Foreclosure Auction "Terms of Sale"

2012 Terms of Sale are not yet posted. Terms of Sale from the 2011 property tax foreclosure sale are shown below.

KING COUNTY TREASURY OPERATIONS - KING COUNTY, WASHINGTON
TAX FORECLOSURE SALE, DECEMBER 16, 2011, 9 a.m.

TERMS OF SALE

1. The opening bid as announced by the auctioneer includes all unpaid general real property taxes, all unpaid deferred real property taxes, all personal property and gambling taxes which have been certified to real property, all delinquent compensating use taxes, all demolition assessments which have been certified to King County Treasury Operations, all special taxes (but NOT Special Assessments), interest to and including December 10, 2011, penalties, and foreclosure costs, surface water management charges, King Conservation District Fees, Fire Protection Fees, noxious weed fees, and principal and interest due King County on unpaid Tax Title Contracts, if any.
2. Properties are sold subject to special assessments. We will announce, prior to the bidding on a parcel, if a parcel is encumbered by liens for delinquent special assessments if that fact was reported to us by Pacific Northwest Title Company. Whether or not such an announcement is made, however, parcels are sold subject to any special assessments that may have been placed on such property.
3. We will also announce prior to bidding on certain parcels that they were encumbered by Internal Revenue Service liens if Pacific Northwest Title Company reported that fact to us. Whether or not we make such an announcement, however, parcels sold that were encumbered by an Internal Revenue Service lien are subject to redemption within 120 days of this sale.
4. Bids must be made in increments of no less than $100, in even dollar amounts..
5. The sale will be made by auction to the highest and best bidder for cash. This is a cash sale for the full amount of the final bid plus other fees described in paragraph 8 below. Only cash, certified or cashier’s checks will be accepted and the bidder must pay in full at the time of the successful bid. Personal checks will not be accepted, nor any other form of payment not specified above.
6. If a winning bid is accepted and the bidder defaults by not rendering payment before the completion of the next sale, the parcel shall be immediately rebid. Rebidding shall start at the original minimum bid. A bidder defaulting more than once shall be excluded from further bidding on any parcel at this auction.
7. The sale of each parcel shall be considered final and closed upon acceptance of the winning bid. Unsold properties will NOT be offered a second time at the end of the sale. Unsold properties will be sold to King County.
8. The successful bidder will be responsible for payment to King County of $77.00 for the deed and recording fee. The payment for the deed and recording fees must be made at the same time as payment of the amount of the final bid price. A receipt for payment of the bid price and fees for the deed and recording is given at the time of payment.
9. The parcels are offered on a “where is” and “as is” basis, and King County makes no representation of warranty, expressed or implied, nor any guaranty of warranty, expressed or implied, as to the condition of title to any property nor the physical condition of any property or its fitness for any use or purpose. Bidders are further advised that certain properties may be subject to easements or use restrictions set forth in the Covenants, Rights, and Restrictions of certain plats, as well as in zoning and other land use controls. Certain parcels may be designated as “Open Space”, “open area”, “permanent open area”, “common area”, “drainage” or similar designations, and are subject to open space restrictions which include, but are not limited to, prohibitions on placing improvements on such parcels. Bidders are further advised that King County does not warrant or make any express or implied representations regarding the physical condition of any parcel including, but not limited to, whether the parcel is contaminated with hazardous waste or contamination from any source, or whether the parcel is subject to restrictions based on the King County sensitive areas ordinance or other applicable land use laws or regulations. For any property purchased, it shall be the buyer’s sole responsibility to make a determination whether any such contamination exists or whether the property is restricted in any manner.
10. If you are a successful bidder, a Tax Deed will be issued for the parcel in about 60 days and forwarded to the King County Records and Licensing Services Division for recording. If you are a successful bidder, your name and address as given to us for issuance of the Tax Deed will be available by law as a public record. Because of the volume of paperwork, which needs to be accomplished following the auction, we will not be able to make records from the foreclosure sale available for inspection by the public until February 1, 2012.
11. No King County employee or officer, or person who is an immediate family member of and residing with a King County employee, may bid at the sale, nor may such person bid as an agent or allow any agent to bid on their behalf.
12. No one claiming any right, title, interest or estate in the property may redeem at this time or hereafter; EXCEPT, the real property of any minor or person adjudicated as legally incompetent may be redeemed at any time within three years after the date of the Tax Deed.
13. It is possible that a parcel may be registered under the Torrens System. King County Treasury Operations cannot advise you if it is. If this is the case, the purchaser will be required to register certain portions of the foreclosure proceedings themselves and at additional expense.
14. 2012 first half taxes are due on April 30, 2012. You will be mailed a current 2012 tax statement on February 14, 2012 for any parcels you purchase at the name and address provided for the Tax Deed in paragraph 8 above. If you have not received a 2012 statement by March 4, 2012, contact our office at 206-296-0923.
15. Some parcels may be sold out of order from how they appeared in the newspaper and in the lists provided. An announcement will be made at the beginning of the auction advising which parcels will be auctioned out of order.
16. If necessary, we will take a lunch break at 12:00 noon and resume the sale at 12:45 p.m.