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 3 Tips To Prepare for a Tax Sale

Going into a Maryland tax sale requires careful preparation to ensure that you get the property you want. During these auctions, you bid against interested buyers for property liens. Properties get liens when their original owner misses property tax payments or has debt from unpaid fines or citations. You may want to consider having a Maryland tax lien attorney on your side to help you understand your options in a tax sale auction. These experts can navigate all associated processes, so you can confidently go into the sale and bid on the properties you’re interested in. Meanwhile, here are some things you can do alone to prepare.

1. Browse the Maryland Tax Sale Schedule

Maryland has a public schedule of its tax sales. However, the COVID-19 pandemic caused several reschedules, with some not listing new dates yet. It will add more dates as they become available and will update it accordingly.

Consider bookmarking the page and checking back later to help you prepare for the tax sale as more information is available. You can also contact your local tax collector for tax sale details in your specific county. They may have information that has yet to go live on the website.

2. Establish a Budget

In a tax sale, you will bid on the tax liens for the properties that you want. You will not be paying for the property itself. How much the tax liens cost will depend on the original owner’s unpaid taxes or existing charges. Whoever bids the highest on the property’s auction price will receive a tax lien certificate to help them obtain the entire property.

When you have a tax lien certificate, you have some rights to the property you secured through the tax sale. If the original property owner pays off the debts within a certain time-frame, typically before foreclosure, then they can keep their home. Essentially, if you win the auction, you are reserving your right to claim the property should the property remain available after foreclosure.

3. Foreclose the Original Owner’s Redemption Right

When you purchase a property up for auction, you can foreclose the original owner’s right to redeem it, so you can secure the title to the property. A foreclosure will involve communication with tax collectors. You will also need to give notice to the homeowner.

Instead of going through these time-consuming procedures that have strict requirements, consider seeking tax sales experts to help you navigate them. This way, you don’t have to guess which documents you might have missed, and you’ll be able to go into a tax sale confidently.

Final Words: Work With a Maryland Tax Sale Attorney

Our tips for preparing for a tax sale all come down to understanding the process. Essentially, you must know when a tax sale will happen and how much you are willing to bid on the available properties.

Moreover, these auctions involve complex documents that you will need to complete before, during, and after you secure your property. You may want to connect with our Maryland tax sales lawyers at LewisMcDaniels to help you navigate the complicated system on your behalf. Call us today!

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