Texas has experienced an increase in foreclosures.
Foreclosure in the state of Texas is accomplished both judicially and non-judicially. The timeline for the foreclosure process is approximately 60 days. Texas experienced an increase in foreclosures between December of 2009 and May of 2010, as reported by the website RealtyTrac. In Texas, the average sales price of a foreclosed property is $144,132 and the counties with the highest rates of foreclosure are Harris, Dallas and Tarrant.
Properties go into foreclosure because the borrowers have defaulted on their loans. Although lenders seek to get as much money as possible for the properties, the difference in price between a home re-sale and foreclosure property is $39,785.
Instructions
Bank Owned Properties
1. Contact a local bank.
Contact a bank in the city or county where you wish to buy property. Ask the bank if it has a list of bank-owned homes. If it does, ask if you may have a copy of the list. Review the properties and select any that interest you.
2. Contact a real estate agent.
Call a local real estate agent and set up a time to view the bank-owned properties you are interested in. Ask your agent to do an Internet search for foreclosed properties and send you a link to view the results. Define the search by providing your real estate agent with the location of interest and specific features that interest you. If you do not need or want a specific number of bedrooms, for example, define the search by price range. Review the results of your agent’s search. Set a time to view the properties you wish to see.
3. Ask your agent to write an offer for the property.
Identify the property you wish to purchase. Call your agent and set a date and time to meet and write the offer. Banks often accept offers from multiple people and take the highest and best offer.
Foreclosures at Auction
4. Auctions take place on the first Tuesday of each month.
Get a local newspaper from the city or county where you wish to buy property. Look for property notices that are published in the paper. State law requires the dates, times and property addresses to be published at least 20 days prior to the sale. The auctions take place on the first Tuesday of each month on the steps of the courthouse.
5. Visit the property to be auctioned.
Go to the local courthouse for the county where you wish to buy property. Texas law states that the foreclosure notice must be posted on the county courthouse door. Review the properties that are available. Determine which properties you are interested in. Visit the properties of interest. Decide what your highest offer will be.
6. Attend an auction. Observe how properties are presented. Observe the bidding process. Understand the terms of the auction and when payment is due. Properties sold at auction go to the highest bidder. Prior to bidding, make arrangements to have the cash in hand to purchase the property.
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