All Forum Posts by: David Foreman

Having worked at a Title Company for the past several years as a Title examiner, I've seen a lot of the ups and downs when it comes to Sheriff's/Constable's Tax Sales, & Foreclosure Sales in Texas. In short, I was wondering to see if anyone has any recent success stories, or tips that they might want to share? Also, what type of sale was it, Foreclosure, Tax Sale, Resale, or Struck off? Thanks BP readers.

Having worked at a Title Company for the past several years as an examiner, I see a lot of ups and downs with Texas Tax Sale Properties. Was wondering if anyone has any recent success or stories to share? Also was it, Tax Sale, Resale, or Struck off? Thanks BP readers.

Inherited property although it's a great way to obtain property, it can be tricky and go south quick if not executed right. Has in Heirship Affidavit already been filed? It needs to include two disinterested parties to the deceased, and must be signed and notarized. Also, then there's a matter of is there already a "WILL" in place? whether or not it has or has not been approved by a judge, it may answer questions as to who is the rightful owner. As to your earlier mention of "Seller's Affidavit Agreement" also known as Affidavit and "Memorandum of Agreement Concerning Real Estate", may go something like the following, "BEFORE ME, the undersigned authority, on this day personally appeared , who

being first duly sworn, deposes and says that:

1. An agreement for the Purchase and Sale of the real property described in the attached Exhibit "A" was

entered into by and between the Affront, as Buyer, and _______________________________, as Seller, on the

_________ day of _______________, 20___.

2. The closing of the purchase and sale of said real property, per the terms of the Agreement, is to take place

on or before the ______ day of ____________________________, 20_____.

3. A copy of the agreement for purchase and sale of said real property may be obtained by contacting..." there's a little more to it PM me if you need a full copy. Best of Luck to you!

You may want to call around to different title companies in Texas to find an investor friendly Title Company. The one I'm currently at now, actually do double closings right here in the DFW area. As to Deanna Starks earlier mention to assignments, There really are multiple ways to accomplish this. Probably the simplest way I've seen, is using a standard "Agreement to Purchase & Sale Real Estate", making sure to have the "and/or assigns", right after your name, which gives you the right to assign your interest in the contract to your Investor/Endbuyer. So technically your not brokering anything. Then you could use a simple "Assignment of Purchase & Sale Agreement" Contract to assign your interest to the investor. Although you may also want to have your Seller sign a "Affidavit Agreement to Purchase & Sell Real Estate", and have it recorded in the county records. Its a preliminary percaution to protect your interest in the property until it closes. Best of luck to you, hope this helps. 

Congrats on taking the first step at taking the time to do your research. Well there are so many ways it really all depends on what you are trying to do? Wholesale, buy & flip? buy & hold? Then there is the cost. If you are starting with little or no capital, you may want to try a few wholesale deals first, or if your ready to jump right in, you could do "subject to". Either one would help you get started. Best of luck to you!

As a suggestion you may want to look for a "Resale Tax deed" List, you can do a quick search and find these as well. Since these are not yet "struck off", sometimes you may find some decent deals, also remember the "six month up to 25% on non-homestead & the two year up to 50% homestead" rule. If the property is already owned by the county, and you buy the resale tax deed, your redemption period would be a lot shorter since, there deed was already previously in place and recorded. 

I agree with Jorge, you will need to move fast. However I would also add have you ran a property search on the title in question, obviously if they stop paying there mortgage, they may have stop paying other bills too. Namely Taxes, or any other existing liens. Also biggest question are you sure the foreclosure is for the first position lien? These could cause a real ding moving forward. Have you tried reaching out to the Trustee for the Foreclosure? After all there the ones who will be selling the property on the courthouse steps. If in fact you do manage to pay whats due on the existing loan, another minor problem you could potentially run into is once title is changed, does the current debt have whats called a "due on sale" clause which gives lenders the right to call for the total amount of whats left to pay off due, if the title changes. Aside from that, to answer your second question. as to forms? You could simply get a signed letter from the current owner, that simply allows you to get general info on there behalf (the payoff amount or whats due on the existing loan.) Either way, as mentioned earlier, yes move fast. Good Luck!