I heard that people can buy homes that have a tax lien on them. I want to know if that is a way to save money?

I want to buy a home with out coming out my pockets to much. Is buyinng a forclosed or tax lien home the best way to goI heard that people can buy homes that have a tax lien on them. I want to know if that is a way to save money?
You can buy property with a tax deed sale.





But at least here in Florida that is a longer process. Here you pay the delinquent property taxes and will get a tax certificate. The curren owner will have the chance to buy it back but he has to pay interest to you. After a few years you can claim the property and it will be entered into a publich auction. Everybody will be able to bid on it and the highest bidder will make the deal. If the highest bidder is not you you will get the money for your certificate plus interest from the highest bidder.





Bank foreclosures can close immediate - as soon as all paperwork, inspections, title search are done.





Like i said this is how it works in Lee County Florida.Ohter states might have different rulesI heard that people can buy homes that have a tax lien on them. I want to know if that is a way to save money?
Of course not. If you buy a 'tax lien property', you should be aware that you are buying any OTHER liens which accrue to the property, and that includes mortages or liens from other sources. You're not going to gain ownership of a property puirely for the tax amount owed.
First thing acermill is wrong. Prop tax froclosures are free and clear titles with no liens. Tax liens take 1st position over a mtg or any other type of lien. If the lender wants to protect their position then they must pay all back prop tax. Just like a trustee sale if the first mtg holder is forclosing then the 2nd mtg holder must bid to protect their position or keep the 1 position current with payments and then they can forclose. The only line that is not cleared at auction is utility liens, power, water and gas. I went to a tax auction last year opening bid is alway low but there were so many people there bidding it up and up, some got close to market value. Remember it is also all cash that day.