All Forum Posts by: Arnie Abramson

We are interested.  Please send info.

Regardless of the redemption period, mortgage companies are reluctant to give you a title policy until 2 years after the sale-it is a different law concerning the previous owners' right to contest the sale if not properly notified.  Since you plan on keeping the property for long term you do not need a title policy until you are ready to sell it or get financing on it.  Charles was correct- if bought at the auction, it will extinguish the non-governmental liens.

Arnie Abramson

Texas Tax Sales Resource Group

You cannot in Texas.  Texas has a maximum charge of 25%, not to exceed $1,000 and by the way you must be an attorney.

Arnie

In Texas, anyone who had an interest in the property has up to 2 years to protest the tax sale if they were not properly notified.  Because of this, most title companies are reluctant to provide a title policy until that 2 year period has expired.  This has nothing to do with the redemption period.  Entirely different law.  It is very rare that this occurs.  There are some good safeguards in place to discourage frivolous claims.

If any on you are in the Houston area, I will be there next week and be happy to meet with you.

Arnie

The exception I mentioned is something called last rights.  Usually happens when someone assigns the house as collateral to pay medical bills, etc.  There are a lot of things that have to happen before  those liens survive, however, like the surviving heir refusing to pay, the hospital utilized being a state run one, etc.  This is all from memory so don't quote me on those.  I have not seen one of these in many years.  It is in the Texas property tax code however, if you really need to know it.

Again, in Texas the redemption period for the tax deed can be up to 2 years and if redeemed they must pay the purchase price and certain other expenses outlaid that are articulated in the property tax code plus 25% per year-not pro-rated.  This could include modifications that are necessary to "maintain, preserve and safekeep" the property.

Obviously every state is different so it is difficult to give generalized answers to questions without knowing which state the question relates to.

Arnie Abramson, CEO

Texas Tax Sales Resource Group LLC

Pardon me for asking but dis she ever say what State she bought the tax deed in?  She lives in Alabama which is a tax lien state.  If it was Texas, for example, she would be entitled to immediate possession and if she needed to evict she could do so on the 21st day after the sheriff deed was presented for filing.  Just wondering which state it was in.

Arnie Abramson

Texas Tax Sales Resource Group LLC

May not have been clear.  If they redeem you get your money back plus the redemption penalty amount.

Arnie

If they redeemed it say in 3 months and you get 25% (in Texas you would), would you consider that a good investment?  In Texas the penalty fee is not pro-rated.  You also should know that the vast majority of Texas tax sale properties do not get redeemed.

Arnie Abramson

www.txtaxsales.com