The 2 Types of Real Estate Tax Sales — Know the Difference
When a property owner falls behind on their real estate taxes, the government has the right to sell that property in order to recoup the owed taxes. This type of sale is called a tax sale. There are two types of tax sales: public auction and private sale.
Public auction is the most common type of tax sale. The government will post a notice of the sale, and anyone interested in purchasing the property can submit a bid. The highest bidder wins the property, and the government uses the proceeds from the sale to pay off the owed taxes.
Private sale is less common, but may be used in some cases where it’s difficult to find a buyer for the property through public auction. In a private sale, the government will negotiate directly with a potential buyer to try to reach an agreement on a purchase price.
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