Has anyone brought a home through the annual property tax sale?
November 14th, 2010 | by admin |And did they/you get to keep it after the first year? I don’t mean were you successful at bidding, what I mean is did you get the title of the home?
In Ohio they have what are known as Sheriff’s sales which are sales of property that people have not paid their real estate taxes on. I assume that these are the same things. But laws vary from state to state, so this may not be relevant to your situation. But the rules are as follows: You must purchase the property in full within 30 days after the bid (yes a mortgage is a purchase in full), a successful bid must be at 2/3 of the appraised value of the home. That is pretty much how it works in Ohio, if you get the bid and come up with the financing the place is yours. However, the home is purchased "as is" and you are not allowed inside of it until after the purchase so buyer beware.
One Response to “Has anyone brought a home through the annual property tax sale?”
By jbog1883 on Nov 14, 2010 | Reply
In Ohio they have what are known as Sheriff’s sales which are sales of property that people have not paid their real estate taxes on. I assume that these are the same things. But laws vary from state to state, so this may not be relevant to your situation. But the rules are as follows: You must purchase the property in full within 30 days after the bid (yes a mortgage is a purchase in full), a successful bid must be at 2/3 of the appraised value of the home. That is pretty much how it works in Ohio, if you get the bid and come up with the financing the place is yours. However, the home is purchased "as is" and you are not allowed inside of it until after the purchase so buyer beware.
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