I attended the tax sale at the Bexar county court house Tuesday April 3rd 2018. (See our TW Post on registering for the sale click here)
I arrived at 9:20. The nearest parking was three blocks away. The sale location was on the west side of the Red Court House building at 100 Dolorosa downtown San Antonio. you have to be pre-registered to bid. There where about 80 folks at the auction and only about 15 actual bidders.
The foreclosure auction is going on at the sale location at the same time as the tax sale.
You can buy an up to date Tax Deed Sale list ($5.00 on site) that is in the order that the Sheriff will use when conducting the sale, (that list makes it easy to follow along). The Auctioneer does not read the street address but rather the case number, tax ID number and legal description. Of the 47 properties listed for sale more then half where redeemed and canceled before the sale. About a dozen actually sold. a few had no bids. No bids are deemed to be struck-off and will be re-offered at auction twice a year, usually around may or June and around November.
I was unable to buy any of the properties that I liked, the properties were either canceled or went at to high a price for my taste. So I was one of the non-bidders who attended.
2-lots in the Waterwood subdivision that I wanted went for 3-times what I would have been willing to pay. And one property near SAC was purchased the day before the auction from the prior owner by a wholesaler so that property was canceled from the sale. The wholesaler who bought it came up at me at auction site, let me know they owned it and offered to show it to me.
When you buy at the auction the conveyance is for a Sheriff Deed, liens are wiped out. Properties are sold as is and no guarantee of any kind. Buyer-Beware. Payment is made in the from of Money Order or Cashiers Check at the sheriffs office, located at 200 N. Comal street San Antonio. Payment is due within 2 hours of the sales’ conclusion.
Opening Bids started at the amount of taxes owed and cost or the judgment amount. One property was sold for the opening bid amount, 2 or 3 properties went no bid, most properties that where sold went for higher prices then the opening amount, in several case several times the opening amount.
The prior owners have a right of redemption. They have 2-years to redeem the property if there was a homestead exemption filed on the property or 6 months redemption if no homestead exemption was filed. The redemption amount is the winning bid amount plus interest of 25% during the 1st year after the sale, or plus 50% interest during the 2nd year after the sale. Even if the prior owner redeems the property you make some money.
If you want to read the Tax code try this link.
I will attend all the tax sales I can this year and report my results each month.