Foreclosure is a legal proceeding by which the county enforces the payment of Property taxes within a stipulated time frame. One time or installment payment can be made for the property taxes. Even though if the tax has not paid well within the time frame, county will hold the ownership of the said property.
By virtue and order of the Superior Court the Tax Collector or his legal representative will offer the sale to the bidders at the public auction. Sale of such Tax Foreclosure Property will be against all the outstanding liabilities.
Foreclosure is only because of non-payment of taxes and will be sold and they are not any type of mortgage. Purchaser of this property should ensure legally about the foreclosure of mortgage or Trust Deed which should not contain a Power of Attorney else, it may involve for lawsuit. County will open bidding for the equal amount of taxes and legal costs. Anybody can bid for the higher than the minimum amount fixed for bidding and can have the ownership.
List of foreclosure of properties data will not be maintained by the Department of Tax. When there is a foreclosure property is ready, department of tax will announce the date, place & other relevant details on the notice. At the time of bidding, bidder should deposit of 5 – 20% of the fixed minimum bid amount . Forsyth County will not accept the Written or Telephonic bids. Only attendees are eligible for the Tax Foreclosure Property bidding. Payment of Deposit can in any Certified mode of payment like Cash, Funds transfer etc., Forsyth County will not finance. Loosing bidder will not be paid any earned interest for the deposit paid. If no one bids, the Tax Foreclosure Property will be moved to the next status of auction i.e., County auction and the same will be made for bidding. The time frame to make the Full Final payment by the winner of bid is 10 days and the said period includes Saturday and Sunday also. If the 10th day falls on weekend or a holiday, the next working day will be considered for the final payment. Final payment will be due upon delivery of the Commissioner’s deed and not later than 30 days after completion of the 10th day upset bid period.
