Bank Owned..

The bank will in NO WAY sell a property they own for the back taxes!! They usually pay them before a tax sale occurs...

I believe that a tax lien takes precedent over the foreclosure lien. And thats strange that they have not caught the taxes up but unless its up for TAX SALE then if just go and pay the taxes you just went and lost money. Its one that you should probably not spend too much time on because 100% the bank will catch up the taxes. This is probably a fresh foreclosure and thats why they are not paid yet.

That is how it is where I live. If the bank already owns the property, they have paid the taxes or are going to as you have said. Dee

I have put an offer in on short sales. I am finding that so many short sales are given to a particular real estate office that one has to deal with. Many are not as familiar with short sales and take longer than others. Also, have run into so many real estate listing agents on a particular short sale not really interested in my offer because they already have a lot of buyers ready to purchase. Anyone else run into this problem? Dee

After the house is owned by the bank, the bank will pay off the taxes since they take precidence over any bank. Unless the kind of bank who owns the property is the one who has too many departments that don't communicate, the taxes won't get paid and the bank will lose the house to a tax sale. But you will have to wait until all of that happens.

Yuri

So this is confusing me. Here is the situation. The property is schedule for auction as tax lien than two weeks later as a foreclosure. It is owned by the bank. This is in Colorado, the redemption period is three years. If the tax lien takes precedence over foreclosure do you own the home if no one pays the taxes back. Is the bank hoping it sells as a foreclosure and then the new owner is responsible for paying off the taxes? The taxes are $800 and the house is $325,000 why wouldn't you just pay the taxes?

The county could sell the tax lien at the auction. The buyer of the tax lien won't have access to the property until the redemption period ends. So if the bank forecloses a few days or weeks after the tax lien auction, the high bidder at the foreclosure auction would get title to the property but would have to pay the back taxes before the redemption period ends to retain title. The tax lien holder would get their money back plus interest when the back taxes are paid by the new owner.

The "Official Coach" that just responded does Tax Liens sales alot and has aquired a few properties by doing so. His advise is great and worth listening to. You go Bill!

Thanks for the clarification. Sounds like the bank is passing off the debt to whoever wins the bid. Smart
Theresa

I look at this situation this way. If you win the lien certificate at the tax sale and it has a great interest rate, you are making a great return on your money right. In addition to that, if the lien is never redeemed, you cna foreclose and get the property. Either way, it is a way to learn how the whole process works, make some money on your investment, or even get a great property for a small investment. WIN-WIN-WIN!!!