I noticed a property the other day that had a recent certificate of title filied from the county clerk giving the property to the bank who was the mortgage holder. There was only 1 purchase money mortgage on the property (which was the one they foreclosed on) no liens or anything like that. No one bid on it at the auction last week. I am guessing because the bank was not letting it go for under $ 200k --- the property was only worth around 140k so the investors did not touch it.
OK here is the question....
I also noticed that the same property is up for a tax deed sale this week because there are several years of unpaid taxes on it..... If the bank does not get the funds to the tax collector in time & it goes to a tax deed sale ---- will the highest bidder who gets the property by a tax deed own it free & clear (pending a local municipal lien search of course) ? & also will the tax deed that gets issued at the end of the week trump the certificate of tile that was issued last week ?
Anyone know the awnser or have any insight they could share?
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