You have received some great information below. I agree with Bruce, your best bet would be to buy a home that has already been foreclosed on (as opposed to going to the Courthouse steps to buy it at auction). Buying a home on the courthouse steps involves quite a bit of risk on your part (you may buy a home that has other liens in place) and it also involves having cash up front - in exact change.
To minimize your risk, buying a home that has already been foreclosed on by the bank, and is listed for sale with a Realtor in the MLS is your best bet. The banks occasionally make basic repairs prior to listing them and they usually price them well.
The optimal situation for you is to hire a Realtor to represent you and your best interests. There should not be a cost to you as a buyer for the services of a Realtor (as the seller usually pays the real estate fees). Having someone on your side, to help you through the entire process, is certainly recommended.
If you would like to visit with our Accredited Buyer Representative (who is also a Short Sale and Foreclosure Resource Specialist), please let us know. We would be happy to assist you.
Coldwell Banker Jane Henry Realtors
North Texas Top Team, Realtors
The home is for sale now. If you are interested, don't wait for the foreclosure auction. It may never happen. You will often see notices of default that never materialize into actual auctions on the courthouse steps. Chasing these is nearly a futal effort as over 90% of the homes sold at the foreclosure auction will be bought back by the lender and resold on the open market if it goes that far. It is common for properites to be posted over and over and never make it to auction. That's why you will normally only see street names and never specific addresses on the internet sites. They're interested in selling you lists, and these lists are not normally good investments. Based on the information I see I would be surprised if this one goes to auction.
Also realize at auction financing is not an option, you will need to pay the full bid price by cashier's check at the auction if it gets to that.
If you are only interested in buying foreclosures, it is probably best for you to buy them as REOs after the bank buys them back at auction and then puts them on the market. Here are some examples of these:
If you would like more information please give me a call.
Keller Williams Realty
SellState Metro Realty
Happy to investigate more contact my office where I can obtain additional details.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors