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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 Ė 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 lenderís 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 Ĺ 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 donít 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. 

Financing Available Up to $625,000

 
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

 

 

July-22-2008

 

 

 

 

 

  

 

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