texas real estate auctions
What happens to a tenant’s lease after a bank foreclosure & public auction (commercial real estate in Texas)?
Landlord allowed bank to foreclose on the building we were tenants in. The building went to auction, but there were no bidders. The bank became the owners. As tenants, what happens to our lease? What are our rights/options? It’s commercial real estate in Texas. Thanks so much for any help.
So are tenants month-to-month? Are the leases void? What if the bank doesn’t offer a new, reasonable lease? Thanks.
If the bank now owns the property, they will speak with each tenant and new leases will be offered. They know what you are paying and the terms (unless verbal) so they will base the new leases on that. Your options are to work with the bank or new owner or leave the property. Usually, it is a slow process so think clearly and make sure you understand the bank terms or if they sell it (more than likely)you will end up negotiating with the new owner.
texas real estate auctions
Want to Get Your Texas Real Estate License? Even During a Recession, the Time is Now!
If you have been hesitant to obtain your Texas real estate license, there are many who wouldn’t blame you. These days, if you simply open a newspaper or turn on the television, you might think the world is going to end. Now, we are in fact in the middle of a recession, but even though the glass is half empty, it is also half full. For those willing to look past the pessimism to the opportunities, now is great to time to invest in yourself and become a real estate agent.
There are two sides to the current housing market. On one hand, home prices are falling and it’s difficult to sell. Also, an unfortunate amount of people—over 800,000 in 2008—are losing their homes to foreclosure. On the other, it’s a buyers market, and those with available resources are investing. Now is actually an ideal time to become a realtor.
It is truly a buyers market, for a couple of reason. Housing prices are falling nationwide. According to the latest S&P/Case-Shiller Home Price Index, they have fallen on average of 21% from their peak. Now it’s true that the lower that the home price, the lower your commission. But, buyers with the resources to do so are eager to snatch up these properties the lower they go, thus what is lost in quality is made up for in quantity. Even so, realtors in Texas may have it best: falling prices, but not so low that commissions suffer significantly. While the sunbelt has seen prices fall up to 40%, Texas home values on average have decreased by 5.5% in the last year. This looks like the trend for the future, in report by PMI Mortgage Insurance named San Antonio, Houston, Fort Worth and Dallas, among their top ten cities with the lowest risk for lower real estate values in the upcoming year.
There are a huge number of homes going to auction each day, so the opportunities for a wise investor are plentiful. If a home does not sell at auction it is purchased by the lender and put on the market for a traditional sale. Even at this point a buyer will get an incredible deal. Due to the large numbers of homes being foreclosed on each day, there are quite a bit of foreclosed properties on the market. This number is likely to increase. Banks continue to be overwhelmed by the sheer amount of properties, and some are deliberately slowing the process so they don’t have to take the markdowns in the books. Either way, it’s estimated thats 70% of the inventory hasn’t even been posted on the MLS yet. Thus, there will be no shortage of these properties in the upcoming year.
If you want to obtain your Texas real estate license there is no time like the present. The Texas Institute of Real Estate can guide you through the process and prepare you for every aspect of your real estate career. Considered the premiere business school for realtors, their courses are offered live, via correspondence, or online. In addition to obtaining your license, you will receive an invaluable education. Learn how to take advantage of the current economy and the opportunities it provides, and gain the know-how and skills necessary to continue to thrive in any environment.
They say that more millionaires were made during the Great Depression than any other time in history. Now, to call the current state of the economy a depression is an exaggeration, and you may not make millions. But the lesson is that resourceful individuals can take advantage of any situation. There are opportunities present in the current housing market, but it’s up to you to seek them out and capitalize on them.
About the Author
Helen Walker. The Texas Institute of Real Estate is different than other Texas real estate schools. We’ll show you how to get your Texas Real Estate License, and coach you how to use it!
What website holds public auctions for real estate in Texas?
what is the governmental website that lists auctions for real estate in Tx? Thanks
i do not hold much faith in websites that promote loans, or auctions or anything where you have to send $$$.
go to your local county tax accessor…he has a list of upcoming trustee sales. in our area, the county actually lists them on their website. the trustee sales are held on the courthouse steps.
you can also visit your loca banks, financial institutions and mortgage companies. they all have the lists of the upcoming trustee sales.
good luck
Texas Real Estate Auctions
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