Of course...more questions from a newbie regarding a foreclosure sale


Like many here, I am a newbie and am soliciting advice from the more experienced.
I am in Texas and have become quite familiar with the Tax Sale procecures, ups, downs, etc…

Now my question is regarding a foreclosure sale at the courthouse steps. I have joined a foreclosure listing service and reviewed their fresh information. I have the following questions:

  1. One of the properties up for foreclosure is a “2nd Lien” so how does that compete with the 1st lien? Is the home still being auctioned off and the buyer gets full posession for the price paid or is the first lien still out there and assumed? Is the previous owner booted out? Do I get the house if I buy the foreclosed 2nd lien?

  2. In a tax sale I know you get only a sheriffs deed. What about on these foreclosure sales? If I buy the property do I obtain title insurance and get a “good” deed?

  3. I realize that different states/counties, etc… my be different but how and when would I be required to pay for the property? Deposit now and complete funds in xx days?

  4. Now that I have this list how and who do I contact to find out where to meet the certain trustee completing the auction? When I went last month there must have been 4 people conducting auctions at the same time outside the building in Galveston.

OK, I know this is alot to ask but if any of you have any specifics on this I would appreciate the assistance.


What city in Texas do you live in? Close neighbor to you.