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America's
Foreclosure
Epidemic
Tragedy for Some, Opportunity for Others
Hundreds of Texas Homes Hit
Auction Block This Week
Hundreds of foreclosed homes in Texas are scheduled to be
sold to the highest bidder in the next five days at public auctions scheduled
all across Texas and on the Internet. From a cozy bungalow in Amarillo to
a lavish 5500 square foot, 5-bedroom, 9-bath mansion in Houston, the banks say
they all have to go – Now!
Banks and government agencies, overwhelmed with the
prospect of selling an avalanche of foreclosed properties have turned
the job of moving 235 bank-owned properties out of the lender’s
inventory, according to
Hudson & Marshall, one of the nation's
leading real estate auction firms, specializing in foreclosure listings.
Recently, Hudson & Marshall of Texas Inc. has sold and closed over
40,000 homes throughout the country.
Traditionally, county sheriffs are responsible for
conducting foreclosure auctions, but the recent foreclosure epidemic is
stretching our nation's sheriff's resources to the limit.
According to RealtyTrac (
www.RealtyTrac.com
 ), Texas ranks among the nation's top 10 states
for foreclosure filings, reporting 14,681 filings in September 2007. The
foreclosure process starts when a homeowner is 60-90 days past due on a
mortgage payment and the lender sends a default notice. If the borrower
cannot pay the past due amount, the home enters into foreclosure and is
auctioned by the county or sheriff, depending on the state. If it
doesn't sell, the home is sold back to the bank and called "foreclosed"
or Real Estate Owned (REO) properties.
With the foreclosure crises now in full bloom, lending
institutions and government agencies are increasingly turning to auction houses,
both on and offline. The largest online auction house in the world, eBay,
currently has nearly 300 ongoing foreclosure related auctions . Thirty of the
eBay foreclosure auctions are in Texas and the auction giant currently has nine
properties in Texas that are for sale by the lender. In February eBay sold an
entire Texas town on its auction site.
"Buyers who were pushed to the sidelines of the real estate
market several years ago because of escalating home prices, now have a chance to
jump in the market," said Dave Webb, principal Hudson & Marshall.
"Foreclosed property auctions like Hudson & Marshall's make it even easier for
first time homebuyers and investors to purchase homes at a discount because our
sellers are anxious to get these non-performing loans off their books," added
Webb in a recent press release.
Auction locations include: Amarillo, Athens, Dallas/ Ft.
Worth, Houston,
McAllen, San Antonio, Waco and Wichita Falls. Bidders can also place
sealed bids online.
The properties set for auction before Sunday include
properties from the southernmost tip of Texas in McAllen where some lucky buyer may
find himself the new owner of a three bedroom 2 ½ bath home to a snug bungalow
760 miles away in Amarillo in the Texas Panhandle. The Central Appraisal
District shows the Amarillo property, currently valued at about $28,000 and owned
by FANNIE MAE.
But don’t think the foreclosed properties available at
auction are all smaller homes. There are many high-end properties including
properties ranging in size from 5500 square feet to just shy of 2000 square feet
on sprawling lots also set to be sold. Here are a few examples. But don't expect
to pay the full appraised value. Typically, foreclosed properties may only bring
half of the appraised values at auction - even less for some eBay auctions.
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Financing Available Up to $625,000
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Photo |
Location |
Appraised Value |
Home size |
Notes |
Data Source and Resources |
 |
Montgomery Texas
Montgomery County Auctions |
$145,370 |
3462 sq ft |
7.31 Acres |
Montgomery County Appraisal District
28th Fastest Growing County In the Nation |
 |
Arlington Texas
|
$167,600 |
3,520 sq ft |
Built in 1999 |
Tarrant County
Appraisal District |
 |
Paris Texas
Lamar County Auctions |
$295,850 |
4827 sq ft |
105' x 150' lot |
Lamar
County Appraisal District |
 |
Nevada Texas
Central Texas Auctions |
$874,938 |
7,021 sq ft |
Two Acre Ranch |
Collin
County Appraisal District |
 |
Prosper Texas
Central Texas Auctions |
$287,251 |
2,944 sq ft |
Built in 2005 |
Collin
County Appraisal District |
 |
Dallas Texas
Dallas County Auctions |
$132,780 |
3,008 sq ft |
1 1/2 Stories Built in 1957 |
Dallas
County Appraisal District |
 |
Palmer Texas
Ellis County Land Auctions |
$221,260 |
3694 sq ft |
7050 sq ft |
Ellis County Appraisal District
98th Fastest Growing County In the Nation
America's
Best Rural Counties For Quality of Life - # 2
America's 74th Most Foreclosure Prone County |
July-22-2008
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