Investor · Plano, TX · Member since 2014 · 21 posts · 5 votes
Hey BP,
I will be attending the Collin County auction tomorrow at the court house. Is there anyone here going?
I'm not looking to purchase anything tomorrow, just want to watch. Is there anything specific that I should be looking for? I've pulled all the addresses that will be up for auction and put them in a spreadsheet. I then looked at comps for all the properties that I liked and figured out what I think is a good price to buy them at. I'm hoping this can give me some insight on whether or not this is a feasible option for flips.
I've learned from other threads to avoid HOA foreclosures since you would immediately owe the mortgage in full. I also know that not every mortgage foreclosure is a 1st mortgage. So before I'd ever consider bidding, I would need a competent title rep to research.
Paying cash is not a problem. I believe texas requires immediate payment.
Real Estate Agent · Allen, TX · Member since 2014 · 16 posts · 3 votes
12y
Hi Rob,
I just found out about it this weekend but since I'm not yet ready to purchase, sight unseen, I decided against it. I thought you needed to put up a deposit and have cash/cash equivalent at the ready if you wanted to get it - will you let me know if that's the case? Thanks!
Investor · Plano, TX · Member since 2014 · 21 posts · 5 votes
12y
Few things I observed/learned:
About 20% of the auctions were run by auction.com. You can buy their list before hand with a subscription. Seemed like most people preferred their properties (I think bc they were easier to follow for novice investors.)
You have to keep your eyes peeled for trustees that walk up quietly and start an auction off to the side.
You have to show proof of cash as soon as the trustee is finished with their properties. (Cashiers checks in your name)
Bring your list sorted alphabetically by last name of the borrower. Then have the legal land description, then the address. Some trustees won't say the layman address so it's important to have all the info.
Not very many properties actually made it to auction. A lot were pulled last minute.
Wear sunscreen, bring water and snacks.
Great for networking. There is a lot of down time.