Fort Bend County Foreclosure Sale at Courthouse (for sale, real estate)

[seadoons]

Has anyone ever been to a foreclosure sale process at the courthouse steps either in Fort Bend or Harris county? I found on the Fort Bend County website that they hold the sale on the first Tuesday of every month, meaning they will hold one tomorrow. I came across the documentation of all of the homes listed for the auction. Will they literally sell every home on there (assuming the current owner doesn't turn things around before the auction?) Are there a lot of bidders / is it competitive? I have never been but am considering trying to make money buying low and selling high. I have read that these homes can go for a discount of 30 - 50%...is it true that the lienholder just wants what they're owed?

[EasilyAmused]

I have a friend who's been buying real estate in the Alpharetta/Cummings area of Georgia via the courthouse. The problem is that "what is owed" is often more than the house is worth and would sell at current market rates. Occasionally he will find a real gem, that is obviously being sold at a cut rate, but you really have to do your homework.

[recuerdeme]

I went to a Harris county one.
Bunch of vulture real estate investors who will outbid you for anything worth a look.

But there is hope... eh

I chuckle because the house I really was interested in was bought by this dude (he outbid me) who bought maybe 10 properties that day. Grr ... 1 year later they are selling it for 3 times the purchase price... and 3 years later... it's still for sale


What I saw is what is owed, ie what you can get the property for is verrrry low.

[cheryjohns]

You better do your homework before the auction. If no one is bidding, there is a reason.

Another item - sometimes the 2nd lien goes to auction before the first. If you bought the 2nd, you got screwed without buying the first, later. If it sounds to good to be true......it's the second lien.

Go back and read what recuerdeme wrote anout the property one guy bought - happens all the time. You are better off buying it as a foreclosure once it hits MLS. Short sales are a hassle, but work well for investors, not for home owners (unless your situation is VERY flexible).