Government lien tax foreclosure sales: who is next?

Government lien tax foreclosure sales are a legal way for the local, state and federal government to collect back taxes that are owed by the owner of the property that is for sale. This is a last resort the government has in collecting back taxes. It is not the preferred method but as the recession keeps going on strong this year, the number of lien tax foreclosures will continue to rise.

Once the process of foreclosure commences, the property is put up on public auction. The highest bid on the taxes is taken by the auctioneer. All proceeds that are collected at the auction are then given to the appropriate government office to clear the government’s lien on the property and the new owner is issued a clean title.

Investors have always taken an interest in these auctions since the price of the property being purchased can be as low as 40% to 70% off the real value. For some they do no improvements and resell the property for a good profit. Other investors make improvements and then resell the newly acquired property.

To fully understand how many properties are affected the following are just a few cities and the numbers.

Miami Florida has 774 foreclosure properties and 22 on the auction block with 12989 in the preforclosure statues.

New Orleans Louisiana has 164 properties that have been foreclosed on with 7 on the auction block.

Sacramento California has 820 properties foreclosed on with 118 on the auction block and 5371 in the preforclosure statues.

Memphis Tennessee has 814 properties foreclosed on with 439 on the auction block and 25 on the pre foreclosure statues with one bankruptcy.

Philadelphia Pennsylvania has 397 properties in foreclosure with 51 on the auction block.

Government lien tax foreclosure sales are all across the country. It is possible to find one near you.