All Forum Posts by: Arnie Abramson

You would buy insurance on the structure not the deed.  I have spoken to several insurance companies and all say that if a property was lost at a tax sale and the former owner has a right of redemption, that is not an insurable interest.  To me that means that the buyer should put insurance on the property and the old owner should be told that he no longer has to pay insurance since he would not be paid if a claim is filed.

Pretty sure Louisiana is a Tax Lien state.  You are close enough to Texas for tax deeds :)

Just to clarify:

Adjudged value is the tax assessed value WHEN THE SUIT WAS FILED.  The current assessed value may or may not be the same.  Every county is different in how they require payment.  Not all will take cash.  All will take cashier checks.  I know of one that will take credit cards.  In Texas, with one minor exception, all NON-GOVERNMENTAL liens are extinguished.

Every State is different on how they handle that.  In Texas, for example, the most you can charge is 25% , not to exceed $1,000 and YOU MUST BE AN ATTORNEY.

Connor, there are Sheriff Sales for seized properties and Sheriff sales for delinquent taxes- which in Texas are tax deed sales and are related to taxes.  If you purchase at one of these sales in Texas it extinguishes all NON-GOVERNMENTAL liens, including any mortgages. (There is one exception but it is very rare and I have not seen one in over 20 years).  You acquire the property and are the new owner but the former owner (and anyone with an equitable interest) has the right to redeem the property but must pay you your costs plus 25% per year (not pro-rated) if they do so.  They have this right for 180 days or for 2 years if it is a homestead, has an agricultural exemption or is a severed mineral right.  Feel free to send me a PM if you have more questions as I have found that in this arena in Texas THERE ARE NO SHORT ANSWERS:)

If you are planning on buying tax deeds in Texas and hoping to flip them you need to know several things.  You probably will not be able to get a title policy for at least 2 years (perhaps in one year if you indemnify) which makes it difficult to flip.  That is just a very short statement that takes more explanation as there are other factors as well.  I will be in your area and giving a seminar (NO COST) on tax deeds in Texas in August.  Feel free to PM me for more information.  I also can refer you to a service that will do research and other helpful things in Texas at low costs.

Jeff, I agree as I have been buying tax deeds in Texas beginning in 1992.

I can answer your questions but as most things about tax sales here, there are no short answers.  Best to send me a PM and lets arrange to talk on the phone.  I will be happy to help you.

Arnie

In Texas, you are the owner if you bought it at the tax sale.  Just prepare the lease for them to sign but I suggest you include a paragraph apprising them of the redemption period and that they will not hold you responsible if redeemed and evicted.  Send me a PM for more or if you have questions about this in Texas.

Thank you.  Good going.  Would like to chat.  If agreeable, please send me a PM and we can make contact.

Just to set the record straight. It does not matter whether it is a homestead or not in Texas as you will almost always be unable to get a title policy until 2 years after the deed purchased at the tax sale is presented to the county for filing.  This has nothing to do with redemption.  The 2 year period is the time allowed for someone who had an interest in the property who was not properly notified of the sale to contest the sale.  It rarely happens but the title companies hang their hats on that.  There are ways to deal with it but they are too complicated, long in explanation and intricate to go into here.