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Nevada Counties

State Auction Process of Nevada

Nevada is a Tax Lien and Tax Deed State. In Nevada, tax lien certificates are available for purchase at oral bid auctions, with an interest rate of up to 12%. At Nevada tax deed auctions, you buy the property outright. You can purchase properties for 10, 20, or 30 cents on the dollar because bidding starts at the amount of unpaid back property taxes.

Tax Deed Process

In Nevada, the tax deed process involves the following steps:

  1. Tax Delinquency: When property owners fail to pay their property taxes, the county tax collector places a tax lien on the property.
  1. Tax Deed Auction: The county holds a public auction where tax deeds are sold to the highest bidder. The auction typically takes place at the county courthouse or online.
  1. Winning Bidder: The winning bidder at the tax deed auction receives a tax deed, which grants them ownership rights to the property. The winning bidder is required to pay the full purchase price of the tax deed.
  1. Redemption Period: After the tax deed sale, the original property owner is given a redemption period to repay the delinquent taxes plus interest and penalties. If the property owner redeems the property within the redemption period, the winning bidder is refunded their investment plus interest.
  1. Property Ownership: If the property is not redeemed during the redemption period, the winning bidder becomes the legal owner of the property and can take possession.

Tax Lien Process 

In Nevada, the tax lien process involves the following steps:

  1. Tax Delinquency: When property owners fail to pay their property taxes, the county tax collector places a tax lien on the property.
  1. Tax Lien Auction: The county holds a public auction where tax liens are sold to investors. The auction is typically conducted as a competitive bid, with investors bidding on the interest rate they are willing to accept.
  1. Winning Bidder: The investor with the lowest bid on the interest rate becomes the winning bidder and is issued a tax lien certificate for the property. The winning bidder is required to pay the outstanding taxes on the property.
  1. Tax Lien Certificate: The tax lien certificate represents the investor’s claim on the property and the right to collect the delinquent taxes, plus any accrued interest and penalties.
  1. Redemption Period: After the tax lien sale, the property owner has a redemption period during which they can pay off the delinquent taxes, interest, and penalties. If the property owner redeems the tax lien certificate within the redemption period, the investor is reimbursed their investment plus interest.
  1. Foreclosure Process: If the property owner does not redeem the tax lien within the redemption period, the investor may initiate a foreclosure process to obtain ownership of the property. This process involves legal proceedings and varies depending on the county and specific circumstances.

Foreclosure Process in Nevada

In Nevada, the foreclosure process can be both judicial and nonjudicial, with the majority of foreclosures being nonjudicial. Here is an overview of the foreclosure process in Nevada:

  1. Notice of Default: When a borrower defaults on their mortgage payments, the lender initiates the foreclosure process by filing a Notice of Default (NOD) with the county recorder’s office. The NOD is also sent to the borrower, indicating that they are in default and providing them with a certain period to cure the default.
  2. Notice of Sale: If the borrower fails to cure the default within the specified timeframe, the lender records a Notice of Sale (NOS) with the county recorder’s office. The NOS sets a date and time for the foreclosure sale, which must be at least 21 days after the NOS is recorded.
  1. Publication and Posting: The NOS is published in a local newspaper for three consecutive weeks, with the last publication occurring at least 10 days before the sale date. Additionally, the NOS is posted on the property and in a public place.
  1. Foreclosure Sale: The foreclosure sale is conducted at the specified date, time, and location mentioned in the NOS. In most cases, the property is sold at public auction to the highest bidder. The winning bidder receives a trustee’s deed upon completion of the sale.
  1. Redemption Period: Borrowers in Nevada do not have a statutory right of redemption after the foreclosure sale. However, certain circumstances might allow for a post-sale redemption, such as if there was a lack of proper notice during the foreclosure process.

Summary of the Foreclosure Process

  • Types of Security Instruments Utilized: Mortgage and Deed of Trust.
  • Right of Redemption Period Following Foreclosure: Yes, in a judicial foreclosure only.
  • Typical Nevada Foreclosure Time Frame: The foreclosure process in Nevada generally takes approximately 120 days.
  • Availability of Judicial Foreclosure: Nevada allows for judicial foreclosure, which involves the lender filing a lawsuit to obtain a court order to foreclose on the property.
  • Non-judicial foreclosure is the most common form of foreclosure in Nevada because it does not involve court action.

Nevada Foreclosure Mediation Program:

    • Purpose: The Nevada Foreclosure Mediation Program aims to assist Nevada homeowners in keeping their primary residences and resolving foreclosure disputes.
    • Eligibility: The program applies to owner-occupied residential properties that receive foreclosure notices filed on or after July 1, 2009.
    • Benefits: The program allows homeowners and lenders to work together for mutually acceptable resolutions, such as loan modifications or repayment plans.
    • Mediation Process: The program involves trained mediators facilitating discussions between homeowners and lenders to explore alternatives to foreclosure.
    • Cost: The cost of mediation is $400, shared equally between the homeowner and the lender.

In Summary

    • The important points of the state auction process in Nevada are summarised below-

       

      1. Type of auction– Tax Lien and Tax Deed

       

      1. Time and location– Varies according to counties, typically at the county treasurer’s office

       

      1. Redemption period– Varies according to the type of property

       

      1. Type of Foreclosure- Judicial and non-judicial

       

      1. Foreclosure Redemption Period– Nevada does not provide a statutory right of redemption to its borrowers

Online Auction Resources

  1. Bid4Assets
  2. Auction.com
  3. Xome
  4. ServiceLink Auction
  5. Hubzu
  6. RealtyBid
  7. Williams Auction
  8. HUD Homes USA
  9. Bank Foreclosures Sale
  10. U.S. Treasury Auctions
  11. Nevada DOT Surplus Property Auctions
  12. RealtyTrac Las Vegas Foreclosure Auctions
  13. TNT Auction
  14. United Country Auctions
  15. LandSearch Nevada Auctions
  16. Auction Search Local
  17. Concierge Auctions

Land & Farm Auction Resources

    1. https://www.farmauctionguide.com/auction-location/nevada
    2. https://www.farms.com/farm-auctions-usa/nevada-farm-auctions.aspx
    3. https://www.bigiron.com/Lots?locales=Nevada&filter=Sold
    4. https://www.rbauction.com/heavy-equipment-auctions/las-vegas-nv
    5. https://www.auctionguy.com/NV-auctions.html
    6. https://www.landwatch.com/nevada-land-for-sale/farms-ranches
    7. https://www.farmflip.com/farm/125845
CountyClerk WebsiteTax Deed SalesForeclosure Sales
Carson Cityhttps://www.carson.org/government/departments-a-f/clerk-recorderhttps://www.bid4assets.com/storefront/CarsonCityApr22NA
Churchill Countyhttps://www.churchillcountynv.gov/114/ClerkTreasurerhttps://www.churchillcountynv.gov/640/Tax-SaleNA
Clark Countyhttps://www.clarkcountynv.gov/government/elected_officials/county_clerk/https://www.bid4assets.com/storefront/ClarkCountyNVMay21https://www.clarkcountynv.gov/government/departments/sheriff_civil/sheriff_s_sales/index.php
Douglas Countyhttps://cltr.douglascountynv.gov/https://cltr.douglascountynv.gov/treasury_taxes/tax_salesNA
Elko Countyhttps://www.elkocountynv.net/https://www.bid4assets.com/storefront/ElkoNVApr23#:~:text=A%20https://www.elkocountynv.net/departments/treasurer20/trustee_property_sales.php
Esmeralda Countyhttps://www.accessesmeralda.com/county_offices/clerk_treasurer/https://www.accessesmeralda.com/events-land_auction.phpNA
Eureka Countyhttps://www.co.eureka.nv.us/clerk/clerk01.htmhttp://www.co.eureka.nv.us/treasurer/auction.htmlNA
Humboldt Countyhttps://www.humboldtcountynv.gov/175/County-Clerkhttps://www.humboldtcountynv.gov/212/Tax-AuctionsNA
Lander Countyhttps://www.landercountynv.org/government/clerk/index.phphttps://www.bid4assets.com/storefront/LanderNVFeb23NA
Lincoln Countyhttps://lincolncountynv.org/departments/clerks-office/https://lincolncountynv.org/departments/treasurers-office/tax-auctionNA
Lyon Countyhttps://www.lyon-county.org/16/Clerk-Treasurerhttps://www.bid4assets.com/storefront/LyonNVMay23NA
Mineral Countyhttp://mineralcountynv.us/government/clerk_treasurer.phphttps://www.bid4assets.com/storefront/MineralNVSept21NA
Nye Countyhttps://www.nyecountynv.gov/232/Clerkhttps://www.nyecountynv.gov/1118/2023-Online-Only-Tax-Sale-Auchttps://www.nyecountynv.gov/257/Information-on-Next-Auction
Pershing Countyhttps://www.pershingcountynv.gov/government/clerk-treasurer/index.phphttps://www.pershingcountynv.gov/government/clerk-treasurer/taxNA
Storey Countyhttps://www.storeycounty.org/government/departments/clerk/index.phphttps://www.storeycounty.org/government/departments/assessor/asNA
Washoe Countyhttps://www.washoecounty.gov/clerks/https://www.washoecounty.gov/treas/TaxSale.phpNA
White Pine Countyhttps://www.whitepinecounty.net/138/Clerkhttps://www.whitepinecounty.net/331/Tax-SaleNA
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