Posted by
Louis Cardenas

How long must you wait before you completely own a foreclosed property?

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How long must you wait before you completely own a foreclosed property?

By Louis Cardenas   
Posted on Jan 27, 2018 in Topic: Foreclosures & Investments
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Status: Open
Viewed: 498
Asked by: Consumer
Posted: 4 months ago
Yvonne Chauvin
about 4 months ago

It depends on the bank who owns the property, as well as the bank who is providing you with mortgage (if applicable). If you're obtaining mortgage to purchase the foreclosed property, home inspections may delay the closing process- especially if property is distressed.
Some banks have quicker turnaround time than others. And of course cash transaction will take less time.
Hard to answer your questions without more details, but I'd estimate anywhere from 30-45 days- again, depending on the bank and your situation.
Are you purchasing foreclosed property as your primary residence or are you using hard money loan to flip it?
Hope this helps,
Thank you,

Yvonne Chauvin
Better Homes and Gardens Gary Greene

about 4 months ago
Cagdas Acar
about 3 months ago
Dear Louis,

I would put the forclosures two types: the ones due to the tax deliquincies and the ones due to bank debt foreclosures.

For the tax deliqueincies : The forclosed property owner has the right of redemption after auction.
In Texas, there is a two-year redemption period for residential homestead properties and agricultural properties. Other types of properties have a 180-day (six-month) redemption period (Tex. Tax Code § 34.21).The post-sale redemption period starts when the deed is filed in the county records (Tex. Tax Code § 34.21).

For the bank/mortgage related forclosure: You own it completely assuming the title is clean and no other liens on the property once you win the bidding at auction and pay. Payment is made mainly cash or cashier checks. With these payments you do not need to go through inspection etc.

In forclosure auctions they catagorize the types of sale whether tax or other foreclosure. Before going the auction i highly recommend you get title checks and research on properties that you want to bid.

Cagdas Acar
Msc PSA Realtor

about 3 months ago
Disclaimer: Answers provided are just opinions and should not be accepted as advice.

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