Steps to Check on Tax Foreclosure Auctions

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Checking on tax foreclosure actions is a process that requires you to follow some very important yet ultimately straightforward steps. Find out about the steps to check on tax foreclosure auctions with help from a longtime and experienced accountant in this free video clip.

Part of the Video Series: Understanding Finance & Accounting
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Hi, I'm Lori Greer from Atlanta, Georgia, and I'm here to give you the steps to check on tax foreclosure options. County sale property at auction when the owner fails to pay the real estate taxes, often the minimum bid at tax foreclosure auction is the sum of the unpaid taxes plus the cost of the auction. Investors pay close attention to property facing a tax auction sale to find houses and land at bargain prices. The first thing to do is check with your county treasurer or tax collector's office to find out details about the tax foreclosure auctions. You'll want to request notices of tax foreclosure auctions from this county treasurer or tax collector. After that, you'll want to check the legal section of your local newspaper. When property owners don't pay the taxes, a legal notice is published in the newspaper. Depending on county and state regulations, a property faces auction after three to five years of unpaid taxes. Sometimes an investor follows the potential sale of property several years before the auction. Next you'll need to thoroughly investigate the property before bidding. Contact the assessor's office to determine the current value of the property. You'll want to also check the zoning and any restrictions that may be on the land, determine if building permits were filed for structures on the property, and conduct a search at the county recorder's office to find any liens against the property. At that point, physically inspect the property if possible. The current property owners may not allow the inspection, so check online to find any aerial pictures of the property. In some cases, the property owners often redeem the property before the auction. This is especially true for land with structures when the minimum bid is much less than the value of the property. Sometimes the owners redeem the property within a few days of the auction. Owners redeem the property by paying all delinquent taxes and fees. Finally, you will need to read the rules for the tax foreclosure auction. Often pre-registration is required for potential bidders and after the auction some counties require immediate payment by the successful bidder. Often payment in the form of a cashier's check or even cash is required. I'm Lori Greer from Atlanta, Georgia and those are the steps to check on tax foreclosure auctions.

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