Benefits of Washington Foreclosures and State Tax Lien Laws
The Foreclosure wave has left many properties vacant and ready to sell in the State of Washington. Washington foreclosures are available for a steal and therefore present great opportunities for those who are looking for affordable housing or a chance to repair and resell for a profit. There are several benefits of investing in the state of Washington. Some of the details of Washington Laws related to Washington Foreclosure Auctions are also given in this article.
Nearly 60% of resident stay in Seattle the centre of transportation, business and industry. It is also home to a world renowned artistic community. The 2007, Gross State Product was $ 311.5 billion, 14th in the nation. Per Capita income was 12th in the nation. Main industries in the state were manufacture of jet aircraft, development of computer software, bio technology, electronics, wood crafts tourism and mining. Washington is an ideal place to conduct business. Washington has 4 of the 20 most admired companies in America-Starbucks, Microsoft, Nordstorm and Costco.
Among its resident includes some of the wealthiest billionaires of America led by Microsoft founder Bill Gates. Washington is one among 7 states that does not levy personal income tax. It is a leading agricultural state too especially famous for its apples production. It has great cultural and recreational activities with several art galleries like the Bellevue museum. Several finance companies are headquartered in Seattle. It is also a transportation hub with good rail, road and port services. Seattle is the gateway to Asia and is home to fishing fleet and cruise lines.
Washington foreclosures are good chance to buy at moderate prices. Most counties hold annual auctions of Washington foreclosures. Many counties in USA sell tax liens to investors to recoup unpaid property taxes. The lien is a loan to the property owner. In Washington there are no sales of tax liens but there are annual tax foreclosure auctions. At these auctions the deed of the property is given to the highest bidder making Washington a tax deed state.
Any property that is delinquent on taxes for 3 years or more can be subject to auction at the tax foreclosure sale. The auction is held once each year and must be attended in person. Each Tax foreclosure property has a minimum bid that includes all past taxes and additional fines or fees. Once the property is sold the previous owner has no rights of redemption. Except for two cases when the owner is a minor or the owner was incapacitated at the time of auction. These two cases have up to 3 years of redemption.
All sales made at the auction are final and the winning bidders cannot get any refund. Washington law strongly recommends bidders to research the property before the auction.
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ABOUT THE AUTHOR
Fiona Livnat is an author with expertise in real estate foreclosures. She has over ten years of experience in writing about foreclosures. Her commitment to help people is reflected in her writing. For more details please visit Washington foreclosures.