Foreclosure in Austin>Question Details

Scott_home, Real Estate Pro in Austin, TX

Are bank foreclosures being auctioned off at the county courthouse? In Travis county website, it shows mostly tax foreclosures. But I can't

Asked by Scott_home, Austin, TX Fri Dec 4, 2009

find the bank foreclosures (obtained from RealtyTrac or other foreclosure sites) in the county's monthy auction list. Can someone tell me where the bank foreclosure auction is held? Thanks.

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BEST ANSWER
Yes...

There are two sales. One is mortgage foreclosures (trustee sale) and the other is mainly tax foreclosures.(sherrifs sale) Always 1st Tuesday of the month even on holidays. I believe the Sherrifs sale is on the West steps. Not sure about the trustee sale. Some places have moved them inside. You can ask around on the 1st Tuesday and I'm sure people will point you in the right direction.

Remember it is not typical option format with open outcry. It could be a guy in a suit facing a wall mumbling. These are tricky. Only the legal discriptions are typically used, you have to pay cash right then and there. In most cases they will go close to the mortgage amounts and be bought back by the lender.

Good luck have fun.
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1 vote Thank Flag Link Sat Dec 5, 2009
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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Scott,

If you are looking for the Travis County Bank Foreclosure list their are two main sources. The one that I use is called FLSonline.com You will be charged a fee but its the best way to proceed forward if you are considering rolling the dice at the courthouse auction. Currently I use this service and when you are attempting to bid the trustee goes really quick and its hard to hear anything. This service provider will help you to realize when the property you are wanting to purchase is being auctioned. There are hundreds of foreclosures in Travis county each month, so the bidding process goes fast and is very competitive at the auction. If you are thinking of buying a Foreclosure, I have purchased many of them and would be able to assist you in the first one. Best of Luck

Clint
512 799 6623
0 votes Thank Flag Link Thu Aug 30, 2012
Dear Scott,
The auctions really only work for investors that have a pile of cash collecting dust. The key to the auction is you must pay the full amount at the time of the auction. They want to see cash or a cashiers check right then, period.
You might be better off trying to buy a Pre-Foreclosure, these properties are not owned by the bank yet and the sellers are typically motivated to sell (read work with potential buyers and accept a lower price) as they don't want a foreclosure on their record. Every house is different and every seller is different. Give me a shout if I can halp.

Sincerely,

Betina
0 votes Thank Flag Link Sat Dec 19, 2009
Hi Scott - I cannot stress the importance of doing your homework before showing up at the courthouse and bidding on a bank foreclosure. Some foreclosures are for delinquent HOA dues, second mortgages, mechanic's liens, etc. You may think you're buying the property, but there may be a first mortgage which will supersede what you bid on at the sale. You should always conduct a lien search before you bid at auction so you can determine if the title is clouded.

As to where you can find the list of properties at the foreclosure sale, you can go to the tax assessor's office and ask for the upcoming foreclosure listings (they'll hand you a big binder that you can look at while there - can't take it with you!) or you can subscribe to one of the many foreclosure listing services that compile the information.

Good luck!
0 votes Thank Flag Link Fri Dec 18, 2009
Many of those foreclosures posted on paid websites are not accurate info. or outdated.

Attend an auction are you qualified by a lender? If not contact a mortgage broker complete a letter of statement any auction you need show proof ability purchase a home .

Direct link of auctions take inconsideration: applies to any city here in USA
http://activerain.com/blogsview/1067728/dallas-fort-worth-re…

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0 votes Thank Flag Link Tue Dec 15, 2009
ITs very difficult to obtain traditional financing with these due to the quick sales price and quick time required to obtain financing. One word of caution, just because its auctioned off on the courthouse steps doesn't mean that it is a good deal. The banks have their own reps there to "get the price up" by competing for the bid.

Try offerig a redicluous price for a property that is either owned by an evil developer or one that has been on the market for a long time. Those hae better discount probabilities for you.
0 votes Thank Flag Link Wed Dec 9, 2009
I know I don't have all the cash up front in my bank. Are you saying that potential buyers cannot normally obtain financing on the property' before the trustee auction?
0 votes Thank Flag Link Wed Dec 9, 2009
There are agents that go out and visit every single auction property before they hit the steps basically on the week before. This is not a free service but it does "shorten the list" that are actually bid upon on the day of the auction. The best guy I know is Clayton Reagan, who does it for a at least 2 of my clients. If you can afford the service, its a great way to get a nice property for a cheap price. Expect him to do the title research, visit the property and get comprehensive reports on the "prospects" for the auction.

BTW- I know this was mentioned earlier but they really do mean you have to bring cashiers checks to the steps of the courthouse. If you win the auction, you have 20 minutes to come up with the money in full.
0 votes Thank Flag Link Sun Dec 6, 2009
Dear Scott:

Travis County holds its auction on the first Tuesday of the month at 10:00 a.m. It's a more formal atmosphere, so I might suggest that you attend the Hays County auction in January. It's very informal, people are very helpful and friendly -- bring lunch in a cooler and a lawn chair. It will help you become more familiar with the process -- it's a really fun time! After that, you will be more aware of how the game is played -- cashier's checks only, etc. Then you can enter the Travis County scene. That's what I did and I met some really good friends in both counties.

Good luck and happy holidays!

Mary Strickler
Prudential
0 votes Thank Flag Link Sat Dec 5, 2009
The tradition auction on the court house steps are for properties that have delinquent taxes. These auctions are "buyer beware" type properties. You will rarely, if ever, have the opportunity to see what you are buying and it is up to you to ensure the title is clear without additional liens.

I'd be happy to provide addtional information on bank foreclosures, HUD homes, and tax auctions.

Regards,
Donna Goode
Keller Williams Realty
512-203-8917.
0 votes Thank Flag Link Sat Dec 5, 2009
If you would like a free online list of available Foreclosure properties (with color photos); visit my website below. My Foreclosure lists include all types of Foreclosures including Bank Foreclosures and HUD/Government Foreclosures. My lists are always up-to-date and include full address and multiple photos.
0 votes Thank Flag Link Sat Dec 5, 2009
Dear Scott,
I agree with Bruce, the bank foreclosure sales always happen on the first Tuesday of the month at the Courthouse steps, and it can be tricky. The trustees are typically lawyers handeling the sale. They have a three hour window to "sell" the property. Typically the banks seem to take the property back and then list it for sale at a later date. These sales are always 100% cash/cashiers check at the time of auction. They do not allow you to use a lender to make these purchases. The Sherrif's sale is for propertys that owe significant back taxes. Your other option is for a Realtor to help you find a pre-foreclosure property. We can set up a search directly from the Multiple Listing Service to find foreclosures and short sales in a particular area. If your interested send me an email and I can do this for you.
Sincerely,
Betina

Betina Foreman Realtor
Keller Williams Real Estate
1801 S. MOPAC, Suite 100
Austin, TX 78746
512-771-6318
0 votes Thank Flag Link Sat Dec 5, 2009
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