The days of buying real estate for pennies on the dollar is over in places like Texas.  Lenders typically have lost a significant amount of money on REO properties and therefore want to recover what they can.   They will always tell you they price them at market value.
That doesn't mean there aren't good deals to be made.   Please also be aware that most of these properties need work and are not move in ready.  After viewing thousands of foreclosure properties I've only seen a handful that appeared on the surface to be move in ready and these normall will sell at what I consider market prices comparable to other owner occupied homes in the area.   The worst I've seen had been stripped to the studs, no kitchen, no bathrooms, no tub, no cabinets, etc.  Surprisingly enough it did have new AC units inside and outside and new ductwork.  They majority I see need at minimum paint, flooring, and some other minor repairs.    If you are an investor and handy at fixups you should consider bidding and buying foreclosure properties.

If you are a retail buyer and plan to live in the property I ask that you consider this option carefully after consultation with me so that we can pick the right foreclosures that can work for your needs.  One consideration we also often see is that utilities are not turned on and will only be turned on at the buyer expense.  This can make inspections difficult or more expensive if you choose to turn on the utilities and then decide not to buy the property.  You will also like have other expenses that a normal seller would cover, but are typically NOT covered by banks-lenders-REO owners.  Expenses such as surveys, home warranty, HOA transfer fees, and sometimes title insurance.  This can add easly another $1000 or more to your costs.

One place to buy foreclosures is at auction.   I have purchased at auction myself and typically find prices to be about 10-20% under the market.   It is vital you inspect these properties in person before bidding.   Unfortunately at every auction I see people bidding that I am sure have not seen the property and really have no idea of the condition.   These buyers spend WAY too much money on the properties. 

If you are still interested in buying foreclosures please call me at 214-675-6992 and visit my website to check out some of the foreclosure and auction resources.    In exchange for this information and advice I kindly ask that you let me represent you in any foreclosure purchase including bank owned REOs, HUD homes, or at auction.   You need your own representation in this process and it is free to you.  

One common myth is that if you go directly to the listing agent you will somehow save money.  This is simply not true and in fact you are walking into the worst conflict of interest situation, where there is no way for the listing agent to fully disclose everything they know about the property and get you the best price.   In most cases you cannot go straight to the bank to purchase the property and bypassing the agent.   Investors are continually asking me about this.   Honestly the assest managers just have too many files in most cases to take your calls.   That's why they hire us to help them market the properties and ensure complete offers are made.   Call Bruce at 214-675-6992 to protect your interest in any purchase transaction.   We will save you both time and money.

Texas Foreclosure & Auction Links

Collin County Constable Sale
Collin County Sheriff's Sale
Collin County Foreclosure Postings
Dallas County
Tarrant County
Denton County
Texas Statewide for other Counties
HUD Homes
Bank of America REOs
Countrywide REOs (now BofA)
Fannie Mae REOs
Freddie Mac REOs (Homesteps)
Wells Fargo REO
Roddy Foreclosures Report
How to Buy Foreclosures Class
How to Buy Tax Liens Class
JP King

Hudson & Marshall Auctions
Select Portfolio Servicing
Sheldon Good Auctions
Texas Veterans Land Board
US-Army Corps of Engineers
US Marshalls Service
US-SBA-Small Business Administration
US Treasury-Customs Seized Assets
US Treasury-IRS Seized Assets
US Treasury
Veterans Administration (VA)
Williams Auctions

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