The Comal County tax assessor put several properties up for auction Tuesday to recoup delinquent taxes. They had more properties and buyers show up because they did not having a sale in December. They normally have their sale on the first Tuesday of every other month.
The county says that out-of-state investors bought up property in Comal County, sight unseen during the housing bubble. Now those investors have walked away from their property.
The Comal County tax assessor says that most are in west Comal County area around Canyon Lake.
“When things were booming so much, we had a lot of lots, especially in the Canyon Lake area, purchased by people from California people from Florida - just as a place to invest their money,” said Cathy Talcott, Comal County tax assessor.
Most of the lots sold for less than $5,000. According to investors they look for lots that sell for as low as $500, and if there is a septic system on the lot, they say the property is worth $5,000.
Some regular buyers say that the properties on sale Tuesday were good deals but were going for higher than normal.
Jenny Lowery said, “I think it’s a sign of inexperienced people in here. The first time I started buying tax properties I bought some crap. I paid more than I should have for it.”
Many investors say if you’re going to bid on properties, do your homework. And if you do find a good deal be prepared for some competition.
