almostthere said:
How exactly does this work? In my local paper theres a page and a half of properties. Some of them list amywhere from half an acre to over a hundred. The legal stuff gives a list of all that is required if you win the bid; is there anyway that the amounts owed could be found out before hand? The properties have an amount listed with them, but the legals say that you must pay all back taxes, how would I find that amount? Is it different than the amount shown? I'm in Indiana, if that helps any. Thanks in advance!!!!!
Most properties that have already gone through the foreclosure process for property taxes owed, will end up in the hands of the entity owed (i.e. the County Tax office).
As of a certain date, the properties will be sold on the court house steps by auction method. You must have the cash to purchase and most counties require a deposit on hand before the auction date if you wish to be a bidder.
Sometimes a property can be picked up (purchased) for only the amount of back taxes that are owed. It depends on who's there and bidding that day. Highest bidder (WITH CASH) wins.
You can check the records at the court house by using the property description (listed in the paper, probably); or ... most employees are glad to help you look them up if you go down there.
Secondly, you can also find out properties that are IN foreclosure BEFORE they are foreclosed upon completely, thereby offering the current owner a situation of paying their back taxes FOR them in order to save their credit rating and THEN take over the payments yourself IF it is an assumable mortgage.
Hope this helps.