Every month, properties worth $100,000 and more are posted for foreclosure that are offered for sale at half the value and even less by the mortgage company's sale representative! How is this possible? Because under Texas law, regardless of the property's market value, the bank is only entitled to collect the loan balance and interest on the arrearage.
When you find a property reported on our monthly Foreclosure Posting List that is worth $105,000, if the owner bought the property 20 years ago, for an original sale price of $55,000, so much principal would have been paid that the bank's Trustee will offer the property for sale at the foreclosure auction for the $28,000 loan balance! Taking into account that such a circumstance would engender some competitve bidding, you can buy this $105,000 property for half its value and maybe even less!
If you want to save even more money, see if the owner will sell you the property before it forecloses. Under the right circumstances, you need just pay the defaulting owner some nominal amount of money for the deed, "take over" the existing lien for the reinstatement fees and then own the property for as little as $5000 to $20000.
There are profits in foreclosures as long as you know what to look for and most importantly where to look - with our monthly mortgage Foreclosure Posting Lists and tax foreclosure Constable Sale Posting Lists.
Constable Sales (Tax Delinquency Foreclosures)
Constable Sales are published in our monthly Constable Sale Posting List. In Texas, tax foreclosures are judicial foreclosures. This means that a taxing authority to whom a property owner owes delinquent taxes, cannot foreclose against the owner without the consent of a Texas court.
Once a court has consented to the foreclosure, the taxing authority must publicly announce the pending foreclosure of the property no later than 20 days before the scheduled auction which like mortgage foreclosures, occur the first Tuesday of the following month.
Generally, the opening bid amount is the tax delinquent amount. As is the case with Trustee Sales, the only acceptable form of payment is either cash or cashier's check.
Registration is required to bid on tax foreclosures in Harris County. Additionally by law, bidders must obtain a "tax certificate" from county officials affirming that the bidder is not delinquent on any property he owns. For Harris County tax auctions, bidders can register on-line at www.hctax.net.
Non-homestead property purchased from a tax auction carry a 6 month redemption period while homesteaded property bears a 2 year redemption period.
Harris County Probate Report
Frequently, the estates of deceased parties must make the difficult decision of selling real estate assets of the estate. Such real estate can occassionally represent potential investment opportunities to distressed real estate investors.
Our new Harris County Probate Report is the most up-to-date on-line report available. You will have access to the most recent probate filings in Harris County, plus a historic database of filings ranging from the most current to several months past.
Included in each report are the addresses of property noted in the probate filings, the applicant's (executor's) name and address, docket numbers and filing dates, probate file numbers, and when available, physical and valuation information on the property. Also included is a Sort and Select Program and a Mailing Label program.
The cost of our new Harris County Probate Report is $25 per month, $110 for 6 months, and $185 for a year.