Learning about Tax Sales

[Paul OConnell]

Can anyone tell me more about tax deed sales, specifically in the State of Michigan? I am looking to understand the nuts and bolts about how they work, how many investors there usually are, and whether they are as good an opportunity as they seem to be.

For instance, does the bidding start at the amount of taxes owed, or somewhere below that?

Do lienholders get "credit" bids or are they totally out of the picture? If there is a mortgage on the property, do banks tend to bid on the property?

If there is anyone that knows of either good resources to get this info, or is willing to chat abou tit, I would appreciate that too!

Thanks!