Distressed Properties Outstanding Rates and Taxes 101

Do you Understand What Outstanding Rates and Taxes On Sheriff Sales In Execution Immovable Property Auctions Mean?

If you’ve always wanted to participate in Sheriff Sale In Execution Immovable Property Online Auctions but fail to understand the property’s outstanding rates and taxes and what they could mean to your offer to purchase, you’re in luck! 

As a sale in execution buyer, here are the ins and outs of outstanding rates and taxes on sheriff sales in execution that you should be aware of: 

  1. The judge is responsible for setting the reserve price of the property that is going on auction. 
  2.  To determine the reserve price, the court takes 70% of the property’s sale value and subtracts any outstanding rates and taxes. After this, the reserve price is decided.  
  3. Sheriffs are responsible for taking account of any improvements made or that need to be made of the immovable property auctioned. However, the latter does not stipulate that outstanding rates and taxes be disclosed before the auction of the immovable property. 

It’s important to note that not all properties listed on sheriff sale in execution immovable properties have information pertaining a property’s outstanding rates and taxes. In this instance, it is advisable that you contact the sheriff house and ask for additional information that may help you in deciding whether to buy a property or not. 

Read here to find out more.

The Online Auctions Team

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