Live Auction Online - Deed Auction – Ask the Right Questions
Deed Auction – Ask the Right Questions
A deed auction is known by several names, and a deed auction
can have several meanings. Arguably the most common meaning of a deed
auction is simply a property auction in which the property is being
sold for taxes. But there are some things you need to know before you
make this commitment. One question that’s vital is what kind of deed
you’ll be getting in return for your bid.
It sounds like a good deal for the bidder. You put in a bid on property
and can sometimes purchase it for the price of the property taxes (or
other taxes) owed against it. Here’s how the process usually works.
The county that is owed the taxes will post a notice of the impending
sale of the property. Typically, it’s advertised in the newspaper of
general circulation in that county, but it may be advertised in
multiple media outlets. Some counties also post notices at the
courthouse on upcoming deed auction events.
When you see a piece of property that you’re interested in, you will
usually place a sealed bid for that property. Some counties may hold
live public auctions, but sealed bids seem to be the auction method of
choice.
After the deed auction is completed, the winning bid will be announced.
If you’ve won the property, you’ll be granted a deed immediately upon
payment. Note that you should have financing already in place if you
need that service.
It sounds like a good way to get a great deal, and it is, but there are
some questions that you need to have answered before you place your
bid. The most important is whether you’re going to receive a deed to
the property or a tax lien certificate. In some places, the former
owners who owe the taxes are given a period of time in which to bring
the taxes up to date before your sale is final. There is also sometimes
the issue of personal property left at the property and you may be
responsible for any cleanup that has to occur.
All these are questions you should ask before you place a bid at a deed
auction. But with a little research and preparation, this could truly
be the place to find your dream home or the perfect piece of property
at a fraction of the normal price.
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