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Texas Tax Sales – June 2014 AuctionsPrepared for: Peloton Commercial Real Estate
By: Blythe Chambers
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Chronology of Contents
• U.S. Map of Tax Lien, Tax Deed, and Redemption Deed States
• Texas State Tax Sales & County Map
• Typical Due Diligence Process
• Tax Sale List Information
• Commercial Property Tax Sale Examples – Harris Co. June 03, 2014 Auction
• Example Preliminary Due Diligence Per Property
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United States Tax Sale Designations
Deed Redemption States
Both Lien & Deed States
Tax Lien States
Tax Deed States
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Texas is a Tax Deed Redemption State• Oral auction sheriff/constable sale
format, no online bidding
• First Tuesday, each month, at courthouse steps
• Highest bid wins auction
• Purchasing the deed to the property
• Given a Sheriff’s Deed shortly after auction
• Can occupy, charge rent, evict tenants, treat as own immediately
• 6 month redemption on non-homestead
• 25% interest earned on total bid amount, if redeemed
• Every county has its own rules!
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Due Diligence
Step 9: Attend Auction & Bid
Step 8: Secure Cash or Cashier’s Checks
Step 7: Register & Determine Max Bid
Step 6: Check Lists Daily and Update
Step 5: Research – County records, owners, property history, photos, title search, demographics
Step 4: Organize Data
Step 3: Obtain Lists, Review in Depth, Cherry Pick
Step 2: Determine Strategy
Step 1: Obtain and Submit Proper Documentation
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The Lists• County lists can vary widely
• Some lists don’t include addresses, rarely are there photos
• Lists change daily and are not sortable
• The list on auction day will almost always be different than the final online list
• Sifting through takes time, patience, and keen data organization
• There are two other types of lists: Resale & OTC
• While there are clues, lists do not distinguish commercial from residential, easements, drainage ditches, zoning, or buildings from lots – only research does
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Commercial Tax Sale ExamplesPrepared for Peloton Commercial Real Estate
Harris County Auction – June 03, 2014
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Current Tax Sale Examples – Harris County, TXAuction Date: June 3, 2014
• Data has been hand picked off multiple lists containing hundreds of properties
• Cherry picked data has been organized in an Excel spreadsheet and bid:value ratios calculated
• Additional due diligence data not on lists has been sourced and entered for evaluation
• This results in 7 potential commercial tax sale properties:
• Three office properties, one industrial, one for car sales, and one for auto racing mechanics• One mixed-use retail property featuring gas station and convenience store• One pharmacy• One commercial lot adjacent to tax sale property office of same ownership• One church/school/community center – easy conversion
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10526 Tanner Road, Houston, TX 77041Occupied & DBA: “Zippy’s Auto Sales”
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Preliminary Property Data
10526 Tanner Road
10526 Tanner Road
Market Value Estimate $280,036
Adjudged Value $271,159
Valuation Near market
Sqft. Building 7,800
Lot Size 0.65 acre
Occupant: Zippy’s Auto Sales
Owner or Tenant: TBD
Ownership Donway, LTD fka Dorway LTD
Ownership Notes
Last Sold 01/02/1988
Selling Price TBD
Title Notes/Other Liens TBD
2014 Tax Assessment TBD
Delinquent Tax Years TBD
Minimum Bid $1,575.96
Bid:Value 0.58%
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8902 Airport Blvd., Houston, TX 77041Occupied & DBA: “Exxon Mobil” or “Gulf”
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8902 Airport Blvd.
Preliminary Property Data
8902 Airport Blvd.
Market Value Estimate $612,831
Adjudged Value $556,470
Valuation Undervalued
Sqft. Building 7,000
Lot Size 0.68 acre
Occupant: Exxon Mobil or Gulf
Owner or Tenant: TBD
Ownership Stephen Truong’s Enterprise, Inc.
Ownership Notes Dissolved in 2002
Last Sold 03/23/2007
Selling Price $1,447,040.00
Title Notes/Other Liens TBD
2014 Tax Assessment Unknown – Missing County Data
Delinquent Tax Years Unknown – Missing County Data
Minimum Bid $97,507.51
Bid:Value 17.52%
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10805 Market Street Road, Houston, TX 77029Occupied & DBA: “Jacinto Pharmacy”
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10805 Market Street Rd.
Preliminary Property Data
10805 Market Street Rd.
Market Value Estimate $98,598
Adjudged Value $89,000
Valuation Undervalued
Sqft. Building 3,243
Lot Size 0.23 acres
Occupant: Jacinto Pharmacy
Owner or Tenant: Owner
Ownership McGinty & Muldrow Corporation
Ownership NotesMay own another pharmacy
location
Last Sold TBD
Selling Price $75,594
Title Notes/Other Liens TBD
2014 Tax Assessment TBD
Delinquent Tax Years TBD
Minimum Bid $13,147.51
Bid:Value 14.77%
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5101 Navigation Blvd., Houston, TX 77011Vacant
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Adjacent lot at 5115 Navigation Blvd., same ownership, also up for tax sale.
See next listing.
5101 Navigation Blvd.
Preliminary Property Data
5101 Navigation Blvd.
Market Value Estimate $289,244
Adjudged Value $87,613
Valuation Undervalued
Sqft. Building 9,464
Lot Size 0.23 acres
Occupant: Vacant
Owner or Tenant: N/A – prior was tenant
Ownership Prajna Investments, Inc.
Ownership Notes Multiple properties at auction
Last Sold TBD
Selling Price $319,200
Title Notes/Other Liens TBD
2014 Tax Assessment TBD
Delinquent Taxes TBD
Minimum Bid $12,560.57
Bid:Value 14.34%
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5115 Navigation Blvd., Houston, TX 77011Business parking lot adjacent to 5101 Navigation
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This is the business parking lot adjacent to
5101 Navigation and with same ownership.
5115 Navigation Blvd.
Preliminary Property Data
5115 Navigation Blvd.
Market Value Estimate $20,000
Adjudged Value $20,000
Valuation Market Rate
Sqft. Building 0
Lot Size 5,000 sqft
Occupant: None
Owner or Tenant: N/A – formerly used by tenant
Ownership Prajna Investments, Inc.
Ownership NotesLot adjacent to 5101 Navigation
Bl.
Last Sold TBD
Selling Price TBD
Title Notes/Other Liens TBD
2014 Tax Assessment TBD
Delinquent Tax Years TBD
Minimum Bid $1,461.51
Bid:Value 7.31%
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14120 Stuebner Airline Rd., Houston, TX 77088Occupied & DBA: “Empire Autosports”
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14120 Stuebner Airline Rd.
Preliminary Property Data
14120 Stuebner Airline Rd.
Market Value Estimate $226,248
Adjudged Value $227,000
Valuation Market
Sqft. Building 4,000
Lot Size 0.6888 acre
Occupant: Empire Autosports
Owner or Tenant: TBD
Ownership Kenneth Narinesingh etal
Ownership Notes TBD
Last Sold TBD
Selling Price
Title Notes/Other Liens TBD
2014 Tax Assessment TBD
Delinquent Tax Years TBD
Minimum Bid $33,058.76
Bid:Value 14.56%
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5208 Noble St., Houston, TX 77020Vacant: Church/School/Community Center
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5208 Noble Street
Preliminary Property Data
5208 Noble Street
Market Value Estimate $267,305
Adjudged Value $264,127
Valuation Market
Sqft. Building 7,200
Lot Size TBD
Occupant: Vacant
Owner or Tenant: Former tenant – was bank owned
Ownership B. Brothers Homes, Inc.
Ownership Notes Possible foreclosure purchase
Last Sold TBD
Selling Price TBD
Title Notes/Other Liens TBD
2014 Tax Assessment TBD
Delinquent Tax Years TBD
Minimum Bid $36,799.56
Bid:Value 13.93%