US Foreclosure Property coming up for auction. Texas foreclosure law limits who can benefit from the sell of these properties by Requiring Cash or Certified Funds be paid within 15 minutes of winning bid on a property.
NO Competition on upper end properties which are in desirable and moving market places. Most properties of interest for this auction are in move in condition. Many have been listed with Realtors but unfortunalty for the current borrower to sell they would have to sell for enough money to cover all liens on the property.
ONLY the First Lien is foreclosing on the properties of interest for this months auction. The 2nd liens will be cleaned by the foreclosure process providing the ability to purchase a home with a current tax appraisal of $1,237,400 US for the amount of the first lien,$607,575. This amount includes all taxes and applicable closing costs. Since there is NO competition bidding on properties typically over $250,000 there is a very great chance this property can be bought for less than the estimated amount above.
Previous Realtor for this property had solid, qualified offers on this property. $975,000 was the lowest of three offers, again, not enough to pay off the current borrowers 1 & 2nd liens. Not an issue "we" will have.
If "we" sell property for a low $850,000 that would be a 20% or $121,425 return/profit for qualified investor.
If property sells for the planned, $985,000 investor would receive a 30% return or $188,712 on investment.
I have 6 properties this month, 4 of these homes have qualified offers on them through the previous Realtors, speeding up the turn over.
This is worth the time of any qualified investor to look into further. I'm worth your time.