Newsflash: Going to a tax lien auction.

So the bidding terms on this auction are”Interested bidders MUST attend the sale in person or by representative, bring government- issued identification, provide a social security number or federal employer ID number, tender a deposit of $5,000.00 in cash or certified funds payable to “Pullman & Comley, Trustee,” and complete the provided registration form. No owner, nonmunicipal lienholder, or encumbrancer of this property may bid on it. The successful bidder must pay the balance of the sale price within five (5) calendar days thereafter or forfeit this deposit; after such a renege in the tax collector’s discretion, the second-highest bid and then other junior bids might then be accepted. Title will pass to the purchaser six months after the auction except as otherwise provided by law, unless a record owner or encumbrancer validly redeems by paying the delinquency in full as increased pursuant to law. The collector may sell the property to the municipality if there has been no bidder or the amount bid is insufficient to pay the amount due in exchange for such amount in lieu of a deposit and bid. If redemption does not take place by the date six months after the auction and in the manner provided by law, the delinquent owners and all mortgagees, lienholders and other record encumbrancers who have received actual or constructive notice of such sale as provided by law, as well as all persons claiming interests which are inchoate or which postdate the recording of notice of this sale in the land records, are hereby notified that their respective titles, mortgages, liens, restraints on alienation, and other encumbrances in the property shall be extinguished. This means you could permanently lose your rights in the property unless the delinquencies are paid in full before the auction or within six months thereafter.”Ok so If win a bid, and nobody pays me back, what exactly happens? I get the house? I owe the mortgage? I owe the municipal bill? What is it?edit: I’m in Connecticut. Here’s the link to the document. http://cttaxsales.com/wp-content/uploads/2016/06/34-Blue-Ridge-Mountain-Drive-Somers-CT.pdf

Read more at https://www.reddit.com/r/RealEstate/comments/6e52ip/going_to_a_tax_lien_auction/?utm_source=ifttt

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