DELINQUENT TAX SALES
I'm a new investor trying to learn about delinquent tax sales and sheriff auctions in Texas. What are the differences between these two auctions? Do they wipe out all liens?
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- Austin, TX
They do, you have to worry about a buy back clause the person who got foreclosed on has. In Texas they have 2 years to buy it back from you
Quote from @Eliott Elias:
They do, you have to worry about a buy back clause the person who got foreclosed on has. In Texas they have 2 years to buy it back from you
This is not correct. Forclosure is permanent. Tax sale properties have a 6 month rights of redemption (the original owner can buy back) unless it’s land or homestead then they have 2 years to buy it back but they must pay you 25% interest plus what you bought it for during the first year and 50% interest the 2nd year.
Quote from @Basil Mulayamkuzhiyil:You need to talk to the lawyers that are doing the sale to find out about the liens.
I'm a new investor trying to learn about delinquent tax sales and sheriff auctions in Texas. What are the differences between these two auctions? Do they wipe out all liens?