msqualene, Home Buyer in Houston, TX

when is the auction for this house?

Asked by msqualene, Houston, TX Sat Feb 2, 2013

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The home may never come up for auction, be postponed (perhaps indefinitely), or have already been sold. What you see is a posting by RealtyTrac, a reporting service specializing in financially distressed properties. Information here isn't always up-to-date. You'll need to check with the tax collector's office to see what homes will go on the block, and when. Notice that the actual physical address is not listed ... that's intentional. RealtyTrac wants you to subscribe to the service ... it's their gimmick to bait house hunters looking for that elusive bargain, which usually doesn't exist.

Please be aware that auctions are conducted on a cash-only basis ... you'll need to submit certified funds in order to be able to bid. If the sale exceeds the amount of your check, you'll have a short period (usually 30 days) to remit the balance. The homes are sold "as-is, where-is," with no opportunity to view or inspect the property until you own it. There's always the possibility that it will need considerable work ... foundation, under-slab plumbing, roof, etc. Your competition will be experienced investors, who know of the pitfalls and have the wherewithal to make the necessary repairs and improvements. You really need to ask yourself whether you have that kind of money and are willing to take the risk.

The figure quoted will likely be the opening bid ... expect the home to sell for considerably more. These "courthouse steps" auctions are obviously not for the faint of heart. Proceed with caution ... I wish you well.

Regards ...

Al Geffon
(713) 213-6350
Web Reference:
0 votes Thank Flag Link Sun Feb 3, 2013
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