Hello everyone, I understand Texas is a non-judicial state. The foreclosure process is very fast. Is it possible to neg. a short sale because of this or, does the lender foreclose and market the property via a real estate brokerage? I am interested but do not know if the window of opportunity is open long enough. Thanks.
Even though the window is short, there is always the opportunity for SS. Never hurts to try, b/c lenders don’t like foreclosure. In fact, they may be open to postponing foreclosure to entertain a SS. You’ll have to ask them.
BTW: there are some judicial foreclosures in Texas. Someone else can correct me if I’m wrong, but some of the cash out refi’s & home equity loans go through judicial foreclosure.
We have a lot of short sales here in Texas. I’ve noticed a trend of brokerages specializing solely in short sales because of the high number of foreclosures. Investors are jumping on the wagon too, but some of the beginners are getting pretty bad deals.
It is very possible to do short sales in Texas, but you usually need to get the lending institution to put off the forclosure (a delay or forbearance) to give you time to negotiate and administer to the short sale process. Especially since most homeowners facing forclosure seem to wait until a day or two before the Tuesday forclosure sale to try to get help. 
The may still be a lot of lenders that are open to postponing or delaying foreclosure, b/c they do not want to be in the housing/real estate business! Even if foreclosure is <21 days away.