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Bidders Flock to Texas Foreclosures Listings Auctions



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By : John Cutts    99 or more times read
A family of three who have been to several foreclosure listings auctions in the country hoping to find a property that they could finally call their home after more than a year of living in an apartment, found their luck in Dallas, Texas.

The family purchased a Lake Tawakoni house with three bedrooms and two baths for the price of $35,000 which was almost 50 percent down from its original market value.

In January of this year, Texas foreclosures reached a total of 5,367 units. In areas of Dallas and Fort Worth, nearly 10 percent of homes in foreclosure listings were auctioned.

In 2008, over 21,000 houses, condominiums and townhouses in Dallas and Fort Worth were added on foreclosure listings.

The growing list of foreclosure listings in Texas may have wreaked havoc on the lives of some residents, but they have also given hope to other families.

Investors and potential homebuyers are perusing foreclosure listings for bargain deals. At a foreclosure listings auction held by Hudson and Marshall, some repo homes were sold way below their taxable market value.

For example, an Uptown condominium which was appraised for over $180,000 was sold for only $90,000. Furthermore, a mansion that was assessed by a tax district in Collin County to be worth $845,000 was offered for only $417,000 in an auction.

Despite this reported cases of bargain houses at auctions, foreclosure experts and real estate agents have warned not to expect bargain prices with each deal.

Hudson and Marshall national sales coordinator John Leggett said that he tried to attract bidders to bid $30,000 for a distressed property in an auction.

According to Keller Williams Realty broker Seychelle Van Poole, almost half of homebuyers expect that they can acquire a foreclosed home for about 50 centavos on a dollar.

Hudson and Marshall co-principal David Webb explained that majority of foreclosed homes sold at auctions by the company have been offered to homebuyers for several months before they were put on auction.

He added that some foreclosure properties have been on placed on the market for more than 6 months.

Webb said that most of his buyers are investors and individuals who plan to live on the property they are hoping to buy.

Homebuyers who want to bid should bring with them cashier’s check of not less than $2,500 and agree to complete the sale deal for not more than 45 days.


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