Buying Taxes?

I was told that it may be possible to "buy taxes" on an abandoned house with back taxes owed the county.

I was told that if done this would, after a period of time allowing for the owner to buy them back agian, the house and land would be mine. Is this true and how is it done? In Illinois.

George_Holtz@Spgl.com

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Bilbo:
I was told that it may be possible to "buy taxes" on an abandoned house with back taxes owed the county.

I was told that if done this would, after a period of time allowing for the owner to buy them back agian, the house and land would be mine. Is this true and how is it done? In Illinois.

George_Holtz@Spgl.com<HR></BLOCKQUOTE>

This is in answer to the first part of your post. There are cases where the landowner fails to pay real property taxes (say for 3 years) and the county files foreclosure action due to delinquent taxes. If the property has no mortgage and you are the highest bidder and bid up to the tax amount, you get the property.

I do not understand the second part of your post but hopefully I covered it above.

The second part was meant to state that I was told that after "buying the Taxes" the owner has a specified time to make good on the debt and pay what was owed. At which time I would be refunded my money by the county and not take ownership of the property.

Does that make sense?

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Bilbo:
The second part was meant to state that I was told that after "buying the Taxes" the owner has a specified time to make good on the debt and pay what was owed. At which time I would be refunded my money by the county and not take ownership of the property.

Does that make sense?<HR></BLOCKQUOTE>

That is know as the debtors "right of redemption". The law varies from State to State so check the Illinois laws by contactng the real property tax office.