Help....why no tax sale???
Young (21 year old) rookie with a quick question. My boss wants to buy a building in Dallas, TX, but the owner owes 304,000 bucks in delinquent taxes. He hasnt paid since 1985. Why hasnt there been a tax sale on this property. How do we go about buying the property? Any help would be much appreciated. 
I would like to think that there were plenty of tax sales on this property and that there are multiple people out there holding various positions of liens. They simply were not informed enough and don't know that they might have had a chance to foreclose on this person. There is a window of time for a lien holder to actually go through the foreclosure process, if that process is missed, it's kind of like "you snooze you loose."
You should be able to get a list from the tax collector's office that shows exactly who owns the current liens and for how much. You should be able to get this information for free.
Quote:
On 2003-05-12 22:53, Dynamic wrote:
I would like to think that there were plenty of tax sales on this property and that there are multiple people out there holding various positions of liens. They simply were not informed enough and don't know that they might have had a chance to foreclose on this person. There is a window of time for a lien holder to actually go through the foreclosure process, if that process is missed, it's kind of like "you snooze you loose."
Hello,
Actually Texas is a Tax Deed State. You purchase the property at the sale. You receive a Deed that is clouded by a right of redemption on the deed. After it expires (6 months or 2 years), the property is yours. This of course is assuming there are no IRS liens, State liens or medical bills.
There is nothing to miss or do. Just wait.
Steve