State laws determine which system is used. Some states use both.

You buy the owner's debt, not the house. You earn interest (often 8%–24%) as they pay you back. If they don't pay within a "redemption period" (usually 1–3 years), you may be able to foreclose and take ownership.

You bid on the property itself. The county has already foreclosed, and the winning bidder becomes the new owner immediately or after a short waiting period. 🔍 Step 2: Locate and Research Properties

Public Auctions and Bidder Information - State Controller's Office