Foreclosed Home Auctions

Foreclosure Homes San Antonio, Texas

San Antonio, Texas adapts two way approaches to foreclosing homes. One is out of court, and the other is through the court. However, in some cases where the deed of trust or the power of sale is absent, a lender has to go through the court to close the sale.  The entire process takes only about three months.
Seized Homes 

People would already know that homes are seized because the borrower was unable to pay the loan amount to the lender and has defaulted on payments several times.  Seized homes are foreclosed through auctions and are usually sold at a much lower price than the real estate market. When a home is seized, the borrower is first sent a notice that has been issued by the court on behalf of the lender. The borrower is also given a minimum time of 20 days to revert back and clear the loan amount. 

Only after this is the auction sale continued. However, this 20 day time period is what the borrower actually has because after that the auction process really speeds up. The borrower loses time very fast even if he wants to pay on the loan. Texas laws do not require that the auction sale has to be advertised for 2 or 3 weeks in the newspaper. Since the sale is directly held, whoever bids the highest amount gets the property. 

Foreclosure Information 

After the final bidder has been finalized, the trustee of the sale declares the property to be sold and also clears all the junior liens which are subject to senior liens. The simple rule that is followed as per the liens is if the bid amount is greater than the mortgage amount, which is defined as the amount owed to the lender by the borrower, the surplus amount goes to the junior lien holders. In Texas the borrower has absolutely no chance of redeeming the house after it is sold in a foreclosure auction. The foreclosure auctions are usually not listed in the newspaper, but sometimes they are. It is left to the discretion of the lender. In case it has been advertised people could easily find out about it and also check the property before attending the sale. In case the property has not been advertised then how does one know about it? The only way is to contact a foreclosure property company and check for listings. 

Be rest assured that the foreclosure sale is held at the county courthouse steps on the first Tuesday of every month. In case you do not want to pay a foreclosure directory, then turn up at the county courthouse at the first Tuesday of the month and get the property details. You may bid and then take the time to inspect the property. The highest bidder gets the property, however, it is not a must that the highest bidder takes the property. The bidding is continued here for a secondary bidder until the first bidder pays up.