Real Estate Auctions in Bexar County TX

A foreclosure is a situation, where a money lender or a mortgagee takes control over a mortgaged property, when the mortgagor is unable to make payments. It's one opportunity where people can buy real estate properties for a lower market value. Most people buy properties from foreclosure auctions as their primary residence, or as an investment to rent or flip it for a profit.

In Bexar County Texas, the County Records Office allows people to use public computers for research on any property in the County. This information can also be accessed from one’s computer. A search for Notice of Defaults and Trustee Sales can be done for Foreclosures. A Trustee’s Deed, recorded after a property has been foreclosed, can be reviewed and the Sale (Trustee’s Sale) occurs at the Courthouse steps. The sale typically occurs between 10 a.m. and 4 p.m. on the first Tuesday of each month on the North steps of the Bexar County court house. If one has the winning bid, the individual must be prepared to pay the full amount due, which may include bid price, taxes due, related fees, etc;

These homes are sold “as is, where is, with all faults” and as a buyer, one has no recourse with the condition of the property… truly a “buyer beware” situation. One must ensure all the research is done on the subject property to have as much knowledge as possible regarding the property, and any financial issues that may be tied to the property. The bid one makes is to satisfy the bank’s acceptable auction price, not to cover tax liens, homeowner association liens, mechanics liens, or other financial obligations tied to the property.

Before the auction begins, one should have the legal description of the property for which the bid will be done. Individuals planning to bid in the foreclosure auction may be asked to prequalify before they can start bidding. To qualify in most States, one must bring a Cashier’s Check to bid. Some States require just $5K to bid and the balance to be paid in 24 hours, while other States require that the entire winning bid amount be provided in Cashier’s Checks. One should check the requirements pertaining to the county in which the property will be auctioned. Like any other auction, the auctioneer attempts to raise the bid after an opening bid has been placed. At the end of the auction, the highest bidder wins. If no one bids on a specific property, the bank takes the property back, and lists the property for sale with a REALTOR® as an REO – Real Estate Owned property.

As always, one should seek the advice of an attorney with regard to the deed and conveyance of the property.

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