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Texas Tax Lien Sales and Deed Sale Info
Texas does not have tax lien sales as some other states do. Investors cannot buy a tax lien against a property and earn interest that is guaranteed by the government. Texas does however have tax deed sales. It is one of the best states for tax deed sales because of the numerous counties and the number of tax sales. Tax deed sales are generally held at the county courthouse on the first Tuesday of the month. Bidders must be prequalified in most counties and the sheriff or a private auction company handles the auction. Redemption Period for Texas Tax Deed Sales When a property falls in to tax debt, it can take up to two years for a property to enter the tax deed process. You are essentially bidding on a home for the back taxes owed. After you have won a tax deed property at auction, the original owner still has up to six months to redeem the property. If they want to "redeem" or get their property back they must pay you twenty five percent of the cost of whatever you paid for it at auction, plus the full amount you paid, the deed recording fee, plus any penalties and costs on the property. Chapter 34.21 (b) of the Texas Tax Code States: The owner of real property sold at a tax sale may redeem the
property...by paying the purchaser:
Tax Deed Sales, A Win - Win Proposition If the Texas tax deed sale bidder did not pay too much, they cannot lose. If the buyer never shows up to claim their property back the bidder gets the property at below market cost. Six months later the tax deed sale property is free and clear and in your name. If the buyer wants it the property back, and can afford it, you make everything back that you spent, including the 25% redemption fee. Again, the redemption fee is based on whatever you paid, not the market value or opening bid. You get back any money you spent for upkeep of the property as well. Tax Deed Sale Investors Can Earn Rental Income If the property is occupied at the time of the auction you can collect all rents due from that point on. You can choose to evict the tenants or keep on renting. Before bidding on any tax lien property at auction in Texas you should consult with an attorney or real estate professional. There are many good books about buying tax lien properties and you can also get a lot of useful information from the county websites below.
Texas County Websites For Tax Sale Information
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