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Author Topic: Anyone buy at Sheriffs Sales?  (Read 10987 times)

Offline Dee-Texas

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Anyone buy at Sheriffs Sales?
« on: February 22, 2003, 09:36:43 am »
Hello All,
The Sheriff's Sale is coming up soon here. I have looked at properties and found most are lots with trash or burnouts on them. One or two would be good lots if you cleaned them.
My questions is this:
Has anyone bought at the Sheriff's Sale? I believe you can bid *below* the offered price but homestead and ag have a 2 year redemtation period where you get back what you paid plus 25% but nothing for repair, etc. Do you go to the title company and pay for a short search OR will all liens be wiped out at time of sale?
Thanks for alls help.
Great $uccess,
Dee-Texas

Offline tedjr

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Sheriff sale
« Reply #1 on: February 22, 2003, 11:53:37 am »
You are getting tax and sheriff sales mixed up. Property tax sales wipe out liens to best of my knowledge but sheriff sales do not. Taxsales are where owner has right of redemption. Actually on tax sales the lien holder has the right to get amount over taxes due from the County. Sheriff sale there was a court judgement and the sheriff has seized the property and is selling to satisfy the the money owed. The existing liens are still there and in fact the property could have even been sold to someone else before the sale. This happened to me once where I sold the house I lived in and the sheriff sold it to pay some of my debt. My new buyer had to go down and show his closing docs to prove he owned the house. The buyer at the court house was given his money back too. Be carefull and make sure what you are buying by doing your own search or hiring it done. Hope my experience helps. Contact me is have other questions

Thank you,

Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas  78737
512-301-9171
[email protected]
Ted P. Stokely Jr

San Antonio, Texas

Offline Dee-Texas

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Oooppp Sorry it is Tax Liens
« Reply #2 on: February 22, 2003, 01:13:40 pm »
Sorry guys,
It's tax liens, owners haven't paid  COUNTY school tax and or property taxes.
Thanks,
Dee-Texas

Offline DariusBarazandeh

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Anyone buy at Sheriffs Sales?
« Reply #3 on: March 10, 2003, 04:57:57 pm »
Dee,

Regarding tax sales.   Alot of people get them confused with a Sheriff's execution of a judgment lien, since the Sheriff or Constable actually handles the tax sale.

Let me give some advice...learn the minor details before you go forward.  This means research and lien priority and exceptions.  Research is critical because not all liens will be erased by foreclosure.  We know that junior liens are erased but in Texas you also have the following which will survive foreclosure:

- Child Support Lien for Arrearages
- Federal Tax Liens
- Mechanics and Materialmen's Liens (for work done on the property)
- State Tax Liens (sales tax liens)


The best way to learn about research is to go to the County Recorder's office and talk with Abstractor's who are searching titles. They are always there and in case you are not sure who they are they are the employee's of the title companies who are researching properties.  When I started I just asked them if I could peer over thier shoulder and watch...you will learn quick!

Lastly, know the basic rules in Texas:  Agricultural Exempt and Homestead have 2 year redeption clocks.  Non Agricultural and Non Homestead have a 6 month redemption clock.

If you have any other questions contact me via this Board.

Best of Luck!

Darius M. Barazandeh, JD/MBA
« Last Edit: March 27, 2004, 08:19:40 am by TRandle »
Warmest Regards,
Darius M. Barazandeh, JD/MBA
www.theinformedinvestor.com

 




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