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Texas Real Estate Investments and Foreclosure

Posted in: Mortgage News/Sources
By SAGE - Premium Texas Real Estate
Nov 3, 2013 - 8:38:41 PM

Investing in foreclosed Texas real estate became commonplace during the past several years since 2005.  Foreclosures are still relatively rare in the Fredericksburg TX real estate market but they occur.  Interested parties are still asking about bargain prices for foreclosures and short sales.  

Say an investor whose principle residence is a home in Austin or San Antonio wants to start investing in Texas real estate by purchasing a Fredericksburg TX home.  The following information may be helpful.

Foreclosure laws can turn a simple home purchase into a long drawn out process.  In 2010, the government even halted foreclosures because of alleged sloppy processing.  However, an investor who does his homework is a squeaky wheel, and follows through can still find Texas Hill Country homes and Texas land at great prices.  Some may need updating, maintaining, or remodeling.  A home in Fredericksburg, Kerrville, or real estate in Highland Lakes may be rented full time or rented as a vacation property.  In the later option, the investor could also use the property for personal vacations during a certain percentage of the year.

Foreclosures begin when a borrower does not pay the mortgage on his home.  The State of Texas allows both Judicial and non-Judicial foreclosures but does not allow homeowners the right to buy back the foreclosed property. The homeowner does have the right to repay the balance of the note before the Trustee Sale.

Normally, the foreclosure process takes approximately 60 days from the time of the Notice of Default.  After the homeowner receives the Notice of Default, he has 20 days to make good on the loan.  After 20 days, the Notice of Sale is published.  Trustee Sales happen on the first Tuesday of every month. If the owners and/or residents have not already moved, they receive eviction papers.

In the meantime, the investor could decide on a couple of options.  First, the investor should find out as much as possible about the property details.  Ask around, work with a real estate agent to find out about comparable sales and the market, and talk to the owner and neighbors.  Walk through if possible and even get an appraisal.  

After gathering information, the investor may decide to approach the lender to convince the lender to take less money than is owed on the mortgage.  If the lender agrees, then it will be possible to offer the funds for a short sale.  The lender may think the property will bring more at the Trustee Sale, or the lender may choose to buy the property at the sale.

In Gillespie County, the sale takes place on the steps of the courthouse.  To purchase the property at the foreclosure sale, the buyer needs to be able to pay cash.  The highest bidder wins the home.

For information about real estate, investments including foreclosures and short sales, land, golf property, and custom homes in the beautiful Hill Country, click here to contact Dale Cook or call 830-997-1035.

   

kerrville



Dale E. Cook, MBA, Broker/Owner

Sage - Premium Texas Real Estate
Chase Bank Building
150 E. Main St., Suite 303
Fredericksburg, TX 78624

830-997-1035 office
830-992-0056 cell

Click Here to Email Us


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