If you buy from the delinquent property owner before it goes to auction, you have bought a pre-foreclosure deal. Buying at the auction is self-explanatory. If nobody bids, the lender ends up with the property. Buying from the lender after the auction is called buying REOs (real estate owned) or Repos, (repossessions) experience possible. It’s what we love to do.
A home is sold in probate court when someone dies intestate. or without bequeathing their property. When that happens, the state takes over and administers the property's sale. The court wants to be certain the property is marketed Opens a New Window. and sold at the best possible price
Once the property taxes are delinquent for a sufficiently long time, the taxing authority will initiate a tax sale. A list is recorded in the county records that names the taxpayer, the property, as well as the amount of tax due, and the list will often be published