FORECLOSURE BASICS
TRUSTEE SALES:
Bank and mortgage foreclosures are governed by the Texas Property Code 51.002.
When a homeowner defaults on his mortgage payments, the bank is entitled to foreclose the loan and sell the security, which is the home. The bank's trustee conducts the legal process to complete the foreclosure.
Trustee sales occur the first Tuesday of each month. The Trustee is required to post a public notice of foreclosure no later than 21 days before the auction. While the overwhelming majority of notices are not posted until this required 21st day before the auction, hundreds are posted much earlier, sometimes as much 6 weeks in advance of the auction.
The Foreclosure Posting Lists published on this site are updated as the "early" notices are posted and are completed when the balance of the notices are posted on the final, legal posting day.
Acquiring Pre-Foreclosure Property
There are several ways to purchase property scheduled for foreclosure, including buying from the homeowner before the auction, bidding at the monthly foreclosure sale or buying from the banks after they have repossessed the property at auction, known as REOs.
There is no registration required to bid at Trustee Sales. However, it is helpful to note the Trustee's name and property legal description of any property on which you wish to bid. There are many Trustees on site selling property simultaneously and they often do not refer to the common address of the property when conducting their sales.
The only form of payment accepted at the Trustee Sales is cash or cashier's checks. Credit cards and personal checks are not accepted.
CONSTABLE SALES:
Tax auctions are known as Constable Sales (or Sheriff Sales) in Texas.
Similar to Trustee Sale requirements, taxing authorities must post or announce pending tax sales no later than twenty days before each foreclosure sale. Constable Sales also occur the first Tuesday of each month and at the same location as Trustee Sales.
However, unlike Trustee Sales, registration is required. You may visit the Harris County Tax Assessor's website at www.hcad.org to register.
Opening bid prices at Constable Sales are derived by the actual tax delinquency. As is the case with Trustee Sales, the only form of payment accepted is cash or cashier's checks.
