When viewing properties, be sure to take notes.
Harris, Dallas and Tarrant counties have the highest percentage of foreclosures according to Realty Trac. Properties end up in foreclosure because of delinquency in mortgage payments. MSN Money reports that foreclosed property can sell for 30 percent to 40 percent below value. However, lenders try to get as much as possible for the property, and it is more common to get a foreclosed property for only 5 percent less than market value. The foreclosure process in Texas may only take three months depending on the lender. Texas has both judicial and nonjudicial means of carrying out foreclosures. If the mortgage does not carry a power of sale clause, then the proceedings are carried out by the court. However, foreclosures may be carried out by the lender after the lender has notified the county clerk 21 days before a sale. Foreclosure sales occur on the courthouse steps the first Tuesday of the month between 10 a.m. and 4 p.m. Property is sold to the highest bidder at the auction.
Instructions
1. Ask your lender to provide you with a pre-approval letter.
Call your lender. Tell your loan officer that you would like to get pre-approved for a loan. Provide information and documentation needed to determine the loan amount you qualify for. Ask your lender to provide you with a pre-approval letter. You will need the letter submitted with your offer.
2. When submitting an offer, include your pre-approval letter from your lender.
Call a local bank in the city you wish to purchase foreclosed property. Ask for a list of bank-owned homes that are for sale. Review the list of bank-owned property. Select the homes you are interested in seeing. Call your local Texas real estate agent and make an appointment to look at the properties. Take notes, which will be helpful when you consider the properties you viewed. Decide which property you want to make an offer on. Call your local real estate agent and set up a time to write the offer. Submit your pre-approval letter with your offer.
3. Type www.hud.gov in your web browser. Click on the "state info" tab at top of web page and select "Texas" to go to the state's HUD page. Under "Resources," click on "HUD homes for sale." It will take you to a page where you can search for property by county and/or city. It also allows you to put in the amount you wish to spend. Scroll through the properties that are available. Select the ones you would like to look at. Call your local real estate agent and set up a time to look at the property. Take notes about property you want to look at. Decide on a property to purchase. Call your real estate agent and write an offer. Submit your pre-approval letter with the offer.
4. Check the classified section of a Texas newspaper, looking for foreclosed properties available for auction. Attend the first Tuesday auction on the local courthouse steps. Observe how the process works. Identify the properties you are interested in. Contact your local real estate agent and set up a time to look at the properties. Attend the first-Tuesday auction and bid on the property you are interested in.
Tags: Call your, estate agent, pre-approval letter, real estate, real estate agent
