Investing in the South: Austin, Texas Foreclosed Properties

Austin, Texas is consistently named to the top 25 places to live by Forbes. Its cost of living ranks among one of the best in the nation. Located in Travis County in the central part of Texas, Austin offers many attractions to visitors, investors and potential residents. Austin Foreclosed Properties would be an affordable way for investors and/or new residents to get into real estate in Texas. However, Austin, Texas Foreclosed Properties in Travis County are sold "as is" and it is up to the buyer to review any liens that may be imposed on the property.

Austin Foreclosed Properties can be obtained through tax sales in Travis County by attending a public auction on the steps of the county courthouse conducted by the sheriff. It is possible to sign up for email notices of Austin, Texas Foreclosed Properties that will be sold at auction. A potential buyer must attend the auction in person, have a statement of eligibility to purchase real estate and bring photo identification. It is important to arrive before the sale time and to register and receive a bid number. New Austin, Texas Foreclosed Properties will appear in publications at least 21 days prior to the auction on the first Tuesday of every month. These notices will include the amount of taxes due and costs associated with the sale. The buyer of Austin, Texas Foreclosed Properties at a tax sale auction become a grantee on the deed and have first right to the property in the event of default in the deed of trust or mortgage.

All Austin, Texas Foreclosed Properties sold at a tax sale are subject to right of redemption for the owner/borrower. Austin, Texas Foreclosed Properties that do not have homestead exemption or agricultural use have six months to repay all taxes, costs, fees and an additional 25% of the delinquent amount to the tax sale buyer. Austin, Texas Foreclosed Properties with homestead exemption or special land use have up to two years to redeem their property, with 25% of the delinquent amount going to the tax sale buyer for the first year and another 50% in the second year.

Any Austin, Texas Foreclosed Properties that do not sell at tax auction are held in resale inventory by Travis County and can be purchased at any time. In the event that other liens or judgments are held against Austin, Texas Foreclosed Properties that are purchased at a tax sale, it is the responsibility of the buyer to research these attachments and make arrangements on those debts before taking full ownership of the property. This can be done by contacting the lien holder(s) directly and making arrangements to pay the balance due on the deed of trust or mortgage. However, since Austin, Texas Foreclosed Properties owners are protected by right of redemption, it would be advisable for potential buyers to wait the designated time period before pursuing direct ownership of the property.