All Forum Posts by: Arnie Abramson

I have been buying tax deeds in Texas since 1992.  Send me a PM and I will be happy to help.

Ryan Haley - Not sure I understand your question.  We have a number of investors outside of Texas that buy tax deeds here.  Online options - at this point only one county has their auctions online but eventually there will be more.  I can probably talk more about both of these things better on a phone call.  Please send me a PM and we connect that way if you wish.

BTW, The phone number listed for me is no longer valid.  I will try and post the change but PM me and I will give it to you.  I tried to post it here and it was not allowed.

The answer to your question in Texas is if you buy the property at the tax sale it extinguishes the mortgage.  BTW, send me a PM as I will be in your area in April and there is a couple of events about buying tax deeds in areas other than yours.

You are in one of the best places for tax deed sales-Texas.  Send me a PM and I will let you know where you can get training and assistance.

Felipe,

Contact me when you are in the Dallas area and I wlll be happy to help you.  Send me a PM if you wish also.  I have been buying at the Texas tax sales since 1992 and  have classes about it.

The title issue is not redemption.  It is the fact that for 2 years anyone with an equitable interest has the right to contest the sale if they were not properly notified of the sale.  Title companies hang their hats on that in Texas.  That is probably why they will not give you clear title until the 2 year period is up.  Some title companies require longer.

In Texas, for tax sales, the excess proceeds are offered to the previous owner who has 2 years to claim it.  If not, it goes to the taxing entities.  The law in Texas says that you can only charge 25% of what is claimed not to exceed $1,000 and you must be an attorney.

Cannot help you on a HOA foreclosure.

Anyone who had an equitable interest has the right to redeem it (buy it back) at 25% per year higher than the amount paid.  That right is for 180 days unless it is a homestead, has an agricultural exemption or is a mineral lease only. If any of these, then the right of redemption is 2 years.  There are more intricacies but those are the basics.  As I relate to all my classes on Texas tax sales, "there are no short answers "  :)

Joe was correct .  It depends on the State.  In Texas, they are sold at an auction and there is one every month.  The excess proceeds are offered to those with an interest in the property that was foreclosed and if not claimed for two years the taxing entities get it.

Again, in Texas the deed you get at the auction is sufficient ownership-you acquire all the rights of the previous owner except the right of redemption.  You usually have to wait at least 2 years to get a title policy but it isn't necessary unless you wish to sell to a buyer who would request it or if financing is sought.

There is no negotiation necessary with the previous owner-you are the owner and the deed you get at the auction is sufficient.  You may need to negotiate with him if you wish to purchase his right of redemption and his right to contest the sale-just make sure you get all of those who had equitable interest not necessarily just the former owner.