Posted by Bill H on November 09, 2006 at 15:10:38:
Rich:
Do not know where you are so cannot tell you.
There are very few absolute tax deed states in which you get the deed.
Virtually every state has a tax sale of properties that did not sell at the regular tas sale and have been held by the state until all redemption has expired and then they are sold…I do not buy at these sales…if it was not good enough to sell the first time around…I have never been one to wait in line for seconds. Use you own judgement here.
There are lots of tax lien states in which you buy the lien and wait out the redemption period.
And…even in the absolute tax deed states there are very few in which there is not some redemption period.
Now to answer the rest of your questions.
Taxes are the most superior lien against real property. Normally they will wipe the title clean of all junior liens…HOWEVER…do not know what state you are in and there are some states that have exceptions to this policy…some allow certain liens to remain…some have different jurisdictions which do not work with other jurisdictions…(everybody fights over $$$) and their liens will remain.
In all cases the IRS will have an automatic 120 right of redemption…they are Federal and have priority.
Best thing to do is as I posted about three posts above here…LEARN what you are getting into BEFORE you jump in…the water can be VERY deep.
Good Luck,
Bill H