What is Tax Foreclosure?
When real property taxes become three full (3) years delinquent, the County Treasurer begins foreclosure action. A Certificate of Delinquency is filed with the Superior Court listing the property accounts to be included in the foreclosure action. All parties with a recorded legal interest are notified and served by certified or registered mail. A Notice of Summons is also published in the local newspapers, as required by law. (RCW 84.64.050)
What is the redemption period on parcels subject to foreclosure?
The owner of the parcels or other parties with a recorded legal interest may redeem the property up to 4:30 p.m. (closing) on the day before the sale. (RCW 84.64.070)
There is no right of redemption by owners or lien-holders on the day of the sale.
What are surplus funds/proceeds?If a parcel is sold at a foreclosure sale for an amount greater than the minimum bid, the surplus monies (excess proceeds) can be claimed by the previous recorded title owner at the time of certification provided that all registered liens having a legal right to claim the money have been satisfied. If a valid claim not been received after a three year period, the surplus is deposited in County funds. (RCW 84.64.080)ï¿½€‹