Buying a forclosure
Well, today is the worst day of a home owners life here in Bexar County. This morning at the court house steps there will be a record number of San Antonio homes sold to the highest bidder every first Tuesday of the month. Some homes are sold due to unpaid property tax, mortgage and HOA dues. This is an unfortunate end many home owners will face during this economic down turn. For those of you brave enough to buy a foreclosure be prepared for some competition and lots of research before you bid.
First you will need to register with the tax office in Bexar County if you plan on buying a Tax foreclosure. This can take some time so get down there a few weeks early. The fee is only about $10- $20. They will prepare a certificate for you as proof you do not owe taxes on any property in the county. It’s good for about 3 months.
Second you will want to gather as much information about the properties being sold at the auction. Properties to be sold will be posted at the steps of the court house. You can also view the documents online about two weeks before the auction. You will want to have the title examined to make sure there are not an liens that can not be wiped out by the auction. A title company can do this for you or you can go directly to the court house and as for the records. Any liens that can not be wiped out will have to be paid by the highest bidder so be careful.
Next make sure the property is still standing. Many times a property may be schedule to be torn down by the city for code violations. Yes! And they still try and sell it to you. It’s your responsibility to know the property condition. It’s not easy either. Many times people are still living in the home so don’t go knocking on the door.
Finally make sure you have cash for your purchase. These foreclosures sold on the steps of the court house are cash only. You don’t have to carry actual cash. You can bring a cashiers check. No loan approvals etc. You have to finish the transaction that day.
Good luck!
