Another Newbie Question
I know this is a dumb question, but please help
What the heck is the difference between the deed and a tax lien sale??
Can someone explain the pros and cons of each if time is available?
thanks, you guys are greatly appreicated
At a tax lien sale, you are only purchasing a lien on the property (with the right to foreclose if the debt is not paid). You are NOT purchasing the actual land, only the potential right to acquire the land later. You might be able to get real cheap land for pennies on the dollar this way, but the land is probably real cheap if not worthless.
At a tax deed sale, you are actually purchasing the land. Some states allow the prior owner to "redeem" the land (pay the purchase price plus costs within a specified time) while in other cases you get the land immediately. Prices are usually higher, and the deed you get may not be enough to get clear title, so you would have to file suit to "quiet the title" in order to sell the land later without problems.
thanks quidam you have helped me alot. so the deed you acutally get the land.. hmm this is very interesting