Texas Foreclosure Homes for Sale

There are always people doing well out of others’ misery and in many cases there are plenty of investors making a killing out of the foreclosure crisis. On average, investment buyers that purchase foreclosure properties on the courthouse steps only pay around 60 cents in the dollar, potentially making large profits in the process.

This is not a common phenomenon however, and only 900 such deals were recorded in the Dallas-Fort Worth area in the whole of last year. This only amount to around 4 percent of foreclosure property purchases in the four county area.

The discounts available for those that are risk-happy enough to buy directly can be as much as 11 percent, according to Foreclosure Listing Service President George Roddy. Each month these kinds of property auctions occur, and in 2008, third party buyers were snapping up foreclosed homes for as little as $99,245 (as an average) compared to the average retail value of the same properties being up at $162,251.

The pragmatics of buying these properties at such an auction prevents many from thinking about it; you need to be able to pay the vendor immediately and most payments are with a cashier’s cheque so there is a lot of research done about each property prior to a bid.

Across the State as a whole, almost 6.5 percent of mortgage holders are behind on their payments. This may come as a shock to many, but it is still way behind Arizona and California who have been leading the ratings for some time now.

North Texas is certainly the worst hit across the State, according the RealtyTrac, the State is ranked 11th worst hit in the country. RealtyTrac are also reporting that nationwide figures are down from December; a much anticipated announcement that many are citing is as a result of federal government bail out plans now taking effect. The one certainty is that everyone is hoping the trend continues.

For many, the problem is not only the prospect of foreclosure, but the prospect of unemployment. Householders all over the State have lived with a philosophy that has made America what it is today; work hard and you will enjoy the fruits of your labour. However, in this unpredictable economic climate, it is entirely out of the hands of hard working Texans whether or not their business will survive, and if they are made jobless there is a high possibility that they will also lose their home. Everyone is holding their breath as President Obama settles in and announces yet another bail out deal.