what happen when a foreclosed home after a unsucessfull aution and it becomes vacant for a time. Does the?

Asked by Melissa, Pawtucket, RI Fri Jan 16, 2009

bank or mortgage company pay the property taxes or do they let it go in default. and can that property be purchase by paying the back taxes on it or does it become a lien towards the property?

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Christopher…, Agent, Providence, RI
Fri Jan 16, 2009
Hi Melissa,

In the case of nobody meeting the opening or qualifying bid on a property, the bank buys it back. It would be in the bank or mortgage holder to keep the taxes current or else they could go into a tax lient and then the city or town would take it and the bank doesn't want that to happen. I hope that helps. Buying distressed property can be a challenging yet rewarding experience and you really should look to hire a buyer agent if you don't have one yet and are serious. In most cases it costs you nothing and have everything to gain.

Happy Hunting,
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Alayna Berek, Agent, Exeter, RI
Fri Jan 16, 2009
The bank will usually cover the taxes. Sometimes the tax lien will be sold by the city but can be redeemed for a period of time by the owner. You should do some research if you are considering buying tax liens, it is complicated.
Web Reference:  http://www.alaynaberek.com
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Karen Hurst, Agent, Warwick, RI
Fri Jan 16, 2009
Usually if the auction was unsuccesful it means the the bank is now the owner and they will take care of the property taxes.
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