Financing Foreclosure Purchases
A Texas starter on paying for a trustee-sale purchase: the cash rule in Property Code §51.0075, the funding choices people actually use, and the worksheets for a max bid. It does not tell you to borrow or what a property is worth.
Not legal or financial advice. Consult a Texas attorney and your own lender before you borrow or bid.
$27
PDF · 33 pages. Pro includes every paid guide.
Who it is for. People who need to understand how a trustee-sale bid is paid.
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What is inside
- Why the trustee's sale is a cash sale
- Cash you already have
- Hard money
- Private money
- Home equity and lines of credit
- Business credit
- Partners and joint ventures
- Pre-foreclosure is a different contract
- Lining funds up before sale day
- Proof of funds
- After the deed: refinance, cash-out, and DSCR
- Seasoning
- Budgeting closing, holding, and repairs
- Reading a term sheet before you depend on it
- Bidding in the name of a company
- If the refinance does not happen
- A sale-week sequence
- Worksheets
Questions
Does the statute require a cashier's check?
Property Code §51.0075(f) makes the price due without delay. Subsection (a) lets the trustee announce reasonable conditions, and many trustees require cash or a cashier's check. Read the notice and listen to the announcement.
Can a lender fund the bid at the courthouse?
Most loan closings cannot finish between the bid and the trustee's demand for payment. Line the money up before sale day, in a form the trustee will accept.
Is the guide included with a plan?
Pro includes the PDF when checkout is open. Standard pays the $27 list price.