Or you just have to be lucky.I prefer to price my houses correctly right from the start (2%-5% below market) and then drop the price in larger chunks or natural break points after that.  

I just moved to the US last year and am a property virgin here.I looked at a foreclosure a couple of months ago and met a realtor there who got me to sign what I know now as an `exclusive buyers contract`, no excuse as i`m a reasonably intelligent adult but he said it was a `no obligation` form and just a matter of normal procedure here and that I could walk away at any time...fast forward a few days and an email copy of what i signed was sent to me...looks like i`m on the hook for 6 months!

I don't know where I heard this quote but it stuck with me...Besides the laws of nature..Everything is negotiable in life.Which brings me to my question...I have a condo under contract that was a foreclosure and it is being sold as-is. 

I, of course, am extremely biased about how talented he is, but I can say that the majority of his clients keep coming back to him and trust him as they know he is honest, fair and darn good at what he does.Due to our mutual love of homes and real estate, rentals are a natural fit. 

Real Estate investing is not for everyone, and real estate investments are by nature illiquid. 

Thank you for the info.When I post this, it was more related to the ins and outs and how this could affect myself (as a owner of my own property).Also, I would like to have an overview of a deal and what does it entails (your article nailed it very precisely).Also, thank you (@Wayne Brooks) for letting me about the real behavior/nature of an auction.Thank you everybody.

Assuming there is no notice of sale (I don't know Texas procedures) you should have time for a short sale, assuming the property is under water.  

It seems natural to transition into a project of this type.

@Nat Chanbe careful with judgements and liens as they are only properly extinguished if proper court procedure is followed prior to the foreclosure sale. 

The PG doesn't strip the limited liability nature of the LLC except as it applies to the lender's remedies if you default on the loan.