Let me put in my .02 cents. I am a realtor and I am living in a home purchased in a bank foreclosure. There are 2 types of foreclosures Bank and Tax. Each are conducted on the court house steps the first Tuesday of each month if the county has delinquent taxes. Large cities have tax foreclosures every month. Smaller population counties may have an auction once a year. They are always the first Tuesday of the month. Bank foreclosures are conducted at the same time and in large cities they are conducted every month. As said previous if the delinquent tax payer has homestead on a tax foreclosure he has 2 years to redeem the property if sold. The first year he must pay the buyer 125% of what was paid in the foreclosure and in the 2nd year the tax payer must pay the buyer 150%. Many folks do this as a living as the return is quite high. If you are successful in either type auction you must have cash immediately after the auction. I have purchased several bank foreclosed homes in Nueces County. I bought about 8 years ago before the boom and did very well. As many homes are underwater now it is hard to find a situation where the mortgage is low enough to make a good deal. The banks want the mortgage value typically at the auction.
As far as tax foreclosures for homes these are typically doable and you can get some deals however I tried for about 10 years all over the state to get acreage and only bid one time for 80 acres and lost to the nephew of the deceased owner who raised the price per acre way above market value. The taxing entities are very generous to the land owners and take forever to foreclose and then allow settlements typically just before the auction and remove them the morning of the auction
I have attached below the web sites for 2 real law offices that handle most of the tax foreclosures in Texas. You can go to their sites monthly and see what is selling and where. There are a lot of phony sites that say they are foreclosures but if they are not sold at auction on the court house the first Tuesday of the month they are not foreclosures. This is a lot of info and I'll be glad to give any advise I can to members I am not an attorney I'm just a guy who took a risk and did this a couple times.Here are the web sites below. PS although the law firms selling on the court house steps are supposed to do a complete title search of the property being foreclosed I did not trust them and always had a title company do a search for me before I bid on any property. The mortgage must be the primary mortgage in the foreclosure for you to take final title. It cannot be a 2nd. http://www.pbfcm.com/www.publicans.com