With Tax sales, so much depends on who was notified of what, and when that notification happened. Tax lien foreclosure doesn’t necessarily wipe out everything. We’re not going to do a whole treatise in one online post, but here are some things to keep in mind.ġ. How do you foreclose? Is that all you have to do? Is there anything that a tax deed foreclosure does not wipe out? As with any too-good-to-be-true investment, the devil is in the details. Well, those are the basics, and they’re largely correct, but those asterisks cover a lot of ground. You wipe out old debts, liens, mortgages, and everything else* and own the property free and clear!! How can you lose?!?! What if they don’t redeem? Even better! Then you foreclose on the property and own it free and clear for the drastically reduced purchase price you paid at the tax lien auction*. even if they redeem in 30 days, you still get the full 20%. During that year, the property owner or other interested party can “redeem” the tax deed from you by paying enough to cover your full purchase price plus an additional 20%!!! That’s crazy. You win at the auction, and purchase it (a portion of your purchase price goes to pay the taxes that were in arrears). The County files a lien, and then auctions off a deed. The pitch is simple: A County in Georgia is owed property taxes that go unpaid. Real Estate gurus make big money selling “how-to” convincing people to invest in them. Everyone loves them (for good reason, they can be very lucrative).
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