In Texas, new homes in Galveston County are going on the market at prices that might seem a little confusing to those not familiar with the area. A property is in pre-foreclosure after the mortgage lender has notified the borrowers that they are in default , but before the property is offered for sale at auction. The banks that issued the loans to the builders then take possession of the property and put it up for sale.
A public notice advertising the auction sale is posted in local newspapers and at the county courthouse, the borrower can still redeem the loan up until the day of the auction. The home buying process doesn’t change a whole lot from a conventional purchase to a foreclosure.
In the event that the borrower does not set up a payment plan to repay the loan or does not pay the loan in full and cure the default a Notice of Sale or Notice of Trustee Sale will be sent by the trustee to the borrower. A borrower must be at least 90 days behind on their loan payments before the formal foreclosure process can even begin; the entire process can take an additional 120 days or more before the home can be sold at an auction sale.
If you’re looking to buy, refinance or remodel your home, then be sure to review VA home loan requirements to see if you qualify. Foreclosure properties are sold at public real estate auction under the direction of the court in the county where the property is located.
This index attempts to measure how long it will take for all the homes currently on the market to be sold given the rate at which homes are currently selling. A company that specializes in office buildings will most likely not know how to manage a portfolio of single family homes.