.
The treasurer will levy taxes and attempt to collect the property taxes. If the taxes are uncollectible, the treasurer will follow the due process of law required before ultimately seizing the real estate. Then the treasurer will begin the process of selling the property at a physical or online auction.
The Difference Between Tax Lien and Tax Deed Auctions
Tax deed properties are sold for pennies on the dollar because the starting bids will be very close to the back delinquent taxes in most instances.
A starting bid of only 10 to 20 cents on the dollar could be the actual back taxes or set artificially low to encourage buyers. A low purchase price attracts bargain hunters who understand they are purchasing somewhat used and abused real estate.
Conversely, buyers of tax lien certificates have no rights to the property; the property owner remains in possession. In many instances, the defaulting property owner will remain on the property until the redemption period expires, which is 2 years in Florida but 3 years in most states.
The county government is authorized to auction tax defaulted real estate at least once each year and multiple times each year.
The mortgage or trust deed loan will be extinguished from the property records, and no encumbrance or loan will be on the property.
Each county will have local rules of engagement. Expect the rules to be specific. Successful auction bidders understand and follow the rules.
Where You Can Find Tax Sale Properties?
To answer your question, “How can I find tax sale properties near me?” Tax defaulted auction properties are listed on county websites and announced in the local newspaper multiple times per year.
In many instances, the county may not call the process an auction. The county may refer to the auction as a tax sale. In reality it’s a county administration auctioning property to the highest bidder.
The county’s objective is to generate revenue from the auction and return the property to the honorable tax payer list.
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What Happens to Tax Delinquent Properties That Don’t Sell?
A frequent question is, “What happens if the property is not sold at the tax sale auction?” The answer is the county will attempt to sell it again.
If they’re unable to sell it, they’ll remove the property from the auction list and place it on another list which could be referred to as the Surplus Lands List, Leftover Property List, Forfeited Lands List, or numerous other names.
These properties may be purchased over the counter.
Do Your Homework Before Buying Tax Delinquent Property
When the gavel falls, that’s not the time to start thinking of due diligence, looking at the condition of the property or checking for property title defects. These should be performed prior to the auction.
Over 5,000 tax auctions take place across the United States each year, and many bidders fail to look at the property prior to purchasing it. No boots on the ground could mean the buyer is purchasing a damaged or undesirably located property.
The second big mistake occurs when the purchaser has not determined an exit strategy and therefore bids too high. Always know your selling price before you buy.
Conclusion
We hope you enjoyed Ted’s lesson, “How Can I Find Tax Sale Properties Near Me?”
Tax delinquent real estate is sold by local taxing entities, like counties and municipalities, so you can most certainly find tax sale properties near you. Check your county’s website and the local newspapers where tax sales are announced and tax lien property lists are published.
If you’d like to know more about tax delinquent property investing, Ted Thomas provides full support and complete training with home study courses, Q&A webinars, live tutorials, workshops, web classes, and personal coaching with certified coaches.
If you’d like to learn how to reap huge rewards from tax delinquent property investing, Ted Thomas provides full support and complete training with home study courses, Q&A webinars, live tutorials, workshops, web classes, and personal coaching with certified coaches.
Get started today by taking advantage of this Free Gift from Ted. Act now, it costs you nothing and will give you a big head start!
Ted Thomas is America’s Leading Authority on Tax Lien Certificates and Tax Deed Auctions, as well as a publisher and author of more than 30 books. His guidebooks on Real Estate have sold in four corners of the world. He has been teaching people just like you for over 30 years how to buy houses in good neighborhoods for pennies on the dollar. He teaches how to create wealth with minimum risk and easy-to-learn methods.
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