Foreclosure Question Dallas

[Dakota Ferguson]

Hi all 

I am getting interested in looking at foreclosures as part of my strategy. Before I now I thought they were too risky for me. 

Does anybody know where I can find more info about the specific foreclosure auctions. Specifically I would like to know how to find out the starting price of an Auction. I use the county clerks site, but looking for more info. 

I found this on the county clerk website. Who is typically the trustee conducting the sale?

Who can I talk to at the County Clerk's Office to answer questions about how to purchase a property at the sale?

The County Clerk's personnel do not conduct the sale or have any information about the specifics of the sale. The sale is conducted by the trustee's on behalf of the lenders. It is illegal for the County Clerk's personnel to give opinions or legal advice.

Thanks BP

[Bruce Lynn]

@Dakota Ferguson   Starting price doesn't matter as much as the ending price which will typically be at minimum the outstanding loan balance and potentially more than that.   Typically the foreclosing lender will be the amount of the outstanding balance, but they could bid more...for all kinds of different reasons.

Go to the sale...see the trustees....talk to them...watch others bid....see what the amounts are...

Remember typically there will be no financing......typically you will need cashiers checks on you or go get one nearby by a certain time.  

Now you will see hedge funds and other bidding up to 90-95% of the retail value of the home.  They have millions or billions to spend...and don't worry about repairs at this point.  So can be a tough game for a small investor.    This link may answer some questions for you.

https://www.auction.com/blog/how-to-buy-foreclosures-at-auction/