How do I buy tax lien property in Texas?

Answer 1

Whoa there little buckaroo, that's a mighty big bronc you're fixin' to saddle....
..........I've always wanted to say something like that since I moved here from close to Chicago.

Seriously though, Tax lien sales take place the first Tuesday of each month, typically at the county courthouse steps. This is also when the other foreclosure sales take place too.

There are some inherent risks involved in buying properties at the courthouse steps. Whoever is auctioning the house (usually a trustee for the leinholder) is auctioning THE LIENHOLDER'S INTEREST IN THAT PROPERTY. Often times, they're not the only one with liens on the property. You might pick up a $100,000 house at the tax auction for $12,000 in back taxes, only to find out that there's also a $98,000 mortgage also on the house (which you're liable for now). Real important to do a good property record search at the courthouse to determine what liens are still on the property.

I heard one story (I honestly don't know if it really happened, but it could) of a Realtor about to bid on a house that seemed to be worth it. Total cost about $80k for a house with an inground pool, total value about $120k. He went down to the records dept one last time a few hours prior to the auction and found the pool contractor about to place a $45,000 lien on the house for the pool he'd put in. He was waiting until that morning, on purpose, so someone would buy the house and get stuck having to pay him.

Lastly, if the house is the person's homestead, they have a period of time during which they can "redeem" the property. I think (it's been a long time since I read it) that it's either 6 months or a year that they can come back to you, give you 125% of what you paid at the tax sale, and get their house back. Because of this, you cannot flip the house during that time, but you also should not put any money or effort into repairing it.

I think it's better to try to buy houses from the owner, just before the auction (weeks before), or else from the bank or VA or HUD, after foreclosure. Then you get a clean title.

Contact me if you want. I'll help you out if I can.

Answer 2

teran_realtor I would hope you see this I know its a question you answered 9 years ago nut I have a question and don't know who can help. There is a house that has been vacant a long time the owner on record died I think in 2009 the only heir I know of is a son I haven't been able to locate. the property has several labor liens from the city(mowing) and several years of delinquent taxes. The county file a lis pendens in March of 2014 and a judgment was issued 2/26/2015. Is there anyway to buy the house before auction and how long till it goes to auction? I really appreciate any help or information you can lend.

Answer 3

homicide, financial company theft and taxes don't have a statute of barriers. they proceed to be lively continuously. you are able to enable the taxing authority take the valuables. they are going to sell it as a tax lien and the customer will pay all it is due. If the valuables has ability destiny fee, you will pay the taxes and shop the valuables.