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