Buying a foreclosure on the county courthouse steps....

[Burninout101]

The county(Collin county, Tx) I`m interested in living in has some properties to be sold on the steps coming up. Can anyone give me advice or share there knowledge on the process and what to watch out for...etc..

Thanks

 

[oldmodman]

Visit the property in person. Fully inspect the property. Make sure that you are actually purchasing the entire property, not just a lein on the property. Some of these "property sales" don't actually get you the deep to the house.

 

[Burninout101]

How would one go about in finding out all of the details on the property?

 

[KingBlack]

www.google.com

 

[klarkent42]

Google

:lol:

 

[s_x_i]

Take some lessons in Title work... you can get burned bad if you don't know what you're doing.

When a property is sold at auction you're only buying the rights to the property held by whatever lien is being sold (assuming foreclosure auction, not tax sale - they are different)

If your position is a lien held by a deed of trust what's to say there aren't addition liens - tax, mechanics, etc... that aren't held against the property as well?

If you don't understand it you can get up shit creek very very quickly. I can explain it better but not really on the forum - it would take ages to go over it.

My advice would be to read some specific books from the LIBRARY (not from some foreclosure internet genius) get a basic understanding of what's involved, then go to the Courthouse into the county clerk's office and look for a Land Professional (there should be some kicking about in there)

I'm sure if you explained yourself and what you were wanting to do, someone in there would help you out with the title process. This lesson will cost anywhere from $150 - 300 depending how lucky you get and how complex the title is. I'd advise paying for the lesson time and again until you're comfortable looking at title yourself. You're a bit too far from me or I'd offer to come help you out...

Caveat emptor, good luck! :beer:

 

[FordSVTFan]

Take some lessons in Title work... you can get burned bad if you don't know what you're doing.

When a property is sold at auction you're only buying the rights to the property held by whatever lien is being sold (assuming foreclosure auction, not tax sale - they are different)

If your position is a lien held by a deed of trust what's to say there aren't addition liens - tax, mechanics, etc... that aren't held against the property as well?

If you don't understand it you can get up shit creek very very quickly. I can explain it better but not really on the forum - it would take ages to go over it.

My advice would be to read some specific books from the LIBRARY (not from some foreclosure internet genius) get a basic understanding of what's involved, then go to the Courthouse into the county clerk's office and look for a Land Professional (there should be some kicking about in there)

I'm sure if you explained yourself and what you were wanting to do, someone in there would help you out with the title process. This lesson will cost anywhere from $150 - 300 depending how lucky you get and how complex the title is. I'd advise paying for the lesson time and again until you're comfortable looking at title yourself. You're a bit too far from me or I'd offer to come help you out...

Caveat emptor, good luck! :beer:

That is some solid advice :thumbsup:

 

[Burninout101]

Thanks for all of the advice...I`m looking more into all of what I found...Just trying to get a good deal on a house. I have a lot of extra time right now so I figure I should spend it trying to get a better place then just letting some Realtor do the work for me.

 

[Fugazied]

You can get some crazy cheap properties in Detroit now. Like $7-12k for a brick home. Problem is half the houses are abandoned, lots of crime (and the police never show up), and no work...

 

[Jefe]

I went to an auction at our country courthouse and it was on the steps just like you said as well. They had a couple people sitting down with a touchscreen laptop and a 10 or 20 page list of homes needing to be auctioned. They meet every day and stay until they read off the last listing.

When I went there were about 10 people waiting to bid on whatever property they looked into. The lady would call out the address and see if anyone wanted to bid. If not they moved onto the next one. If there was a bidder they started it out at a predetermined value and went up in increments of $100. Took forever to sell a home if there were 2 people bidding. I watched a home go from 45k to 71k and it took about 25 minutes....

This is the website that has the majority of the foreclosure homes and you will probably find what you need here:

ReconTrust

Also they list the foreclosures online on a local paper website or business journal. I would scour your papers and see if you can find the listings.

 

[Jefe]

Oh and they required a $10k cashiers check if you are going to bid and the balance is due within 5 days

 

[SciFiHiFi]

Show up early with a decent number of friends, family, co-workers etc and mill about. As acutaly bidders arrive, a lot of them will be discouraged by the crowd and leave!

 

[f_rice]

Your county should publish a legal newspaper. The foreclosures will be in it. Check your state law. In Michigan owners get six months from foreclosure to redeem the home. Oh and the title education advice is priceless.