The Foreclosure List for the February March 6th Auction Is Complete

Early Postings For the April 2018 Auction Should Be Coming On Soon

 

Sheriff’s Sale FAQ

Guaranteed 25%-50% on your money.

Auction is held the 1st Tuesday of every month.
Properties are foreclosed and sold by a sheriff or constable at the county courthouse.

WHAT IF I PURCHASE A SHERIFF SALE PROPERTY THAT IS ENCUMBERED BY A MORTGAGE?

If the lien was NOT mentioned, the property is still subject to any and all liens. That is why we advise that all interested buyers have a title search done on the property before the sheriff sale. If the lien is mentioned in the judgment (and the lien holder has not contested foreclosure), then all outstanding liens mentioned are terminated. HOWEVER, we do not offer any guarantees on the purchase of these foreclosed properties, and we strongly advise that a title search and thorough research are conducted before the sheriff sale. We also strongly advise anyone dealing with this type of property acquisition to consult an attorney before purchasing tax lien properties.

ARE PERSONAL CHECKS ACCEPTED FOR PAYMENT?

No, personal checks are not a valid means of payment for a property purchased at the auction.

IS PAYMENT IN FULL REQUIRED ON THE DAY OF THE SALE?

The judgment amount, the “minimum bid”, and all associated costs must be paid. However, the time allowed for the collection of adequate funds varies with the sheriff conducting the sale. Some allow 1-2 hours, while others require the full amount paid at the time the successful bid is made. Payment must be by cash or cashiers check. If the cashiers check is for more than the amount of the bid, the Sheriff will refund the excess money. Many people find it convenient to bring a cashiers check made out to themselves for the amount of the minimum bid and cash for any additional amounts they are willing to bid. If an investor is the successful bidder, then he/she can endorse cashier’s check to the Sheriff.

WHAT IS THE BIDDING PROCESS?

There is no formal bidding process. Bids are made consecutively by whoever can raise the last bid made. ALL sales will be to the highest bidder. The Sheriff reads the entire Order of Sale, announces the official minimum bid, and then asks for bidders. If you have requested that this property be offered for sale, you are obligated to offer the minimum bid to “open” the bidding. Should others raise the bid, you can then decide whether you want to bid against them.

WHAT IS THE MINIMUM BID I SHOULD EXPECT TO PAY?

The minimum bid varies from property to property. The exact minimum bid is determined on the Friday prior to the sale and is announced at the sale. We include the approx. minimum bid (judgment amount) determined by the taxing authorities and law firms.

DOES THE MINIMUM BID COVER ALL BACK TAXES?

NO, the minimum bid covers only the taxes for the years of the judgment. If additional years have become delinquent since the judgment, you are responsible for paying them. Properties may also have additional amounts due to code compliance charges, example weed and mowing liens. These charges must also be paid by the purchaser.

WHAT TYPE OF OWNERSHIP DOCUMENT IS ISSUED AT THE SALE?

The successful bidder on a property will be issued a Constable’s Deed within 4-6 weeks after the auction date. This Deed vests good and perfect title in the purchase to the interest owned by the defendant(s) in the property subject to the foreclosure. 34.01 (d) TEX. PROP TX CD. Ownership is free and clear of all interests and liens made a party to the judgment and all taxes for the years in interests not mentioned in the judgment.

WHAT HAPPENS TO PROPERTY NOT SOLD AT THE AUCTION?

Properties that do not sell are stricken off to the taxing units and are available for purchase at any time. A bid in writing is required including a property ID number, a description of the property, the bid amount and any reason for the bid amount if it is under the minimum bid. An offer for the minimum bid is automatically accepted unless other offers are on the table for that property, in which case an auction is rapidly set. In some instances a counter offer may be made.

WHAT IS THE REDEMPTION PERIOD?

All property sold is subject to statutory redemption periods. The redemption period is either 2 years or 6 months concerning non-homestead property (period begins with the day of filing of Sheriff’s deed), depending upon which version of 34.21 applies to the Judgment. During the first two years the redemption period, the previous owner may redeem the property from the buyer for the total purchase price, plus 25%. During the second year, the redemption price is the total purchase price plus 50%. This is the right of the former property owner. You must comply if asked to do so.

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