Foreclosure Auction process

392 Views | 2 Replies | Last: 1 day ago by Martin Q. Blank
UhOhNoAgTag
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Anyone know the process for single family home in Brazos County? There is one in my neighborhood and we are curious.
Omperlodge
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Be prepared for the foreclosure to be pulled or pushed to another month. It happens pretty regularly.

In most cases, the lien holder will submit an opening bid for the amount they are owed. The only time this won't happen is if the property is worth less than their amount owed and they may wait to see if someone submits an offer that they would accept. Very, very rare for it not to be lender opening bid amount owed.

The notice will have the original amount owed and the date it was issued. If you dig in the clerk's records, you can get the terms for example 30 year, 15 year, or interest only. Then do some math and figure out what they opening bid will be.

I have had more luck giving my card to the lien holder and saying that I am interested in the property. Usually, I can work a deal with them for what they have into it and save them any additional costs with less risk that a purchase on the courthouse steps.

June is the first month in a while that has a few interesting ones in Brazos County. Good luck.
Martin Q. Blank
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Quote:

I have had more luck giving my card to the lien holder and saying that I am interested in the property. Usually, I can work a deal with them for what they have into it and save them any additional costs with less risk that a purchase on the courthouse steps.

I'm assuming these have already gone through the short sale process where they haven't accepted those offers?
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