Thank you so much, @Mike Dorneman! From what I learned today, the process seems pretty extensive and, if the deal is good, lucrative. I really appreciate the feed back. Good luck on your ventures!!
@Angie Cook welcome to BP. The rules vary tremendously from state to state. Most importantly are you buying a Tax Lien or are you bidding on a tax Deed?
We have a lot of discussions here on BP about tax sales but I don't recall many about NC
Hi @Ned Carey - The auctions are to satisfy tax liens. I have been researching it, but not finding the best information... thank you!!
@Angie Cook let me clarify. All tax sales (presuming we are taking about property taxes) are to see that back taxes are paid. Since delinquent taxes are automatically a lien against the property it could be considered "an auction to satisfy the liens" as you said.
However as a buyer, is some states you are buying a "tax lien" against the property, In some cases the auction is the last process of the city or county taking the property and they are actually selling a "tax deed". You are actually buying the property at the tax sale in the second case.
That is a greatly simplified version. In some tax deed states the previous owner may have a period of redemption where they can pay you back with interest and get the property back. In most tax lien states you can foreclose on the lien if the owner does not eventually pay. That process may take a year or more.
Because the rules can vary so much it is important you know the rules and how they affect your investment. The best source is often you county website. It can be difficult to find the information and may be two or three layers deep in the site.
@Ned Carey Yeah, I am definitely discovering the complexity of it and out county site is just not that helpful. I am going to reach out to a RE attorney contact I have and see what she can tell me. The auctioneer said that he was auctioning off the deed. The owner seems to have pretty extensive history with the registrar of deeds and I just am wanting to be sure there are no other liens out there. Thank you for the information. It has been really helpful!