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Buying at the Auction
Bidding at auction on the court house steps has always been the best way to buy real estate at wholesale. Many times owners cannot sell their homes and realize any equity because of third party liens. Judgments, second and third mortgages, third party secured and unsecured creditors from bankruptcy filings and Federal tax liens all have priority claims on any equity realized from a sale of the property. The foreclosure auction will clear the title and in many cases provide a phenomenal opportunity for those with both the knowledge and the cash to bid.
In the past only the wealthiest could participate in these auctions. With our web site and brokerage services we provide the money, market analysis, property improvement loan and permanent loan to complete a below market purchase.
Whether you're interested in purchasing a home for yourself or for an investment, we can help make buying and bidding for a home a reality. Purchasing at auction requires a tremendous amount of work and experience. Our clients are among the most successful in finding and buying great deals. But we are never alone and the market is very competitive.
Click here to see the competition at recent auctions.
Travis County's best deals are always found on this site!
Our site provides you with the first look at upcoming HUD and VA listings. Our Realtors are experts at helping you determine how much to bid on each of the upcoming homes.
Here is a typical example of clearing a title:
An original borrower purchased their home for $125,000 seven years ago with a conventional 80% loan. Their original loan balance was $100,000.00. Three years after the original purchase the owners decided to add a game room and a swimming pool and secured a home improvement loan of $30,000.00 by placing a second deed of trust against their home. One year ago, due to several medical bills the original borrowers got behind on their mortgage several other bills and filed for Chapter 13 Bankruptcy protection. The Texas homestead law allowed the original borrowers to keep their home provided the Bankruptcy payment plan was followed precisely. Last month, the original borrowers missed a payment and their home is now listed on our site. The current market value is $160,000 and with all of the legal charges plus back interest the combined loan payoff is $148,700.00.
At auction, the original mortgagor is foreclosing for their loan balance, plus back interest, late charges and legal fees. The total amount owing is $107,356.00 which represents 67% of the current market value.
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