Posted by John Merchant on July 17, 2003 at 21:11:10:
Books? Man, all you need to do is go to one or two auctions and watch. Or go lean over the counter and chat with the Deputy Sheriff who conducts the auctions and chat with him/her, also talk to one of the clerks in the tax office…you’ll know all about them within a day or two.
Nothing complicated about them. The buyer holds the tax lien certificate until/unless it’s redeemed by tax non-payer. He has 2 years to do so. During year 1 he has to pay the amount you paid, plus 25%, which goes to YOU. During year 2, it’s 50%, which goes to you.
If he doesn’t redeem, the RE is yours.
Oh yes, cash is required at auctions…what a lot of smart buyers do is take a handful of cashiers checks, or money orders, in different demoninations, so they’ll be prepared to give them to the Deputy Sheriff if they have the highest bid.
Biggest problem? Checking out the MANY properties that are on the list Wed & Thurs afternoon, then finding that 90% have been redeemed before the Fri AM sales! Normally only one or two eek through to the auction.
What is there about this that would require a book?
Oh, and if you’ll get on Google and search for TX Tax Liens Statutes, you’ll be looking at TX Statutes in a few minutes, which you can then print and read…all FREE!
Good luck and I hope you end up with a major chunk of S TX RE for your trouble.