1st Auction - CLARK COUNTY TREASURER TRUSTEE AUCTION

[Brian Parker]

Hi BP fam,

I was able to get myself a bidder number for the next Clark County, NV Treasurer Trustee Auction next month.  I have flipped properties before, have some rentals, but never acquired properties this way.  Any lessons learned or advice would be greatly appreciated!  For example:  If a property has a mortgage on it or people living in the property will the process become more of a headache?  

Thanks everyone!

Brian

[Ned Carey]

@Brian Parker I presume this is a property tax sale. Is is a tax Deed sale or a tax lien sale?  

Tax sale laws vary tremendously from state to state. I don't think I have seen anything about NV tax sales posted here. GENERALY a tax sale wipes out a mortgage. It may also wipe out a lease for any occupants. However keep in mind that NV law may be different. This is why you need to know the laws in your specific area. Often the county webpage about the sale will have more detailed information about the laws. Alternatively you can look up tax sale laws for your state online. Lexis Nexus is one source but reading state statutes can be tough going. I learned the basics by taking a tax sale attorney out to breakfast. For the cost of a nice breakfast I got an hours worth of my key questions answered.

Now if a property is occupied it will definitely be more hassle. Again depending on your state law you may need to go through a separate process to have the occupant removed. Even squatters are due the appropriate legal process if they are in possession of the property. Also it doesn't happen often but a mortgagee could challenge the tax sale.