Foreclosures across the nation are on a rise, and here in Austin we are capitalizing on the availability of bank foreclosures and government foreclosures. Many investors and those seeking a bargain of a buy are turning to foreclosures.
Foreclosures for Sale
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Foreclosure Information for Austin Texas
How do you find foreclosed properties? This is often a question of both buyers and beginner investors. Foreclosures are listed through the multiple listing system, therefore, a licensed REALTOR that is a member of the MLS board can help you with your foreclosure search. When the home is a HUD home (government foreclosure, Housing of Urban Development) you can search the government bidding site. However, you will need a licensed and registered agent to bid on the home.
How do you purchase a foreclosure? Depending on the type of foreclosure, you will either submit your offer to a bank through a real estate professional or you will bid on the property, also through a real estate professional.
What is the difference between a HUD foreclosure and a Bank foreclosure? Each home is in essence a foreclosure and offered on the market below market value. The difference is in who owns it and who you will be purchasing the home from.
Bank foreclosures are owned by the bank that issued the previous home owner the loan. To purchase this type of home you must submit your offer to the bank and wait for approval.
HUD homes – or government foreclosures – are owned by the government and offered to the public through the government bidding site and the MLS. To bid on these properties you must have a licensed agent that is also a registered member of the bid select process.
To learn more about the foreclosure process or to search for foreclosures in the Austin Texas area contact me today!