San Antonio, TX · Member since 2009 · 86 posts · 13 votes
I'm interested in purchasing foreclosure properties at the Bexar County San Antonio Courthouse auction on the first Tuesdays of the month. I've read a number of articles on the bidding process but I still have some questions as to procedures. Be great to talk with someone who's familiar with the process.
Real Estate Broker · Charleston, SC · Member since 2015 · 106 posts · 39 votes
10y
I'm interested in the SA auction as well. Anybody on BP familiar with it? I bought a house at an auction in Atlanta for $50k. The previous owners still live in it and have paid rent on time every month for a year. I got lucky I suppose.
San Antonio, TX · Member since 2009 · 86 posts · 13 votes
10y
Thanks Mike. I understand you have to pay in full by Cashier's checks. It's also my understanding that you have two hours after the sale to get them the check. So what's the best way to handle this...do you bring a bunch of Cashier's Checks made out to different amounts or once your bid is accepted do you go to the nearest bank for a check in the specific amount? I'm assuming there are some administrative charges added.
I also understand that you have to do some preliminary title research yourself prior to the sale to ensure you're not bidding on a second mortgage or their are title issues.
Is there an order the properties are auctioned off? What order do they go in and can I get a list of the order beforehand. I know I can get a list of the foreclosed homes being auctioned off beforehand.
I've talked with some other folks who have done this and they advised me that out of 100 properties available, after applying review criteria they narrowed it down to three.
I've done quite a bit of flipping and holding purchased through other means but this is something I'd like to try.
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
10y
As for the checks, yes just bring various denominations, plus $1000 cash....for under 100k, 1 for 50k, 4 for 10k, 1 for 5k, 4 for 1k....you can tender any amount.