Best Texas Online Auctions?

Question

Hello everyone,

I am looking for recommendations for the best resources to buy Texas properties via online auctions. Hubzu doesn't seem to have the best of reputation, and there seems to be more than a few options when I do a relevant internet search. Anyone have any experience with the following websites? :

Auction.com

RealtyBid.com

Realtytrac.com

Hudsonandmarshall.com

Williamsauction.com

Treasury.gov

Thank you in advance!

Kailey von Barandy

Jack Szalasny · Answer

Bruce,  If occupied you might have to evict.  Most investors will at first try "Cash For Keys" (CFK) where you give them a short time line (Usually a week or less) to move out and you give them the lowest amount they'll accept.  Usually start at $1K, and advise them if the sheriff/constable evicts, all their personal property is literally put out in the street.   DO NOT PAY THEM UNTIL THEY ARE MOVED OUT.  In the past I've paid for the U-Haul rental truck before hand to help them move and deducted that from the CFK amount.  Change the locks and post NO TRESPASSING signs once they're moved out. You do want a written CFK agreement spelling out the details, particularly the amount and deadline.  Good luck!

Erin Elam · Answer

Hi Kailey,

Did you ever end up using an auction? I've looked for online auction suggestions in the forums and to my surprise there really isn't an in-depth forum that suggests or deters some of the auctions you mention. I get a sense with auction.com it's hit or miss, I've read that B4A or Bid4Assets.com will post properties that are inhabitable and/or keep funds even when a county removes the property from the auction. Do you have any further insight since you posted this question?

TIA,

Erin

Erin Elam · Answer

Hi Sammy, on this thread you mentioned purchasing tax delinquent properties. Do you purchase them online? If so, what site? If not, how do you get that list?

TIA,

Erin

Bruce C. · Answer

Question about the auction.com occupied listings - does it mean you’ll have to evict someone if you win?

Jack Szalasny · Answer

Lost out on two Hudson and Marshall auction properties in Williamson county over the fast few months, but I stopped at the highest bid I wanted to get the property for.  Meanwhile, got under contract two awesome deals in MLS, of all places.  Go figure.  One is probate sale, the other an REO.

Kailey Von Barandy · Answer

@Sammy G. Thanks for the info! And that's good to know about them not listing the tax delinquent properties. I assumed they had both tax and trustee sales.

@Jack Szalasny Haha, good point about the stress! And thank you for the info about Hudson and Marshall

I'll definitely be attending an auction on May 1st, even if its just to observe, but now the question becomes which one to attend first? Travis or Williamson? Hmmmm....

Sammy G. · Answer

@Kailey Von Barandy You can drive-by each property you are interested in. Usually we take pics from outside just to recall which all properties we have visited to take notes. Auction.com does not have tax delinquent properties, they only list trustee foreclosures.

Jack Szalasny · Answer

Kailey,

In answer to your question about tax auctions, they're held the first Tuesday of every month at the Travis County Court House on Quadalupe.  I'd suggest just going to the auction to observe it, it's definitely an eye opener.  As far as seeing the properties, you can drive by them but not enter them.   I've bid and won properties at tax sales, but only for other parties.

In answer to Hubzu, I also bought and made a decent profit on one of their auction properties in South Austin, but their fees and the transaction are stressful.  But what investor transaction isn't? LOL  I've also bought from Hudson and Marshall, a bit less stressful but now it's 15 days to close.

Jack

Kailey Von Barandy · Answer

@David Clinton III Good to know! I'm glad its not a total loss as a possible resource.

@Sammy G. Thanks for the info! Just to clarify, in order to bid on the Trustee Auctions you need to be on the courthouse steps in person, correct? In other words, you can only *preview* the properties going up for trustee auction online at auction.com, right?

Thanks!

Sammy G. · Answer

@Kailey Von Barandy I have used Auction.com - there are two parts to it. (a) Online bidding, like the one you are asking and (b) Trustee auction which is held in your county 1st Tuesday of each month. Be careful and check liens on these properties because there could be other senior liens than mortgage liens that you as a buyer have to pay once you purchase the property.

Therefore, we have been buying mostly Delinquent tax auction properties which wipes out mortgage liens. These are properties where home owners have not paid there property taxes to County.

Best Texas Online Auctions?

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