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Austin Foreclosure Homes - Foreclosure Homes in Austin

These days, the term “foreclosure” is in the news a lot; ever since the collapse of the housing market Austin foreclosure homes have become a more frequent occurrence. A combination of the hyper-inflation of home prices, and over lending by sub-prime brokers has caused a near meltdown of the once booming housing market and a rise in Austin foreclosure homes. Yet, there is a silver lining available to a wise investor. If you have some money, and are looking to pick up some Austin foreclosure homes at low prices, then this is the time to buy.

Now, before you run off to check for Austin foreclosures, you need to become familiar with foreclosure laws. For that, you need to check out the Texas laws covering this matter. So, let us take a look at Texas foreclosure laws, and see what’s what.

A lender is allowed to proceed with a foreclosure in one of two methods: judicial or non-judicial. Two rather high-sounding terms that simply mean the process is either done in court or out of court; how do you know which one is going to be used on Austin foreclosure homes you’re concerned with? It comes down to a clause in the mortgage agreement. It is known as the “Power of Sale” clause. Here is how it works: if the homeowner can not make the mortgage payments, he/she is required to put the home on the market and that’s how you get Austin foreclosure homes; no court action is needed. If that clause is not in the mortgage, then the lender must obtain a court order to sell Austin foreclosure homes.

Next, there is the issue of time in home foreclosures in Austin. If you are looking in the Austin housing market, then you need to know that Texas law gives sixty days for the foreclosure process to be carried out so that Austin foreclosure homes are then put up for sale. In some cases, the Power of Sale clause may be very detailed. If that is the case you can figure out when the Austin foreclosure homes will be on the market by following the Texas guidelines for a foreclosure sale. Here is how Austin foreclosure homes will “play out.”

First, the lender will serve the homeowner with a notice a minimum of twenty days before the planned Austin foreclosure homes sale. This is when the owner has their last chance at preventing their home from going on the market. After that period expires, the lender goes to the county clerk’s office in Austin and files a “Notice of Foreclosure.” A copy of it is posted at the courthouse, and another given to the homeowner at least twenty-one days before the sale of Austin foreclosure homes.

Once all of these steps have been carried out, state law requires the sale of Austin foreclosure homes to be on the first Tuesday of the month, and it is carried out as an open (public) auction. Anyone can bid on Austin foreclosure homes (even the previous owner), and each goes to the highest bidder. Now, here is another important tip to remember when seeking out Austin foreclosure homes: auctions such as this require you to make some sort of payment at the end; and it must be cash or a cashier’s check. Thankfully, you do not have to pay the full amount, but some kind of deposit must be made for Austin foreclosure homes, with the balance to follow within thirty days.