Tax Auction Questions
1,945Hi Everyone, i'm getting started in the real state industry and wanted to learn more about the process for the Tax Auction that we have in Houston. Assuming you have good idea of the repair cost, can you check to see if it's a clear title yourself or do you need to go through a title company?
Also, assuming you get the house with not hidden liens. There's a 2 year redemption process on the property. Are you in charge of maintaining the property (lawn, property tax etc...) or who exactly would be in charge?
After two years they can buy the property back from you and they'll pay an additional 25%, however, would they also pay any expenses you made to the house or fees that you might of paid?
Thanks in advance and looking forward to working with anyone in the Houston Area!!
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DislikeI know this thread is a little old, but found the answers here helpful. In case anyone else stumbles across this, I also found this guide about buying foreclosures helpful - specifically the pieces about due diligence. When buying foreclosures, you want to make sure to leave yourself a margin of error for surprises - because there are often surprises!
https://www.biggerpockets.com/blog/2013-03-18-investment-risk-mitigation-due-diligence
Secondly, no refunds for repairs or whatever update. 25% extra includes everything :)
You will do your own maintenance and receive no refunds. Kind of sucks lettingbit sit there for 2 years, but why put money in if someone can get it back. My guess is there are scammers here too. Waiting for you to do a nice remodeling job and then swooping in to pay just 25% more
I am attaching a link to the Harris County Tax Assessor-Collector Q & A for Tax Sales.
Good luck.
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