Making the most of Texas foreclosure listings allows you to buy a property well below market value. Foreclosure listings are used both by investors wishing to sell the property for a quick profit and business owners who want to use the property for their business.

A property appears on a Texas foreclosure list because the owner has missed some mortgage payments and is defaulting on the loan. The lender must file for foreclosure in order to collect on the remaining debt. This gives them the legal right to sell the property and it may then appear on a foreclosure listing. There are three points in the foreclosure process at which you may purchase a property:

1. The pre-foreclosure stage; the property will be foreclosed if the mortgage debt is not settled within a given amount of time.

2. The foreclosure auction; most Texas foreclosure properties are sold at public auction because the lender only needs to recover the remaining debt instead of the property’s full value.

3. Real Estate Owned (REO) property; REO property is owned by the lender and may be purchased before or after the auction.

Action Steps
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Learn about the laws on foreclosures in Texas

Foreclosure laws vary by state and cover issues such as foreclosure notices, sales procedures and deficiency judgments. Most states allow for a judicial foreclosure which involves filing a lawsuit to obtain a court order to foreclose. Generally the property will be auctioned off to the highest bidder after the court declares a foreclosure.

I recommend: United States Foreclosure provides a summary of foreclosure laws in Texas in addition to a glossary of foreclosure terms. Advantage Mitigation Services offers a foreclosure interventions service and also has specific information of Texas foreclosure laws.

Get more information on a foreclosure list for Texas

Sites that have foreclosure lists often offer current news on foreclosures in Texas. They may also offer other information such as a description of the foreclosure process or a FAQ on foreclosures.

I recommend: Specialized Realty Group specializes in foreclosure properties and also offers an overview on the foreclosure process. Texas Foreclosure Help publishes current news articles on foreclosures in Texas.

Locate a foreclosure list in Texas online

Many websites allow you to search for foreclosure properties by specific location. These sites may also offer additional services to members such as email alerts and photographs of foreclosure properties.

I recommend: Free Foreclosure Database has an extensive database of foreclosure properties by city and also offers resources on foreclosures. ForeclosureListingsTexas.com allows you to view foreclosure properties by county with a clickable map of Texas.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Determine the market value of a property in foreclosure in Texas. The best way to do this is to have it independently appraised by a professional. You will need to make arrangements with the current owner or trustee of the home for the appraiser to visit the property. You should then compare this appraisal to the value given by the party in charge of the sale.

Texas foreclosure properties are usually listed at courthouses, but you can also find listings online. As a rule of thumb, mortgage lenders would rather sell real estate that's been foreclosed on than have to take a loss on the property. Because of this, you can get a great deal on foreclosed properties.

If you are ready to find foreclosures in Texas then keep the follow pieces of information in mind:

1. Waiting for your real estate agent to get the perfect deal on Texas foreclosure properties will waste time. You need to do your own shopping.

2. The best place to start looking for a foreclosure list in Texas is at a county courthouse.

3. Funding must be in place before going to the courthouse steps for Texas foreclosure properties auctions. You need to have funding available immediately since once you bid on a foreclosed property, as you have only a few hours to complete the transaction.

Action Steps
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Check online Texas foreclosure listings for your county

Look through online Texas foreclosure listings first just to get some idea of what you want. Keep in mind that Texas foreclosures, like other foreclosure properties around the country, go fast.

I recommend: Start with websites for foreclosures in Texas, such as ForeclosureNet.net or AllHud.com and look for foreclosure listings, Texas specific, for the county where you're interested in buying property.

Have funding for your Texas foreclosure listings ready to go

After mortgage lenders notify real estate owners of a foreclosure in Texas, the property is added to foreclosure listings-Texas specific-with other foreclosures. At the local courthouse you can get an updated list and bid on Texas foreclosure properties.

I recommend: Have your funding ready to go when you bid on a foreclosure in Texas. Once you bid, you don't have time to look for lenders or meet with loan officers. To get financing for the Texas foreclosure list properties you are interested in either check with the Federal Reserve Bank of Dallas or Buffington Mortgage.

Find Texas foreclosure properties through your real estate agent

When your time is limited, it's not a bad idea to rely on your real estate agent to find properties for you.

I recommend: Talk to your real estate agent. If you've had a long-term relationship with them, they may be able to help you out and give you a heads-up on foreclosure properties coming up. If you don't know a real estate agent in an area you're interested in, you can contact recommended real estate companies and agents, such as Century 21 in Kerrville, Texas, or JC & Associates.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Note that sometimes credit union and bank branches will share lists of Texas foreclosures; however, some banks view that as private customer information and aren't willing to share foreclosure listings.

Foreclosures in Texas operate a bit differently than making a standard real estate transaction. Instead of dealing with just a buyer, you are dealing with a bank who no longer wants to own a piece of property that is generating zero income. The bank will often take a lower price for the property in order to get the home off their books and find a consumer who can responsibly meet the monthly payments.

But before you go contact the bank about a foreclosure list for Texas, you must make sure you are up to date on the latest news and trends. This includes things like which counties have the most foreclosures, what are the latest laws in regard to foreclosures and calculating what a reasonable offer would be on a foreclosed piece of property so that you can make a sound and legitimate offer.

1. Read up on foreclosures in Texas by visiting popular realty websites that offer special pages devoted to news and trends.

2. Go to state sponsored sources to understand the latest news on foreclosure in Texas.

3. Read online magazines or newsprint publications to learn about Texas foreclosure listings news and trends.

Action Steps
The best contacts and resources to help you get it done

Go to websites that offer sections on Texas foreclosures

No matter what state the national or world economy is in, real estate values and prices are forever changing. Some years they may be going up, while other years they are headed down. Also even in the best markets, there will be a percentage of Texas foreclosure properties. In order to keep up to date on the latest Texas foreclosure list, visit popular websites which offer comprehensive statistics and articles that are constantly updated.

I recommend: Check out the Realty Trac website for more information on Texas foreclosures. This offers a comprehensive look at the flow of the Texas real estate market broken down into a number of categories. Also check out the website American Foreclosure Tours. This website offers a special section on Texas with articles that are constantly updated as well.

Read up on Texas foreclosure news by visiting state sponsored websites

When it comes to learning the latest news and trends in regard to Texas foreclosure law, you want to be sure to visit the state sponsored websites. This is because, as the legislature passes new laws, they will be posted on these websites. The new laws make news and establish trends because they define how real estate transactions are made in regard to foreclosure.

I recommend: Visit the website for the Texas Department of Housing & Community Affairs to learn about their Foreclosure Prevention Task Force. The task force offers comprehensive information on the current conditions of foreclosures in Texas. Foreclosure Law.org also offers a synopsis of current foreclosure rules and regulations within the state of Texas. Be sure to check back frequently as laws are constantly changing in an effort to aid any current statewide foreclosure crisis.

Scan online magazines and traditional newspapers for Texas foreclosure listings new and trends

When it comes to staying up-to-date on the current foreclosure market, be sure to read magazines and newspapers that cover the foreclosure list in Texas in a comprehensive manner. Their reporters will be taking the latest facts and figures provided by the real estate industry at large and will be sharing the information with you on a regular basis. Simply search the word 'foreclosure' on any of their websites and you will be provided with a bevy of the latest articles on news and trends.

I recommend: Visit the website for Dallas Dirt; they are a subsidiary of D Magazine Partners. They offer comprehensive articles and interactive blogs about the latest news and trends in regard to Texas foreclosure listings news and trends. Also check out the website for the San Marcos Daily Record. A paper with a sizable circulation within the state, they cover the latest foreclosure news by how it affects their readership, both regionally and statewide.

When it comes to foreclosures in Texas, there are specific laws and processes that must be followed in order to obtain or stave off a foreclosure within the state. Texas foreclosures may either be obtained by the bank or auctioned off to a new party upon the foreclosure of a property.

Take the time to learn about how a foreclosure in Texas operates so that you may stop foreclosure on one of your commercial properties, or purchase Texas foreclosure properties at a steep discount. Here are some resourceful links to help get you started. Think of this tutorial as Texas foreclosure listings basics.

1. Learn about the laws associated with Texas foreclosures.

2. Find Texas foreclosure listings and browse through various properties for sale.

3. Consult with a foreclosure attorney when dealing with Texas foreclosures.

Action Steps
The best contacts and resources to help you get it done

Educate yourself on Texas foreclosure law

Every state has a different set of laws in regard to the foreclosure of a property, and in that regard Texas is no different than any other state in the union. Learn the basics of the laws associated with Texas foreclosure law so that you are well educated through every step of the process.

I recommend: Visit the website for Foreclosure Law.org. They detail the laws in relation to purchasing or going through the foreclosure process in Texas. Realty Trac also details Texas foreclosure law as well as providing additional information about Texas foreclosure listings.

Educate yourself on Texas foreclosure listing by browsing various types

There are a few different types of Texas foreclosure listings that one might come across when searching for properties. The main type is a foreclosure listed when a borrower has defaulted on payments to a bank. These lists will be found in real estate listings, foreclosure lists and other popular foreclosure websites. Another type of foreclosure listing is a tax lien. This occurs when the property owner defaults on property taxes. The county may then auction off the property if the tax debt is not cured. Check local counties to find these lists that are usually populated at the end of each fiscal year.

I recommend: Go to the website for Travis County, Texas to see an example of a tax foreclosure list. Also check out the website Foreclosure Databank to see an example of how to populate a foreclosure list in Texas by county.

Find a foreclosure attorney when dealing with Texas foreclosure listings

As you search through your Texas foreclosure list, keep in mind that it is wise to consult with a foreclosure attorney as you start to zero in on a property. The foreclosure attorneys will be up to date on the latest law changes that have been passed about both the federal and state level and will know how they apply to your particular situation. Many foreclosure attorneys offer a free consultation to identify how their services may be of use to you and your business.

I recommend: Visit the websites for either Balcom Law or Gordon Mosley, attorney at law. They are both attorneys that specialize in the field of foreclosures and can help you wade through the process of purchasing a property from a foreclosure list for Texas.