Tax Deeds. Everyone loves them for good reason, they can be very lucrative. The County files a lien, and then auctions off a deed. You win at the auction, and purchase it a portion of your purchase price goes to pay the taxes that were in arrears. Now, you wait a year. Even better! How can you lose?!?! How do you foreclose? Is that all you have to do? Is there anything that a tax deed foreclosure does not wipe out? As with any too-good-to-be-true investment, the devil is in the details.