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Sheriff's Sales In Texas

A Sheriff's Sale In Texas is how properties with overdue very delinquent taxes , penalties, and interest are collected by the state and then distributed to the taxing entities owed. The buyers who pursue these type sales should be knowledgeable about many facets of the sale.

Do your homework!

A sheriff's deed comes without warranty.
Some liens may not go away.
There are rights of redemption , after the sheriff's sale, by the person or entity that owned the property before the sale . The period of time varies as to whether or not the property was a homestead. They can come back within the specified time frame and buy it back for what you put in it plus 25%
Seek legal advise and perhaps have a title search done on the property.
Check on the mineral status, floodplain, encroachments etc
Go find the property and view.
Are there tenants or owners still there?
Go see your tax office for details.
Have money available.
If handeled properly a Sheriff's sale can be the source of some good values.

Posted by Trey Thurmond, College Station , Texas Homes on 10/31/2009 12:04 AM

Comments (17)

sheriffs deed and sales

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17 Comments on Sheriff's Sales In Texas

OCT

It's a similar situation in California. A buyer can sometimes pick up a home at a trustee sale with 30% equity though, unlike buying REO's, which generally yield no more than 8-10%. Risks are much less with the REO's though...as you point out.

How long after the sherriff's sale can you redeem a homestead normally? In Minnnesota, it is 6 months

Hi Trey... these represent great opportunities, but as you so correctly pointy out, buyers need to understand the risks and unique circumstances involved.

Hi Vicki Thanks for commenting. I think you are right abourt Risks

Trey,

There is a Texas statute that may make Texas Sheriff's deeds much more valuable than most people know. After the redemption period. The trouble is there are no decisions, no case law to establish precedent.

Protect your investment get a preliminary title report and if you buy get title insurance.

Bill

I have also run across another kind of deed in Texas called a "Texas Schoolhouse deed" I will explain later.

Joseph

I think on homesteads it is the same here.

Steve

Thatis the ticket...knowledge.

Bill

Great advise there...thanks!

thanks for these "top ten" sheriff sale items. Let us know about the schoolhouse deed.

Trey: A good list of things to be aware of for those who want to try their hand at foreclosure properties.

Tracy Lee

I will do that!

Chris Ann

As you know forclosures can be sticky sometimes.

Howdy there Trey

You sure did a mighty fine job of expolainen, about Texas Sheriff's sales. Its like this could be a real good glass to offer to folks.

Baker Home Commercial Properties Inspections and Consulting AR Signature

NOV

Trey I am agreement with this. Folks really need to investigate thoroughly before they commit.

Howdy Dale

It is really just another outlet to purchase property including things like mineral rights in Texas.

Hey Carl

You do have to be cautious.

NOV

Trey,

You have my curiosity up now. I am going to google Schoolhouse Deed.

Brenda I will try to do a blog about it !

NOV

Trey, Good Post! An example of your comment on liens that may not go away is, say, a $3,000 to $5,000 wrecking lien for a house, then the city continues to mow the now vacant lot, at $100 or $200 per mowing, multiple times per year, for years. All this can be on a vacant lot sold at a tax sale for sometimes as little as, say, less than a couple thousand dollars or so. A buyer really does need to do the homework! Some Cities do sometimes wipe out some of these, in areas established as a revitalization area, where a new home is built on the same lot, with minimum value, within a certain timeframe. Also, some title companies in our area will not issue a title policy until after a six months, a year, or two, depending on insurance carriers, thus creating a holding period until feasible to develop.

David

I am working on behalf of a buyer tomorrow who is looking at a sale coming up in December. At least we hav e a little while to research.

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