Main Menu
Photo Contest
THF Store
Fishing Forum
Texas Fishing & Outdoors Show
Big Billy Kinder Outdoors
Honey Hole All Outdoors Television
Fat Boy Outdoors
Get A Limit Outdoors
 Barry Stokes’ Southwest Outdoors Report
Newest Members
kwright91, stevewhite0745, Lakeside, Bob Smith in Mckinney, DiversiFab
54482 Registered Users
Top Posters
dogcatcher 47921
RWH24 44302
stxranchman 42685
BMD 39574
rifleman 38407
Big Orn 37484
BOBO the Clown 33933
sig226fan ( 27897
txshntr 27439
Txkiller 24388
Forum Stats
54482 Members
41 Forums
403213 Topics
5196287 Posts

Max Online: 16728 @ 03/25/12 08:51 AM
Page 2 of 2 < 1 2
Topic Options
#4313468 - 06/10/13 06:33 PM Re: Foreclosures [Re: Bullfrog]
Flashprism Offline

Registered: 11/16/11
Posts: 223
Loc: Corpus & Dickens
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.

Edited by Flashprism (06/10/13 06:53 PM)

#4313582 - 06/10/13 07:26 PM Re: Foreclosures [Re: Flashprism]
Ramsey Offline
Pepe' Le Pew
THF Trophy Hunter

Registered: 12/12/11
Posts: 6680
Loc: Plain Old Plano
You are off by a couple years. we are at the point of large hedge funds buying thousands of properties. the demand has shortened supplies and raised the price levels.

#4313620 - 06/10/13 07:44 PM Re: Foreclosures [Re: Ramsey]
MS1454 Online   content
Pro Tracker

Registered: 01/27/08
Posts: 1979
Loc: Houston/Sealy
I see a lot of ways and they all are prime for a lot of competition. Why not find the ones that are not listed, that realtors dont know about, find them before they go into foreclosure?
Originally Posted By: beaversnipe
So keep on pounding the beaver, i can take a lot...

#4313653 - 06/10/13 08:03 PM Re: Foreclosures [Re: Ramsey]
Flashprism Offline

Registered: 11/16/11
Posts: 223
Loc: Corpus & Dickens
You may be right I haven't looked with any detail for a couple years. Although I still see a lot of short sales that tells me the mortgage is more than the market will bear and the bank must make a loss decision. This does not indicate a good price opportunity. I hope you are right!!!

#4313693 - 06/10/13 08:27 PM Re: Foreclosures [Re: Ramsey]
jskin Offline
Extreme Tracker

Registered: 11/12/09
Posts: 4997
Loc: McKinney/Van Alstyne
Originally Posted By: Ramsey
You are off by a couple years. we are at the point of large hedge funds buying thousands of properties. the demand has shortened supplies and raised the price levels.

They are paying top dollar too!
"While we are postponing, life speeds by"

Page 2 of 2 < 1 2

© 2004-2014 OUTDOOR SITES NETWORK all rights reserved USA and Worldwide