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Buying or Selling a Home/Buying delinquent property taxes

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Expert: - 4/13/2009


Question
If I purchase delinquent property taxes and the property goes into foreclosure...would I eventually own the property or would the bank pay me with interest?

Answer
How it usually goes, Maria, is when you buy the property because of delinquent taxes (you're buying the property from the county in which the propery is located), some states allow the former owner a set amount of time (depending on the state how much time) to pay you back PLUS interest. In some states, like TX, it's 25%. Per month. So, before you bid on any tax-delinquent properties, be sure you become familiar of the process and what you have to do. I do wish you well.

Dick Dennis

Buying or Selling a Home

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Dick Dennis

Expertise

With more than 41 years as a real estate broker, I can solve most any problem presented. If I can`t, I do my research. Problems with mortgages, trust deeds, foreclosures, odd ways of conveying titles. Most any good Realtor can answer questions satisfactorily, but I answer questions that most cannot. Also, ask about my hard-copy newsletter, The Landed Gentry. It can also be sent to you via PDF.

Experience

Solving real estate problems for 37 years.

Organizations
National Association of Realtors

Publications
Publishes The Landed Gentry, guest writer in Who's Who in Creative Real Estate, First Tuesday, Financial Freedom and many newspapers

Education/Credentials
e-Pro Realtor, Certified Distressed Property Expert, Who's Who in Creative Real Estate

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