Does anyone out there know if an individual can buy a house for just the unpaid property tax that is due?

Question

My wife was watching t.v. one night and saw a man named John Beck and he was saying that an individual could buy a house for just the property tax that is due on it. We don't really want to get involved in the program, we just want to know can we do it on our own investment. If anyone could help it would be real nice. Anyway thanks and have a good day.

Answer 1

Technically, this is true. The application is far different. It is called a tax sale and it will start around the price of the tax owed. From there, you will get a real education as the price will soar to near market value.

I deal in foreclosures on the court house steps and witness these sales once a month. From my observations, this is a relatively long-term method of real estate investing. There are many pitfalls as with the foreclosure auction, so be sure to read up on what takes place before gambling with your money.

Best of luck.

Answer 2

You go to the courthouse and look at their records for property with back taxes and see when the auction will be. You'll need to prove your financial ability to pay and bid on the property. Beware...people have two years in Texas to bring the money in and reclaim their property. If you have built a home on the land or improved the home you bought for the back taxes, you are out of luck. I'm sure there are ways to protect yourself, but I don't know them as of yet. Just ask questions and do your homework.

Answer 3

You need to understand these jokers on TV don't tell you the whole story.

Usually they are referring to a forclosure sale. Very risky if you don't know what you are doing or don't have any cash in your hand.

Sadly, right now in the US there are over a million homes sitting empty waiting to be sold, things are getting pretty bad in certain areas. So, if you and your wife are financially able, you may want to do your homework and prequalify and get ready to buy something when the prices look like they have hit rock bottom. Its all timing, knowledge and some luck.