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OT - Anyone ever bought property at a tax auction?

PrincessFiona's picture

Submitted by PrincessFiona on Tue, 08/02/2011 - 8:51am

There is a house that I've been in love with for a long time. Major fixer-upper ! It's been vacant for years and is now going up for tax sale. DH and I are going and we have a little bit of financial backing but not sure what to expect. Anyone ever been to a tax auction or bid on property?

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DaizyDuke's picture

Submitted by DaizyDuke on Tue, 08/02/2011 - 9:39am

DH and I went to a tax auction last year and bid on a couple of properties, but we lost both... there were alot of contractors there with deep pockets who were willing to pay way more than we were!

PrincessFiona's picture

Submitted by PrincessFiona on Tue, 08/02/2011 - 10:32am

I've been researching the tax books and it looks like they go quite cheap. Most properties seem to sell for 3,000 - 15,000. I'm hoping that there's not much interest in the one I want but we'll see. I'm trying very hard to not get my hopes up. I really want it but like Daizy said, contractors have much deeper pockets and the rental market in our area is very profitable right now.

It's a huge OLD house and needs some major renovations. I can only hope that it's more than contractors care to bother with.