Forfeited Land Sales for Texas Veterans
On Tuesday, April 26, 2011, the Texas Veterans Land Board (VLB) will once again offer forfeited land tracts to eligible Texas veterans in a sealed-bid sale.
- The one-year Residency Requirement has been eliminated. If you are a veteran living in Texas, regardless of when you moved here, you can qualify for a loan.
- All winning bids financed through the VLB will be originated as a mortgage loan with a Note and Deed of Trust. Winning bidders must meet VLB credit requirements if obtaining VLB financing.
- Closing costs and a down payment of not less than 5% of the minimum bid listed will be required at closing. The VLB can only finance 95% of the minimum bid listed up to $80,000.00. In addition, any amount you bid over the minimum listed must be paid at closing, if you are obtaining VLB financing.
- Type II Tracts (tracts that did not sell through our sealed-bid sale) that have been on our website more than six months are now being marketed and sold by a private auction company, Hudson & Marshall. For more information, visit Hudson & Marshall's website at: www.txlandauction.com
- ALL SEALED BIDS must be received by 4:30 p.m. on Monday, April 25, 2011 (the day before the sale). No walk-in bids will be accepted on the day of the sale.
- There is a limit on the number of bids you may submit. You may bid on a total of six tracts in the Forfeited Land Sale and you must list your choice preferences on each bid.
- The sale will be available for viewing via webcast. Live viewing is not guaranteed as we have a limited number of connections. The webcast will be archived and available on our Web site approximately 24 hours after the sale.
For complete information and instructions, see Forfeited Land Tracts.
(Information on Forfeited Land Sales was provided by Victoria Thomas of the TVLB).