by bratticus » Sat 09 May 2009, 16:42:03
$this->bbcode_second_pass_quote('smallpoxgirl', 'I')f I understand that correctly, it's definitely the craziest thing I ever saw. They're basically selling tax lien derivatives right? You buy the tax lien from the county. If the owner pays off the lien, you get the return.
Did you read the FAQ section? #18 and 19 are sumpin' else too.
$this->bbcode_second_pass_quote('', '[')b]
GENERAL QUESTIONS ASKED ABOUT TAX SALE... skip ...
18. What if the owner does not redeem the property?
IF AN OWNER FAILS TO REDEEM HIS PROPERTY FROM TAX SALE, THE BIDDER MAY FILE A CIVIL ACTION CASE IN COURT TO FORECLOSE THE OWNER’S RIGHT OF REDEMPTION. THE ACTION TO FORECLOSE THE OWNER’S RIGHT OF REDEMPTION MUST BE FILED NO LESS THAN SIX MONTHS FROM THE DATE OF SALE AND NO MORE THAN TWO YEARS FROM THE DATE OF THE SALE. IF JUDGMENT IS GRANTED IN FAVOR OF THE BIDDER, THE BIDDER MAY GAIN FULL TITLE TO THE PROPERTY BY PAYING THE BALANCE OF THEIR BID, IF ANY, AND ANY TAXES THAT ACCRUE AFTER THE DATE OF SALE, AFTER WHICH A DEED CAN BE DRAWN.
19. What will happen if a bidder does not file a civil action case within two years?
IF THE OWNER DOES NOT REDEEM AND NO CIVIL CASE IS FILED WITHIN TWO YEARS FROM THE DATE OF THE CERTIFICATE OF SALE, THE CERTIFICATE OF SALE IS VOID AND THE BIDDER LOSES ALL RIGHTS TO THE PROPERTY AND TO ANY MONETARY REIMBURSEMENT.