A home with delinquent taxes arises when the homeowner fails to pay their tax bill and the municipality has finally had enough. The property then goes up for grabs by public tender or public auction, allowing individuals, investors, and companies to own real estate for a fraction of the cost. Tax-sale homes, however, come with risks.
Not all homes with delinquent taxes are winners waiting to be uncovered. Here are some key tips for buying a home with delinquent taxes and to mitigate the risks of such a purchase.
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