where would I find preforeclosure property ?
Do I go to the county recorder’s office,title companies, real estate offices?
I know there is a redemption period for the owner where the owner has a
time to make the past payments. Your expertee advice is greatly appreciated. thanks. Marc
Need to know where you are located to offer advice on foreclosures. In Texas there is only redemption time after the sale for tax sales by the county. Mortgage foreclosure properties can cured until the day of the sale in most cases. Some private lenders will not allow the debtor to reinstate the loan. Several ways to chase the properties. Courthouse postings are available 21 days prior to the sale. Tax sales are advertised in local paper 21 days prior to sale. Some counties have websites that will also list the tax sales. There are services for a fee that list sales online and via the mail. PM me and I can share more info with you
Good luck and thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737
512-301-9171 home
512-587-6177 mobile
Ted, whats the difference between tax sales and a forecosure ? new to the business.located in san francisco , california.
They are the same in some respects yet different in many. In both someone is trying to sell the property at auction to the highest bidder. In tax sales the county is trying to collect past due taxes. Some states issue certificates and sell them. I do not know much about that process. In Texas and Ca you actually buy all the rights of ownership except the owner has the right to redeem the property by paying the amount you paid at the sale plus a premium. In deed of trust states like Texas and Ca a foreclosure occurs when the mortgage company sells the property for past due mortgage payments. There is no right to redeem the property unless by court action. There are other types of sales too going on at the same time. The sheriff or constable may sale property which he has seized on behalf of the court to satisfy a judgement. Also mechanics liens may be satisfied by foreclosure sales. I hope this helps some. I do not have all my wits this AM.
Good luck and thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737
512-301-9171 home
512-587-6177 mobile
Ted summized it well. Keep in mind that foreclosure is a legal process where the rights of the original owner are ‘cut off’ or closed out. In the Tax Sale scenario Texas provides the homeowner a chance to ‘redeem’ or get back the property if they pay a certain amount of penalty interest with the original amount owed.
Mortgage foreclosures in the deed of trust states don’t generally allow a right to redeem. The foreclosure occurs because a mortgage was not paid.
They are both foreclosures but are occuring due to the lack of payment of two different types of obligations. Learn the rules for the area you are working in and keep trying.
Foreclosures are on the rise everywhere so now seems to be a great time to step up to the plate, learn and then invest. Another great thing about these sales is that they will likely always be with us. One who learns how to buy correctly can repeat the steps when cash or property is needed. A very important education.