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| Understanding Your Options |
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If Your Property is Facing a Tax Auction You may have several options. The right choice depends on your circumstances, the amount owed, the time remaining before the sale, and what you want to do with the property.
The important thing is to understand your options before an important deadline passes.
Here Are a Few of Your Options
1. Pay the Amount Due If your goal is to keep your property, one option may be to pay the delinquent taxes, penalties, interest, and other amounts required to bring the property current. Depending on where the property is located and where it is in the tax-sale process, there may also be other ways to address the delinquency. Contact Us to discuss your situation. We can help you understand the process and identify questions you may want to ask the appropriate tax or legal professionals.
2. Explore Whether the Sale Can Be Delayed In some circumstances, there may be procedures or alternatives that can affect the timing of a tax sale. These possibilities vary significantly by location and by the stage of the process, so **don't assume that a scheduled auction date means there is nothing you can do—but don't assume that it can be postponed, either. If you are approaching an auction date, it is worth finding out what options, if any, are still available to you. Contact Us to discuss your situation.
3. Allow the Property to Go Through the Auction Process If you decide not to resolve the delinquent taxes or sell the property before the auction, you may choose to allow the tax-sale process to proceed. If the property sells for more than the amounts required to satisfy the applicable taxes, costs, liens, or other claims, there may be **surplus funds** remaining. Whether you are entitled to any surplus—and how much—depends on the circumstances and the laws and procedures where the property is located. There is also an important uncertainty to understand: **you cannot reliably predict what a property will sell for at a tax auction.** Some properties may sell for substantially less than their market value, while others may sell for much more than expected. For that reason, allowing a property to go to auction should be considered carefully rather than viewed as a guaranteed way to recover money. There may also be deadlines and specific procedures for claiming surplus funds. Waiting or making an error in the process can potentially affect your ability to recover funds. Learn More about surplus funds.
4. Sell the Property Before the Auction If keeping the property is no longer your preferred option, selling before the auction may be another possibility. You could explore selling through the traditional real estate market or consider an offer from a buyer who purchases properties directly, including properties that may need repairs. A traditional sale can take time, and the property may need to meet applicable requirements before closing. With an approaching auction date, Time Becomes an Important Consideration. If you are considering a sale, it is worth determining how much time you actually have and whether a potential buyer can complete the transaction before the applicable deadline. We may be able to make an offer on your property or evaluate an offer you have already received. If you would like us to review the property, Submit Your Property Here To give us enough time to evaluate the property and, if appropriate, complete a purchase, **we generally need at least three weeks before the scheduled auction.** If there is less time available, we may not be able to complete a purchase before the sale.
5. Do Nothing You can also choose not to take action. We understand that receiving a tax-auction notice can be overwhelming, and you may not know where to start. But if you take no action, the tax-sale process may continue according to the applicable deadlines. That could mean giving up the opportunity to explore alternatives that might otherwise have been available to you.
You don't have to decide everything today. But you should understand what deadline you're facing and what choices may still be available. | |
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