All Forum Posts by: Jacob Dean

@Abel Gudaye my understanding based on Wayne’s comment is that all properties in Harris County that were supposed to be auctioned off on 1/5 would be pushed to next month’s foreclosure auction which would be 2/2. Until that time they would still be in preforeclosure and you should be able to work with the home owners if you’re trying to wholesale a deal. How much time would just depend on how quickly you are able to find a buyer and close the deal with the title company. I’ve personally never done a preforeclosure deal so still learning parts of the process as well.

@Matthew Rolf I've actually never attended one either. I'd also like to check out the Harris County one when it finally starts back up again. I believe Montgomery county and Ft. Bend county are still holding theirs. To be honest, I'm currently not really in the financial position to purchase properties at auction. I was hoping to figure out a way to finance the property with either the owner or the bank but that seems increasingly unlikely to happen.

Thanks for the quick reply @Wayne Brooks and for confirming what I suspected.

I'm interested in a property in Cypress, TX that was scheduled to be auctioned off in the Harris County Foreclosure auction today (1/5/20). However since the auction was cancelled, I'm wondering how the bank will handle selling the property. I would think the bank would be incentivized to sell the property using another method since the Harris County auction has been cancelled for the past 8 months. Can someone tell me if banks are legally required to attempt to sell foreclosed properties at a courthouse auction before attempting other methods (like REO, online auction, or direct to investor)? If not, any idea how banks have been handling this issue in Houston or other areas? I imagine that this is not something that banks are dealing with only in Harris County.

And in case you were wondering, I have attempted to contact both the bank and the homeowner with very little success. I talked to a couple customer service reps with the mortgage servicer (PHH). One guy confirmed they did have a mortgage for that property, but wouldn't give me any more information and just directed me to Hubzu, HUD.gov, etc. So unfortunately even if the bank is more incentivized to sell I don't currently have a contact, but at this point I'm just curious.

Thanks in advance!