What is an HAR foreclosure?


Quick Answer

An HAR foreclosure is a property in foreclosure listed on the Houston Association of Realtors website. The HAR, an association of real estate professionals, covers all aspects of the housing industry, according to HAR.com. It lists properties professionally on its websites and interested buyers can make a purchase.

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Full Answer

Foreclosure, a forced property sale, is instigated by a mortgage lender when a borrower defaults on loan repayments or the terms of loan repayment. In Texas, foreclosures on real estate are auctioned off on the first Tuesday of every month at the county courthouse steps, says HAR.com. In most instances, the mortgage company or the bank that owns the defaulted mortgage acquires the properties by bidding on the loan amount they are owed.

After the foreclosure, the property now belonging to the mortgage lender is known as Real Estate Owned by the Bank and most properties, despite being marketed as foreclosures, fall under this category. The lenders list these properties on HAR, the largest individual membership association in Houston and the second largest local board of realtors in the United States. The organization's main aim is to help the members own homes by financing them and once the individual defaults on payment resell the property.

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