Working on my first- house was on mls in Nov but now off market

[Anita Morrish]

Working on getting my first deal, saw a house about to go up for auction due to tax delinquency. I saw it was on market just 2 months ago but is now off market, why is that? would this be a good sign for me? Of course I’m down with knocking on door and asking but wanted to get thoughts first. Records show about $ 20 grand owed in taxes but it’s on nice side of town and looks nice. Was on sale for over $200k .  Thanks!

[Jennifer Ryan]

Hi Anita,

Unfortunately, in tax sales in Texas, the owner can indeed buy or more correctly, redeem their house back.  They have a 2 year right of redemption period after the sale. 

Should they decide to redeem, they have to pay you interest on top of the tax amount you paid. If it's in the first year, they have to pay you an extra 25% in interest and in the 2nd year, they have to pay you 50% interest.  That's not a bad ivestment on your money...  

The negative, is that you have to figure out what to do with the property in the mean time.  And if they are occupying the property, you'll have to resolve that as well. 

For obvious reasons you wouldn't want to rehab the property until you know you'll get to keep it so if it's vacant, I'd clean it up and rent it.

As for finding it on Zillow there is a good possibility that it really isn't listed since Zillow is nortorious for having old listings linger forever. 

If you email me the address, I can check the MLS for you.