| Government auctions and tax sales generally | | | | Most of these tax sale properties are priced for a |
| occur when a homeowner is unable to pay the | | | | quick sale, which often puts them well below fair |
| property taxes on their home, or their home is | | | | market value. This is a great opportunity for first |
| abandoned. | | | | time homebuyers or low income families to |
| In the U.S., when city or county taxes aren't paid | | | | swoop in and pick up a discounted home in an |
| for an extended period of time, the property is | | | | otherwise unattainable area. |
| considered "sold to the state," meaning that the | | | | The most important thing to remember before |
| deed is transferred to the area's local governing | | | | doing this, of course, is to make a detailed list of |
| authority. | | | | all expenses (including taxes) associated with the |
| In most cases, the former owner is given a | | | | property, to ensure that it is within your price |
| five-year window of opportunity to redeem their | | | | range, and won't be back on the auction block |
| home by paying overdue taxes, penalties, and | | | | anytime soon. |
| other costs. If the property is not reclaimed in | | | | For additional details on how to find cheap real |
| this manner within five years, the city or county | | | | estate listings in cities throughout America, you |
| can put it up for sale in a government auction. | | | | should refer to Cheap Real Estate.net. |