Every county in the united states requires property taxes to be paid annually. When a property owner fails to pay the property taxes the county will place a lien on that property in the amount of the taxes due, the fees, penalties and other costs associated with collection. In addition, an interest rate is added to the amount due which the property owner must pay to redeem the lien.
Some counties hold the lien on the property on which taxes remain outstanding and when the property owner fails to redeem the lien and regain control of the property the county will sell the deed to the property to a third party who usually becomes the new owner of the property.
Anyone is allowed to bid on a tax lien provided that the potential buyer complies with county rules and requirements.
No. Every state has its own rules for its counties and in many instances counties within each state may be given the freedom of changing or conducting their lien and deed sales.
To purchase a lien you need very little money. Some lines are cheaper than others, but you can actually buy a lien for as little as $10.
To purchase deeds it will require more money than a lien. Deeds are usually for actual purchase of the property and the amount required to purchase a deed will be greater.
Just about every state have lien and deed sales. Some have more than others.
Many counties around the country allow sales on line, by mail, by sealed bid or by having someone represent you at the sale.
