When a Topeka homeowner defaults on their property taxes, the taxes become delinquent. The county can foreclose and conduct a tax deed sale at a public auction. Investors and buyers can purchase the tax defaulted property for the amount of back taxes and any fees or costs to the highest bidder for cash. The auction is conducted by the sheriff’s office. Therefore, the investor/buyer is able to purchase a property for pennies on the dollar. The court will confirm the sale and order the sheriff‘s office to execute a deed to give to the buyer. Once the sheriff’s deed is issued, the former owner loses their right to redeem the property. Tax deed sales are a great way to buy a Topeka property in a neighborhood you might not otherwise be able to afford. Purchasing tax deed properties in Topeka, Kansas, can be done through the Shawnee County Courthouse located at 200 SE Seventh, Topeka, KS 66603. The Shawnee county tax deed sale list can be accessed online about 3 to 6 weeks prior to the auction sale at the Shawnee county website.
Other Bargain Foreclosure Opportunities
If you are looking for bargain foreclosure opportunities in some of Topeka’s hottest neighborhood such as Southwest, Greater Auburndale, Westboro, Historic Holiday Park North, Randolph, Central Park or McCalister Parkway, you might want to look into purchasing REO properties. The easiest way to find REO deals is to work with a local Realtor. Average listing prices for Southwest are $168,418, Greater Auburndale, $72, 695, Westboro, $212,722, Historic Holiday Park North, $107,709, Randolph $86,507, Central Park $47, 229 and McCalister $106,450. There were approximately 295 homes in some state of pre-foreclosure or foreclosure the end of November 2010 in Topeka so you can see that there are a number of investment opportunities in the area if you want a foreclosure property.
While REO’s are not as cheap as tax deed sales, they are still great opportunities to purchase a discounted property. Also, there are more readily available than tax deed properties in a larger selection of neighborhoods. So if you cannot find a tax deed sale foreclosure property, then you might want to consider an REO. Auction properties are a good source of discounted properties as well. The difference between purchasing a property at a foreclosure auction is that you bid on the property and the highest bidder is awarded the property. You will need cash to purchase the property. When you purchase an REO, you can get title insurance, conduct a home inspection, you don’t have to worry about any liens or evicting former owners or tenant and you can obtain your own financing if you don’t have cash.
Government foreclosed homes should also be considered.When a homeowner defaults on an FHA or VA guaranteed loan, HUD takes back the FHA home and VA takes back the VA home and offers them for resale at discounted prices. You must make an offer through a local Realtor on HUD and VA homes. To find out more about government foreclosed homes, you should visit the HUD and VA websites.