*URGENT*Is This Deal Final? Auction For Taxes?
Okay guys I don't normally post on this forum but have used the information offered on a daily basis. I'm in my first year of REI and moving along well. Thank you for all the info.
Now here's the situation:
I was speaking with my sister tonight and it seems that a childhood friend of ours has lost his house to the city due to taxes. He's 3 years behind. I believe that the home has already been sold at auction so he will be moving out this weekend. The house in question was left to him by his grandparents and it is well kept but this guy is down and out and doesn't seem to care much that he's losing it. I approached him about a deal in which I would pay off his taxes plus any penalties and match that cost to go directly into his pocket. He's definitely interested and would much rather I own it than another investor. His taxes are only going to run me 5,000 but I'm sure there will be a penalty of 20% or so if he were to get it back. The neighborhood is going in the high 60's and I could have a for sale sign in front of it the day I close the deal with him. This deal could potentially make me 40-50 in a few months. I need this one! : )
I need to know from you guys if there is a way to get this property back for the original owner even after it's been auctioned off.
PS-It's located in the state of Texas but any insight from your local laws would be appreciated. I need to move on this at the beginning of the week so please share your experiences with me.
Thank you in advance,
Patrick
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