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Dixon Wong, Real Estate Pro in Dallas, TX

Do any of you have experience with going to the court house and bidding on mortgage foreclosure?

Asked by Dixon Wong, Dallas, TX Tue Sep 25, 2012

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8
Here's a video from Foreclosure Radar that may help or that you can share

http://www.youtube.com/watch?v=1CanJbhGdJM
1 vote Thank Flag Link Tue Sep 25, 2012
May I add that you should check with the title companies. My understanding is that homes bought at auction may not be able to get title insurance -- which can make a huge difference.
0 votes Thank Flag Link Wed Sep 26, 2012
Hello Dixon,

I am in California, and buying a home this way is best left to the REAl heavy hitting pros.

These type of auctions can be brutal, and buyer really has to do their homework.

Often times you are buying a home you have not had the chance to view.

You will need a good contact at a title company to check to see if there are any liens on the property. If you buy a home with liens on it, you also own the liens.

Best of Success to YOu!
Kawain Payne, Realtor
0 votes Thank Flag Link Wed Sep 26, 2012
Yes, There are other ways. I worked with Investors who work from the foreclose list many different ways.
0 votes Thank Flag Link Tue Sep 25, 2012
I have done it many time. Yes I have experience.
0 votes Thank Flag Link Tue Sep 25, 2012
Very Risky! There are better ways to get a home without the problems.
0 votes Thank Flag Link Tue Sep 25, 2012
Yes, it's a risky proposition unless you have run a title search and feel very confident that you are buying the 1st lien. (Heard of many horror stories about investors buying 2nd liens when they thought they were buying 1st liens.) The improvements have inherent risks as well that you would certainly want to evaluate/mitigate prior to bidding. So, my quick response is....unless you decide to be committed to buying properties via this method, the upside is typically not worth the time, effort and money. If a property has enough equity (to make it an attractive investment), the lender will typically be the successful bidder. Many of the properties on the F/C list don't make it to auction because an agreement between lender and borrower has been made (anytime up until the trustee announces it). So, you end up doing a lot of due diligence and then the properties that are worthwhile 1) don't get announced or 2) get bought by the lender. Waste of time. If you want to pursue this line of business, attend a George Roddy Jr. seminar and tell him I said Hello.
0 votes Thank Flag Link Tue Sep 25, 2012
Dixon, It is very difficult and be prepared to be eaten by the big sharks (the usual crowd), have cash ready because they only will deal with bidders with cash.

GOOD LUCK.

Kenny
0 votes Thank Flag Link Tue Sep 25, 2012
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