According to a report released by ForeclosureDatabank.com, 5% of the repossessed properties, in the Dallas-Fort Worth area, sold during foreclosure auctions are acquired by third-party investors. In the last nine months, about 40% of all foreclosure filings have ended up in these foreclosure auctions.
The said report covered foreclosures in four counties – Denton, Tarrant, Collin and Dallas counties. Among them, Denton had the most number of third-party purchases. To be more specific, 124 of the 1,815 foreclosures at auctions were acquired by these investors.
In Dallas County, these foreclosure investors were certainly delighted especially with some of the bargain homes being auctioned off. On the average, foreclosed properties valued at $125,000 were bought for only $67,086.
Some of the third party investors were quite keen in acquiring these distressed properties, negotiating prices with the original owners 21 days before the actual foreclosure auction, during which time the owners can still sell their homes.
If you are also interested in buying one of these foreclosure properties, now is actually the time to do so considering the favorable market conditions. You will be surprised with how affordable these foreclosures are. In addition, you get to choose from literally millions of homes located nationwide.
Although foreclosure auctions will help you own one of these properties, the choices here are limited. Some buyers and investors consider subscribing to foreclosure listings instead in order to have more foreclosure leads. Nowadays, foreclosure brokers can offer you hot leads to pre-foreclosure homes, foreclosures at auctions and even bank foreclosures.
The best thing about these foreclosure listings is that you can check them out online. This will mean much more convenience for you, allowing you to come up with a shortlist of foreclosed properties that fit your preferences and budget, in no time at all.
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Written by Alex Rolim.
