Updated almost 9 years ago on . Most recent reply
Texas- 2 Yr Redemption Period-Homestead Property
Quick question:
Let's say I successfully purchase a property at the Sheriff Sale, this property has a homestead exemption.
In Texas ,if a property has a homestead exemption or is deemed agriculture land, the redemption period is 2 years. All other properties have a redemption of 6 months.
I'm thinking I wouldn't dare start any repairs on this property just in case, the owner pays me the costs plus 25% interest. 2 years is a long time to come up with the money to get the property back. I also know, I don't want to be a landlord, I like notes & flipping much better!
I could also, contact the seller to see if he wants to sell. Hopefully he does not hang up in my face. My experience with Delinquent Tax owners, they finally want to sell 4 days before the auction- on a Friday lol!
What would my rich, investor friends do?