New to Texas Tax Deed Sales – A Few Questions

[Krista Sampson]

I’m  a new investor based in the Austin area, and I’ve been diving into the world of tax deed sales here in Texas. I’d love advice from anyone with experience.

I’ve got a few practical questions I’m hoping y’all can help with:

1. How do you handle payment quickly after a winning bid? I know many counties require a cashier’s check right away, but my bank only has two locations in Austin and they’re not close to the sale locations. What do you do to get the funds in hand fast?

2. How do you access the property after purchase? 

3. What do you do if someone is still living on the property? Do you knock on the door yourself, send someone else, or go through formal channels like a notice to vacate?

Any insight, tips, or “I wish I knew this before my first sale” stories are welcome. Just trying to get a realistic sense of what the day-of and after-the-sale process looks like. Thanks so much!

[T. Alan Ceshker]

Krista

Good to see you getting into tax FC work.

First - need to make sure you are aware of the 2 year right of redemption for homestead property and the inability to sell via a title insured closing.

Most will bring an assortment of cashier's checks to be able to bid and have dollars at the foreclosure.  It is usually possible to have a bit of time to go to the bank and get payment - this is up to the trustee.

Accessing the property is either by agreement or via eviction.

It is always best to have a bit of separation and have a 3rd party discuss with the prior owner.  Not required though.

Keep all of us posted on your efforts 

Thanks 

Alan