A tax deed sale is the forced sale of real estate conducted by a governmental agency, for nonpayment of taxes. When a property owner does not pay their property taxes for a specific period of time the county forecloses on the property. These foreclosed properties are sold at tax deed sales to the public, sometimes for only the property taxes owed on the property. Most states sell these properties at auctions.
According to the law, tax deed sales must be announced to the public, and are usually sold to the highest bidder. Since the government is not in the business of owning houses, theyre more interested in recouping lost tax collections than making a profit. It is possible to get these properties at up to 70% off their market value.
Visit our Education Center to get more information about buying foreclosures in your area.