Great opportunities are out there for investors in Tarrant County real estate and Denton County real estate. During April each year, the Texas Veterans Land Board offers TYPE I Forfeited Land Sales to Texas veterans. In October, tracts of forfeited land are again available to veterans and also to the general public.
Your Real Estate North Texas licensed professional has been contacted with details about the program and will be happy to obtain information about any available Southlake, Keller, Grapevine, Colleyville, Trophy Club, Westlake, Flower Mound, Euless, Haslet, Bedford, Hurst, Justin, Roanoke, North Richland Hills, Argyle, and Arlington real estate being currently offered through the Tex-Trax II program.
Recently, over fifty forfeited land parcels ranging from 5 to 32 acres were procured from bids in the $24,000 to $115,000 range. If the Veterans Land Board accepts a bid, it will finance 100 percent of the bid amount.
Some buyers will be holding on to the land for now and others are building sooner. VLB will pay for a surveyor to flag the corner pins to help buyers access the property.
The forfeited lands are sold “as is,” without warranty. So, it makes sense for the buyer to have the physical and topographic conditions of the land and any improvements inspected. Additionally, it is recommended that the buyer verify the location and shape of the tract, mineral reservations, and any other aspects that could affect his satisfaction with the land. Any defects must be brought to the attention of the VLB prior to closing and can be grounds for releasing the buyer from obligation to purchase.
The VLB will settle all outstanding taxes, penalties, and interest for the years before the year that the contract is awarded. If the use of the property is changed, rollback taxes may be accessed and will be the responsibility of the new owner.
Some restrictions apply.
1) TRACT I parcels are open to veterans who were Texas residents at the time of enlistment into the military and those who have lived in Texas for at least one year.
2) A veteran may not have any other unpaid land loan at the VLB.
3) If a veteran’s interest rate is used, the land is restricted to personal use. However, the public interest rate is only one percent more than the veteran’s rate. Cash is another option.
Offers are considered on a “first come, first served” basis.
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