Texas offers a wide range of affordable real estate options, including many foreclosure properties in its cities. If you’re seeking a faster real estate transaction and are ready to put in some work to boost your return on investment, exploring foreclosure properties in Texas could be a smart move. Hundreds of these properties are auctioned off monthly, and with a solid bidding strategy, you can secure great deals. However, it’s important to be well-prepared before diving in.
Find Texas Foreclosure Properties on Auction.com
Credit Bid Available on Select Properties
Auction.com makes the buying process easier by offering the Credit Bid on select properties. The credit bid, or minimum amount you must exceed to win the property, helps you plan a more effective bidding strategy.
As a bidder, you can leverage the credit bid to your advantage. It allows you to determine in advance which properties are within your budget, eliminating surprises. You’ll also be able to plan backup options for the auction in case your preferred properties are cancelled, or you get outbid.
Preparing for the Auction
Here are key research steps to complete before attending the auction:
- Download the Auction.com app to save properties and stay updated on their statuses. Also, review the Remote Bid page.
- What is Remote Bid? It is a feature that enables investors to place bids on select foreclosure properties without having to be physically present at the sale. With remote bid, you can bid in real-time and place bids in advance as well and wait until the auction ends to see if you win.
- Do your due diligence on the property. Keep in mind that many properties are occupied, so avoid trespassing or disturbing the occupant.
- Visit Auction.com’s property details page for each listing to view photos, title information, important documents, and the auction’s time and location.
- Conduct a comparative market analysis to understand what similar properties are selling for.
- Prepare your funds, as full payment is required if you win. You can use cashier’s checks made payable to yourself or the bidder if you’re bidding personally but avoid naming a legal entity. It’s advisable to obtain several cashier’s checks in different denominations to closely match the winning bid amount.
Auction Day
1.Courthouse auctions typically begin at 10 a.m. and wrap up around 4 p.m.
2.Upon arrival, look for the Auction.com staff, easily identifiable by their green or black shirts, who are there to assist you.
3.Review the properties you’re interested in bidding on and receive your bidder number to begin. You can also collect a list of properties scheduled for auction that day. If you are planning on using our app to bid remotely, make sure you’re logged in.
4.Be sure to position yourself so you have clear visibility and can communicate with the auctioneer.
Auction Time!
Once the auction begins, the auctioneer will read the notice of sale and announce the creditor’s opening bid for each property. Stay attentive and be sure to project your voice when placing a bid.
If you win, a contract writer will meet with you to verify your government ID and collect funds before finalizing the certificate of sale. Afterward, you’ll wait for the deed to be mailed and, if applicable, negotiate the departure of any occupants.
For more details, visit our Texas foreclosure page.
