| If you're wondering how to buy a home for back | | | | their property. This is far and away the best approach |
| taxes, you're either a smart investor looking to | | | | to take, for numerous reasons: your competition isn't |
| maximize your profit or someone hoping to buy a | | | | active now; the owners' home has been "sold" at tax |
| home to live in and maybe get a great deal because | | | | sale, and they know they have to act soon to avoid |
| of the state of the economy. Either way, now's the | | | | losing everything; and of course, you can see the |
| time to buy a home for back taxes. Here's how to get | | | | property inside and out before purchasing it. |
| one. | | | | You'll find a few things by waiting until after tax sale to |
| 1. Attend the tax sale, and bid on a property. This is the | | | | buy a home for back taxes. First, most properties that |
| most obvious way, but unfortunately, it is fraught with | | | | made it through tax sale are free and clear; otherwise, |
| pitfalls. When you buy a home for back taxes at tax | | | | their mortgage company would have bailed the |
| sale, you can't inspect the property before buying it. | | | | property out. Second, you'll find that many owners |
| You have to bid against people who have probably | | | | have simply given up and decided to move on and let |
| done more research than you and can afford to buy | | | | the property go. You'll find them at a new address and |
| for more than you. And of course, you have to wait at | | | | phone number where they aren't dodging collectors |
| least a year to foreclose, during which time most | | | | and they'll be happy to hear from you. |
| owners will redeem their property. | | | | When you find these owners that have already |
| 2. Approach owners before tax sale and offer to buy | | | | decided to let the property go, that's where you'll find |
| their property. The problem with this is that owners in | | | | huge property steals for under $1000. Many of these |
| this position are often dodging creditors and will ignore | | | | owners will deed you over their property just to be |
| your calls and letters. Also, many will be scrambling to | | | | done with the ordeal and will be happy to accept a |
| try to find a way to stay in the home and won't be | | | | few hundred dollars for their time in signing the |
| interested in selling. | | | | documents. If you really want to buy a home for back |
| 3. Approach owners after tax sale and offer to buy | | | | taxes, this is hands down the winner. |