West Virginia Counties
State Auction Process of West Virginia
West Virginia provides two distinct methods for handling delinquent property taxes: tax liens and tax deeds.The details about both processes are described below-
1. Tax Liens
– When property owners fail to pay their real estate taxes, the county places a lien on the property for the amount owed.
– The county then has the option to sell these tax liens to investors through public auctions. Investors bid on the liens by offering to pay the delinquent taxes on behalf of the property owner.
– The winning bidder receives a tax lien certificate, entitling them to collect the delinquent taxes plus interest from the property owner.
– The property owner has a redemption period during which they can pay off the tax lien, along with the accrued interest, to reclaim their property. If the owner fails to redeem the property within the specified period, the lienholder can foreclose on the property and take ownership.
– The county then has the option to sell these tax liens to investors through public auctions. Investors bid on the liens by offering to pay the delinquent taxes on behalf of the property owner.
– The winning bidder receives a tax lien certificate, entitling them to collect the delinquent taxes plus interest from the property owner.
– The property owner has a redemption period during which they can pay off the tax lien, along with the accrued interest, to reclaim their property. If the owner fails to redeem the property within the specified period, the lienholder can foreclose on the property and take ownership.
2. Tax Deeds
– In some cases, when tax liens remain unredeemed, the county may hold a tax deed sale. This is a public auction where the county sells the actual deed to the property to the highest bidder.
– Unlike tax liens, tax deeds transfer ownership of the property to the winning bidder immediately, subject to any existing encumbrances or liens.
– The property owner, if present, can redeem the property before the tax deed sale by paying off the delinquent taxes and other costs.
– If the property does not sell at the tax deed auction, the county may acquire the property and offer it for sale in the future.
-Detailed information on tax deed sales in West Virginia can be found on the state auditor’s website at https://www.wvsao.gov/.
– Unlike tax liens, tax deeds transfer ownership of the property to the winning bidder immediately, subject to any existing encumbrances or liens.
– The property owner, if present, can redeem the property before the tax deed sale by paying off the delinquent taxes and other costs.
– If the property does not sell at the tax deed auction, the county may acquire the property and offer it for sale in the future.
-Detailed information on tax deed sales in West Virginia can be found on the state auditor’s website at https://www.wvsao.gov/.
In summary, West Virginia provides both tax lien and tax deed options to address delinquent property taxes. The tax lien process allows investors to purchase the right to In summary, West Virginia provides both tax lien and tax deed options to address delinquent property taxes. The tax lien process allows investors to purchase the right to collect delinquent taxes, while the tax deed process involves selling the actual ownership of the property to the highest bidder. Property owners have a redemption period to pay off the taxes and retain ownership, while investors have the potential to acquire the property if redemption does not occur.
Foreclosures in West Virginia
In West Virginia, there are two main types of foreclosure: judicial foreclosure and non-judicial foreclosure.
● Judicial Foreclosure
The judicial process of foreclosure is used when there is no power of sale clause in the mortgage or deed of trust. The lender must file a lawsuit against the borrower in court. The court will then order a foreclosure sale. The borrower has the right to a hearing in court before the foreclosure sale.
● Non-Judicial Foreclosure
The non-judicial process of foreclosure is used when there is a power of sale clause in the mortgage or deed of trust. The lender or their representative, typically referred to as the trustee, can sell the property without going to court. The trustee must follow the guidelines for a power of sale foreclosure, which include:
● Posting a notice of sale on the front door of the courthouse and three other public places, one of which must be the property itself, at least 20 days prior to the sale.
● Serving the notice of sale upon the borrower and subordinate lien holders at least 20 days prior to the foreclosure sale.
● Publishing the notice of sale as a Class III legal advertisement in the county where the property is located once a week for four weeks.
● Holding the sale at the time and place stated in the foreclosure notice and completing the sale by public auction to the highest bidder.
● Requiring the buyer to pay one-third (1/3) of the bid amount in cash at the sale.
Deficiency Actions
Deficiency actions are generally not permitted in West Virginia. This means that the lender cannot sue the borrower for the difference between the sale price of the property and the amount of the debt owed.
Redemption Period
There are no rights of redemption in West Virginia. This means that the borrower cannot redeem the property after the foreclosure sale.
The judicial process of foreclosure is used when there is no power of sale clause in the mortgage or deed of trust. The lender must file a lawsuit against the borrower in court. The court will then order a foreclosure sale. The borrower has the right to a hearing in court before the foreclosure sale.
● Non-Judicial Foreclosure
The non-judicial process of foreclosure is used when there is a power of sale clause in the mortgage or deed of trust. The lender or their representative, typically referred to as the trustee, can sell the property without going to court. The trustee must follow the guidelines for a power of sale foreclosure, which include:
● Posting a notice of sale on the front door of the courthouse and three other public places, one of which must be the property itself, at least 20 days prior to the sale.
● Serving the notice of sale upon the borrower and subordinate lien holders at least 20 days prior to the foreclosure sale.
● Publishing the notice of sale as a Class III legal advertisement in the county where the property is located once a week for four weeks.
● Holding the sale at the time and place stated in the foreclosure notice and completing the sale by public auction to the highest bidder.
● Requiring the buyer to pay one-third (1/3) of the bid amount in cash at the sale.
Deficiency Actions
Deficiency actions are generally not permitted in West Virginia. This means that the lender cannot sue the borrower for the difference between the sale price of the property and the amount of the debt owed.
Redemption Period
There are no rights of redemption in West Virginia. This means that the borrower cannot redeem the property after the foreclosure sale.
Quick Facts
– Judicial Foreclosure Available: Yes
– Non-Judicial Foreclosure Available: Yes
– Primary Security Instruments: Deed of Trust, Mortgage
– Timeline: Typically 60 days
– Right of Redemption: No
– Deficiency Judgments Allowed: No
– Non-Judicial Foreclosure Available: Yes
– Primary Security Instruments: Deed of Trust, Mortgage
– Timeline: Typically 60 days
– Right of Redemption: No
– Deficiency Judgments Allowed: No
Online Auction Resources
- Bid4Assets
- Auction.com
- Xome
- ServiceLink Auction – West Virginia
- Hubzu
- RealtyBid
- Tranzon – Online Real Estate Auctions
- HUD Homes USA
- Williams Auction
- Bank Foreclosures Sale – West Virginia
- Treasury Auctions
- West Virginia Surplus Property Auctions
- Joe Pyle Auctions
- LandSearch – West Virginia Auctions
- RealtyTrac – West Virginia Foreclosure Auctions
- GoToAuction – West Virginia
- Kaufman Auctions – West Virginia
- West Virginia Auctioneers Association
- Williams Auction – Residential Auctions