All Forum Posts by: Arnie Abramson

What state?

What state are the properties in?

Yes.  Texas has 254 counties and some sell struck off properties over the counter.  Some counties have properties sold that way and also have auctions for struck offs and some have sealed bids.  

Every state is different.  In Texas, the tax sale is a foreclosure when the owner does not pay his property taxes.  You get the property when you buy it at the tax sale auction.  You do not have to live in Texas to participate.  He has the right to buy it back but must pay you your cost plus 25% per year.  That is the redemption in Texas.  Of course there is more to it but that is the overview.

My understanding is that in Texas you do not have to be a licensed tax lien lender if you do less than 5 deals n a year.  However, to get in first position you need to get a judge to render the decision and if they default you must wait a year before foreclosing.  i am not an attorney so you might want to check it out with one.  When you say you got a customer with a Contract for Deed do you mean you are selling it to him with the CD and he is living in the property?  If so, that opens an entirely new can of worms.  I suggest you do not walk but RUN to an attorney and show him the paperwork before doing anything.

If the tax lien is paid prior to the auction, it would be withdrawn from the auction and if there is no sale, there is no loss of the property and therefore nothing to redeem.

If all else fails, contact me and i may be able to point you in the right direction.

The former owners have up to 2 years to contest the sale if they were not notified and given an opportunity to pay.  After that you should be able to get a title policy.

Every state is different.  In Texas, for example, the maximum charge to help get the overages is 25%, not to exceed $1,000 and you must be an attorney.

If you are trying to acquire rental properties you should think about Texas.  It is a tax deed state and you get immediate possession.  Feel free to contact me for more information. Remember Im lo acshave, ain matai.