Tax Lien Question Newbie
I just had a couple of question about purchasing a tax lien
1) How would I go about doing so?
2) If a did purchase a Tax Lien will the home be mine??
3) Am I able to tax out a loan to purchase the lien or does it have to be paid off in full??
thanks all answers are greatly appreciated
1) In those states that sell tax liens, each year there is an auction. Each state and county has different procedures. At the auction you would be bidding against other purchasers. Some states allow liens that are not purchased at auction to be bought "over the counter"; however, many of these liens are on otherwise worthless property.
2) The home will NOT be yours automatically. If the owner does not "redeem the certificate" (i.e., pay the back taxes and penalties), you can petition for a deed. (Note that in FL the property will be auctioned off, and most likely you would NOT get the lot)
3) The lien must be purchased for the full amount. The counties will NOT loan you money.