Tax Leins And Tax Deeds
Can someone take the time in laymans terms to explain exactly what the difference is? And If Michigan is a tax deed state! then how do I go about buying a tax deed home? Exactly in laymans terms, or in tax deeds for dummies terms. See I want to buy my my family a home for back taxes, that is all I care about, I do not want a monthly mortgage payment, I try to get help from realtors, but there not gonna tell ya how, to take there lively hood away from them. it is hard enough for most realtors, to make it, I know my DAD was one.
Duane[ Edited by campbellkidz1 on Date 08/07/2005 ]
Sure
Tax deed = The property is sold to the highest bidder at a tax auction. If you win, you own the property.
Tax lien = You pay off the owners back taxes. At the tax lien auction, you usually bid down the interest rate. Example, in Az, they start at 16% and whoever is willing to pay off their back taxes for the lowest interest rate wins.
Hope this helps.
Further, on a tax lien, if the lien is not paid off within a certain amount of time (3 years in AZ), you can start proceedings to foreclose on the property.
Thanks everyone!!! Anyone know where adn when Michigan has theres? Have I already missed it. Are there any homes that are simply sold over the counter, instead of having to go to an auction?
Thanks!