i want to buy a house or some property. Someone told me that i could buy some property at little cost, that i would only have to pay back taxes on the property or house and then i could own it. anyone know where i can get information about this?Where can i find information on back taxed property for sale?
You were misinformed.
When you buy at a tax sale you buy exactly that, the TAX. The back tax is then owed to you, and you get to collect with interest. I think you are allowed to charge 10% interest, so it is not a bad investment......if you can get them to pay.
You have no rights to the actual house, just the debt.Where can i find information on back taxed property for sale?
If it were that easy everyone would own a dozen. When someone fails to pay there property taxes for a certain number of years the tax bill is sold at auction. The person who buys the tax bill holds it for X amount of time. Of the home owner does not pay the tax the auction buyer may be able to get the house. It seldom happens and when it does the house is usually junk.
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