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(214) 593-0074
4851 Keller Springs Rd Ste. 219
Addison, Texas 75001
4851 Keller Springs Rd Ste. 219
Addison, Texas 75001
How to Buy Texas Foreclosures
What is “Foreclosure”?
The legal process by which a person or institution that is owed money can force the sale of a property under the regulations & statutes of Texas Property/Tax Code.
Did You Know?
Texas is one of the top 10 states in foreclosure posting volume; therefore, we believe it is more important than ever for investors & REALTORS® to be knowledgeable about the Texas foreclosure process, which is different from that in many other states. In order to make this a PROFITABLE business strategy, you must know the four P’s of the Texas foreclosure process: Process, People, Pitfalls and Profit center. Learn how to avoid costly mistakes common when new to buying delinquent mortgages, mechanic liens, and homeowner association judgments either before the auction, at the Trustee’s foreclosure auction, or as a bank owned R.E.O.; and, learn how your clients, or yourself as an investor, can profit from investing in distressed property. Each student will be provided with a full explanation of the procedures, nuances, and strategies of buying distressed real estate in Texas.
What You Will Learn
The Foreclosure Process – Texas Property Code
- • 9 Different Types of Foreclosure Liens you can purchase
- • Twenty-one Day Process for State of Texas
- • Judicial vs. Non-judicial foreclosures
- • Non-disclosure State
- • Relationship of Lender, Attorney (Trustee) & Homeowner
- • Number of months before a Lender will take Legal Action
- • Survivorship of a Lien or other Encumbrance
Finding Pre-Foreclosure Property
- • How to find Posted Properties
- • Availability of Foreclosure Posting Data & Early Postings
- • Examine County Deed Records & Notices
- • How to Use FLS’s Postings List
Buying Pre-Foreclosures
- • How to Legally & Ethically Contact the Homeowner
- • Negotiating the Deal
- • Write an Offer/Contract with specific contingencies
- • Assumable Loans, “Subject To” & Other Financing Options
- • Discounting Loans, Short Sales & Paying off Lien Holders
- • Closing the Transaction
- • Payoff Mortgage vs. Reinstate
Buying at the Foreclosure Auction
- • Atmosphere of the Auction
- • Finding the Trustee/Attorney
- • Organize/Sort your leads in the “Auction Style” sequence
- • Bidding on the Property
- • Who, When & How do I pay for this investment
- • Cash & Cashier’s Checks
- • Insuring Foreclosures – Type of Title Policy & When to purchase Binder?
- • House Bill 2738 requires Immediate Payment
- • Evicting the Occupant
Buying After Foreclosure from the Bank
- • Identifying Bank repossessions (REOs)
- • Using FLS’s REO/Auction Results Report
- • Letter of Intent Offer
- • Representing Banks by Listing their REOs
Enroll Today!
Choose from one of the following options:
Attend a LIVE Workshop
| How to Buy Texas Foreclosures: Addison (starts at $79) March 17th, 2012 8:30 AM - 12:30 PM |
Online Home-Study Course
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When will your next class on buying Texas foreclosures be held in Austin?
Matt,
I am heading down to teach a few courses in Austin at the Trinity Title location off Mopac on March 24th. I’m not sure if I am going to teach the How to buy Texas Foreclosure course or not. Please check back soon, I will post the event on http://www.Roddy.com
George Roddy, Jr.
http://www.Roddy.com – What to become wealthy in real estate? Do three things: Get educated, Get good Data, hire a local mentor!
When is your next foreclosure seminar. The lady at your office said that Sat morning April 9th you might be having something. Let me know.
thanks
Al,
We will have our next How to buy Foreclosure class in 2 weeks. Please check back the site tomorrow to sign up.
Thanks,
George Roddy, Jr.
George,
What course do I take to learn how to contact the llender. lown servicer, or trustee to make a note purchase offer on a pre-foreclosure property? I would like to make an offer to purchase a first lien note in Travis County for a property recently posted, but can not find Trustee contact information or lender contact information to send the offer to.
Gary
Gary,
You really need to speak directly to the lender, not the trustee. Is the property residential or commercial? If it’s residential then call the customer service department of at lending institution and ask for the “pay off” department. Then once you get them give them the loan number/file number off the Deed of Trust document that is filed in the Travis County clerks office. Ask to speak to someone about purchasing this note. I think you might hit a wall, but it’s worth a shot.
If it’s commercial, then call the trustee that represents the lender. They might know who you could speak with.
Good luck, if you want to know how to make money investing your time in Texas foreclosures, come to our June 16th live event in Addison, or take the “home-study video course” online.
To your success,
George Roddy, Jr.
CEO of Roddy.com
I need to sign up for the Buyring Texas foreclosure online class
If I have working knowledge of the foreclosure process but would like more in depth or private training on tackling the Texas trustee sale auction. Do you provide private training for just this?
Travis,
Thanks for your interest. Yes, we offer 1 on 1 consultations. Please call our office and we can provide you with the hourly rate and book a time that is convenient for you.
I hope you enjoy the online home-study course that you purchased the other day.
George Roddy, Jr.
Roddy Real Estate Investing Academy
214-593-0074
http://www.Roddy.com
When is your next LIVE workshop on buying foreclosures in the DFW area??
Thanks!
Kim
Kim,
February 11th. Give me an hour and it will be on our website so you can register.
George Roddy
George,
Do you have a March date set yet for the How-To-Buy workshop?
Thanks!
Jeff
Jeff,
We have both the How to buy Texas Foreclosure workshop and the Texas Tax liens course scheduled for March 10th. Please go to http://www.roddy.com and look on the right side of the home page to register.
George Roddy, Jr.
RREIA – Since 1963, we’ve been educating Texas real estate investors.