JCI REALTORS – DETROIT and theWAYNE COUNTY TAX AUCTION<br />Learn how to buy a house for less than you think! <br />
Today you will learn:<br />What the Wayne County Tax Auction is<br />How to look for a property<br />How to bid on properties<br />What happens after you win a bid?<br />…and much more<br />
What is Wayne County Tax Auction?<br /><ul><li>When your property taxes become delinquent after 3 years your property goes into a Tax Foreclosure (This years deadline was March 31, 2011).
The Office of the Wayne County Treasurer was offering 12,378 tax foreclosed properties for auction online last year.
A single $1000 deposit (plus a $25 processing fee) was required to participate in the Wayne County Tax Sale.</li></li></ul><li>Registration <br />Interested bidders are urged to examine the title, location and desirability of the properties available to their own satisfaction prior to the sale.<br />
Place Bid Deposit <br />Most counties require bidders to place a deposit prior to placing their first bid. A "BidDeposit" helps the County ensure that only qualified and authorized bidders are participating in its auction.<br />
Bidding <br /><ul><li>Auto Bid is a maximum bid which is held in confidence by the system. Bid4Assets will use only as much of the maximum bid as is necessary to maintain the bidder's high bid position or to meet the reserve.
When you are ready to place a bid, choose a bid type, enter your bid amount in the Bid Amount box and click on the Bid on this item button.
A more comprehensive, step-by-step guide to bidding is available on the Bid4assets website.</li></li></ul><li>Auction Ends <br />If you are the winning bidder of a County Tax Sale auction, you will receive an e-mail (and message in you're My Messages in-box) from Bid4Assets with settlement and deed transfer instructions within 24 hours. As a winning bidder your deposit will be transferred to the County Tax Collector as a non-refundable down payment for the property. As a reminder, your bid is a binding contract. <br />If you are not the winning bidder on the auction, your deposit will automatically be refunded within 10 business days of the close of the auction.<br />
How do you look for a property to bid on?<br /><ul><li>A complete list of properties available for auction will be posted for viewing and downloading three to four weeks prior to the auction date.
Review the list in the area in which you’ll like to buy, and mark all interesting properties.
Go take a look at the attention-grabbing properties and determine if they are worth bidding on.</li></li></ul><li>Is This The Property You Want ? <br />
Frequently Asked Questions?<br />How can a Realtor help me?<br />Can I really buy a property for only $500?<br />What if people are in the house I just purchased?<br />How soon can I sale the home after I’ve won the bid?<br />