Question on lottery type of tax lien sale
I have a question about lottery-type tax lien sales that I'm hoping someone can help me with.
The treasurer's office lists this information on their site:
"A participant of the sale cannot pick and choose properties for purchase. Instead, the treasurer announces each delinquent property by owner name and amount due. After each announcement, a number is drawn. The participant's number which matches the number drawn has the option to purchase the lien or pass. In the case of a pass, another number is drawn until the lien is purchased. This process is repeated until all liens are sold."
So, the way I see this is, I don't have to bid against anyone else? If my number gets picked and I choose to purchase, it's just going to be me? And if that's the case, I would only have to bid the minimum opening bid and I would get it?
Also, if anyone has participated in these types of tax lien sales I'd be grateful to hear about your experience.
Thanks in advance!