Zillow is a free, on-line resource that reports home values from across the country to the public. Information is reported to the website by realtors is also gathered by the website from public databases. It then uses all the information to compare and form its’ own interpretation of the data. How do I Effectively Use Zillow.com? Open Zillow from your internet browser. Enter the address of the Tax Foreclosure Property including city and state in the box labeled, “Find Homes”. For example, enter “3447 Hilllsdale Lane, Garland, TX”. What you will see – Section One A map with the property…
Author: James Murphy
Not everyone! Those who should buy at tax sales are not typical real estate investors. Tax sales appear appealing at first glance because they offer the opportunity to purchase property at a fraction of the value. That being true, why shouldn’t everyone want to take advantage of this great opportunity? Answer: Tax Sale properties come with an array of issues that the purchaser must be willing and able to handle. For those who cannot handle these issues, purchasing homes at a Texas Tax Lien Sale is a poor choice. Repairs – this is one of the biggest obstacles a purchaser…
The Texas Property Tax Code is the set of laws regarding property taxes. Within it are the laws specifically regarding property tax foreclosures and the sale of tax foreclosure property at Tax Sales or Sheriff Sales. The Texas Property Tax Code provides the fundamental guidelines by which all tax sales in Texas are run. This section is intended to generally describe each section of the tax code as it pertains to buyers. A further explanation of each section is offered as a link and gives more detail, but if you find that this is still not sufficient for your needs,…
Tax Sale Resale Property refers to property that has gone through the Tax Sale or Sheriff Sale process, but was not sold. This property was “struck off” which means that the taxing entity that foreclosed on the property has taken possession of the Sheriff’s Deed for the property and is the legal owner of the property. They are now the ones responsible for selling the property. The laws that govern the procedure for “re-selling” this property are much more flexible than the original sale of the property. Time Period – The taxing unit now in possession of the property has no…
A Tax Sale List is the list of Tax Foreclosure Properties (properties foreclosed upon due to non-payment of property or county taxes) which will be sold to satisfy property and county tax liens at a Sheriff’s Sale or Constable’s Sale. There are several different methods for obtaining a these lists and the method which you choose to utilize will depend greatly on which county’s tax sale is of interest to you. Each county tax sale list is located differently. The information provided by independent websites, government websites, local papers and services varies greatly. Local Print Advertising In Texas, a property…
Tax Lien sales differ from state to state DRASTICALLY! A state like Texas sells Tax Deeds where the buyer purchases and receives the actual property, but other Tax Lien Sales are actually selling the “liens” and not the properties. In these states, a purchaser will not be the owner of the property, but is actually buying the rights to receive the proceeds from the “debt” that the homeowner owes. If the homeowner does not pay this debt in a specified amount of time, the buyer has the right to foreclose on the property and eventually acquire said property if the…
Securing Tax Lien Property can be tricky! The law is unclear as to what you are allowed to do! You have won your property and you are excited to take over your purchase! Definitely, go to your property as soon as possible and take an assessment of the situation. Is anyone living there? Of course, this seems like it would be obvious, but not necessarily so!! Often, tenants will abandon much of their property (typically not much that you would want, but their property, none the less) and it may not be clear whether or not they are still living…
Analyzing Tax Foreclosure Property is a critical step! You have accumulated all of your data, and now you have to compare the properties to decide which is your best prospect. An Excel spreadsheet (or the equivalent) is the easiest way to compare Tax Foreclosure Property. I find three documents work best – a General Comparison of the properties, a Home Repair Analysis and a Holding Costs Analysis. General Comparison In the General Comparison, I compare CAD Values Zillow Values Bedrooms and Bathrooms Exterior Materials Age Homestead Exemptions After I do the Home repair analysis for each home, I add Low…
Tax Deed Mistakes can make the difference between a lucrative deal and a financial disaster!!! Know before you go!! I cannot say this enough! What mistake am I referring to? The mistake made over and over again at every sale – Not knowing how much you will owe IN ADDITION to the sale price, is the mistake that most often creates a financial disaster! Tax Deed Mistakes happen, but this one is so common that I have decided to designate a tab just for this subject! PLEASE, if you are going to bid at a Texas Tax Deed Sale, read…
Tax Sale Registration begins with registering to bid on the tax auction. Not all counties require this step and you must check with your individual county to know if this step is required. For easy reference, I have included this information for most counties on your County Reference Page at the bottom of the page. For example, Dallas County does not require a tax sale registration in advance to bid at their auction. Their auction is informal and is conducted by a person simply raising their hand and stating the amount they wish to bid. Other auctions, such as some…