Few Are Buying Dallas Foreclosures At Auction
The get rich quick touts and the media all seem to act like there is a fever pitch anytime foreclosed upon homes pop up at auction on the courthouse steps, but this is not the case if a recent study in Dallas, Texas is any indicator.
The numbers do not lie. Only 5% of the homes in Texas end up being sold to investors or buyers at the infamous court house auction. Instead, a whopping 95% end up with the bank to be liquidated as an REO property.
So what does this tell you? With a little bit of homework you might be able to get a deal if you attend the courthouse auction and have the necessary cash on hand. But it also means that banks are sitting on the inventory of their foreclosures and that if you can get through the bureaucracy you might be able to pick up a bargain or two.
But in fact, third-party investors purchased only 5 percent of Dallas-Fort Worth properties sold at foreclosure auctions so far this year.
Through September, that added up to about 700 properties, according to a study released Tuesday by Addison-based Foreclosure Listing Service. The rest were taken back by the lenders.
“These buyers are typically investors; however, there are a number of folks out there looking for a good deal on a home for their family to live in,” Foreclosure Listing Service chief executive George Roddy said in the report. via Dallas Business News.
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