Learning Foreclosures
Does anyone know anything about tax foreclosures?
The housing market is in a crisis right now and i know that many ppl are going through foreclosures.I don’t wanna get a mortgage or rent if i can just learn more about foreclosures and how to get a home that way. So how do i purchase a home that’s been foreclosed?
There are generally two types of foreclosures – tax forclosures, which occur when a city or town takes a person’s property because they failed to pay taxes and mortgage forclosures, which occur when a person fails to pay their mortgage and the bank takes their property.
You can find out about tax foreclosure by contacting your local tax assessor’s office – if they don;t have the information, they should be able to direct you to the office that will. To find out about other types of foreclosures, check the legal notices section of your local paper – most states require that the entity foreclosing publish a notice.
Be warned, though, you usually cannot inspect the property before buying it. Also, make sure that you know the rules of the auction before going. In New York, they require 10% of the bid price, in cash or certified funds.
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