I'm confused on how purchasing a tax delinquent property works. If the property is behind on its taxes but not going to auction, is the process deal making and purchasing the same as a regular deal (except having to pay off the taxes)? For example, I am in Houston, TX, I drove around looking for off market distressed properties. One of the ones I found has been tax delinquent since 2005, around $12k to date, but not going to auction.
Would writing up a deal be like the regular?
Could I offer to pay the taxes plus cash for the deed?
Is there still a redemption period considering it wasn't at auction?
The thing with tax delinquent properties is that the owners might be motivated to sale. If they are not paying the taxes it could be that they can't afford to keep the property and rather sale it. People actually pay money to learn of opportunities like this.
as for the actual deal. Yes, you can offer cash plus paying for the taxes.
If you do buy it, it works as any other transaction and there would not be a redemption period as it would be a regular sale.
The thing with tax delinquent properties is that the owners might be motivated to sale. If they are not paying the taxes it could be that they can't afford to keep the property and rather sale it. People actually pay money to learn of opportunities like this.
as for the actual deal. Yes, you can offer cash plus paying for the taxes.
If you do buy it, it works as any other transaction and there would not be a redemption period as it would be a regular sale.
@Ed Mayo Yup, that's the good thing about these kinds of properties. They are more likely to be motivated, or at least have a reason to be motivated. The best part is the no redemption period, I wasn't sure about it. I'm assuming these off market/not at auction tax delinquent properties are great deals then. Thanks!
I can ask my title company to do this before hand AND/OR they will do it regardless through the regular process. Also the only problem I can see is the deal not making sense because of however much, if any, is on the mortgage. Is this correct?