Advantages of an MS Foreclosure that Is a Tax Foreclosure
An important type of MS foreclosure is a tax foreclosure where the property was repossessed because of the owner’s failure to pay taxes. One advantage for buyers is that the former owner of the property is not allowed to submit a bid during the auction. Another benefit is that the starting price for the bidding is the unpaid tax bill plus some fees and costs, and this could be very low compared to the market value. The buyer can also be sure that the title is clean because all mortgages, deeds of trust, tax liens, mechanic’s liens and others are automatically erased upon purchase.
