Howard County Sheriff Sales vs Tax Sales
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Do you know the difference between
a Tax Sale and a Sheriff’s Sale?
You may be like a lot of people who think they are the same thing. Actually they are similar in that there is an auction; but the reasons for the sales are very different and the outcome for each is different.
Sheriff’s Sales
The Sheriff’s Sale is the most common sale we have in Howard County – usually held monthly on the third or fourth Wednesday of the month. These sales are conducted by the Howard County Sheriff’s Department to sell houses in which the owner is behind in loan payments. This is the final step in the foreclosure process on a house and is based on a court order to sell the house to satisfy the loan. The result of the sale is that either the lender “takes the house back”or someone like you is the proud new owner. If the lender “takes the house back,” you will usually see the house go on the market for sale with a Kokomo real estate agent.
Tax Sales
There is usually a Tax Sale once a year in Howard County. This sale is conducted by the Howard County Treasurer’s Office. The purpose of this sale is to collect delinquent taxes. If you are the winning bidder, you are buying a lien on the property, which may or may not lead to you actually owning the property. The current owner has one year to “redeem” the property.
Buying a property at either a Sheriff’’s Sale or a Tax Sale is not for the novice. All properties are sold “as is, where is” with no open houses, no inspections, no warranties, no guarantees! In fact, you can not legally be on any of these properties – so don’t be tempted to go peek in windows!
In other words…
Buyer Beware!
To understand the similarities and differences between Sheriff Sales and Tax Sales, see the chart below:
Click on the chart for a larger view
For more information about purchasing a property
at a Tax Sale or Sheriff’s Sale seek legal counsel.
See Kokomo Real Estate Auctions for one more type of auction.
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