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whats it called?

whats it called when you pay off back taxes on a property and get ownership of it? a friend of mine bought a house that way and i was wanting to look into it.

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ashleywilkerson

Asked by ashleywilkerson at 4:57 PM on May. 6, 2010 in Home & Garden

Level 9 (355 Credits)
Answers (4)
  • Was there a lein on the house that she paid? Or had it been foreclosed on?
    Anonymous

    Answer by Anonymous at 4:58 PM on May. 6, 2010

  • idk. all she said was she paid the back taxes that was owed on it and got ownership.
    ashleywilkerson

    Answer by ashleywilkerson at 5:07 PM on May. 6, 2010

  • Oh i know what you are talking about I just can not think of the name, I heard you can buy house for just a few hundred dollars, because the owner paid off the house just didn't pay taxes on it so they are selling the house for the amount they owed in taxes.
    My friend lost his house this way and they sold it for 300 dollars.
    mrsbean08

    Answer by mrsbean08 at 5:08 PM on May. 6, 2010

  • They called Public Auctions. You don't really "just pay the back taxes." The county tax department sells a property at auction. The bid starts at the tax due. If you are the high bidder, you go into the court house and pay for the home. In some states you get a receipt Tax Certificate, it gives you right to the home after a certain period of time (could be as long as 1 or 2 years). if the past owner does not buy it back during that period of time (plus interest) then you turn that certificate back in for a special deed from the county. There are some states that give you deed at the time of the sale. You can get all of the details from the county tax department when the home is being auctioned. These houses are usually advertised in the legal sections of newspapers. Don't expect to get a $300,000 home for $1000, that doesn't happen often, but you can get some really good deals!
    LoriKeet

    Answer by LoriKeet at 6:04 PM on May. 6, 2010

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