Fannie Mae Foreclosures are homes that have been repossessed by the entity, Fannie Mae. Fannie Mae is not a lending institution, per se. They are a government sponsored entity (GSE) that securitizes mortgages made by other lenders so that those lenders can free up their funds to make additional loans. So, technically, their foreclosures are not bank owned homes for sale, but they are repossessed homes for sale. Just like a lender that poses a mortgage which is delinquent, when Fannie Mae “possesses a mortgage” that is delinquent, they foreclose as well. The result is a “Fannie Mae Foreclosure”. These…
Author: James Murphy
Eviction after Foreclosure is one of the most dreaded steps of the purchase process for any type of foreclosure. A tax attorney may be needed if your case gets complicated, but a simple eviction after a Sheriff Auction purchase should not require a tax attorney. No one wants to ruthlessly throw a person, or worse, a family, into the streets. However, when you buy a property from a Sheriff’s sale, you are buying a home where the previous owner could not pay taxes for many years. Taxes were a small percentage of his mortgage. If he could not pay his…
Discount Home Repair is essential when repairing a Sheriff Sale Property! Repairing any property can be overwhelming, but with a Sheriff Sale property (Tax Sale Property), you never know the exact extent of repairs until AFTER the purchase the property! You may find out that the repairsfar exceedyour initial estimation. Part of this cannot be avoided because of the nature of the sale, but repairing your property using the “discount home repair” method will go a long way in keeping profits on track! Below is a list of several different strategies to help reduce your out-of-pocket expenses. I would encourage…
Sheriff Sale Results are difficult to locate on the Web! Most counties do not put a lot of effort into providing results to the public. They merely do the least that is legally necessary to sell the properties under the law. This section is dedicated to detailing the actual process of analyzing homes for sale, visiting those homes, bidding on those homes and eventually renovating the homes. I intend to take you step by step with me through the process so that there is no elusive cloud of information presented leaving you feeling like you are really unsure how all…
Corpus Christi Tax Sales are divided into three main counties – the Aransas County, the San Partricio County and the Nueces County. Each sale acts independently and they are conducted on the same day and usually conducted at the same time of day. For this reason, you need to select the area of town which most appeals to you and concentrate on that area. If, however, one county’s tax sale list holds no interesting properties, don’t hesitate to move on to another county. The sales will all be conducted in a similar manner. Note: Just because you have been registered…
Brazoria County does not hold a Brazoria Sheriff Auction very often simply because they do not have enough properties to sell. However, when they do conduct a sale, the process is the same as any other Sheriff Auction except that the time of day changes each sale and is specific to the property being sold. Brazoria, although not offering a long tax sale list of properties, does offer a competitive advantage! Because all tax sales are conducted on the first Tuesday of the month, bidders must choose between attending the Brazoria Sheriff Auction and other County Tax sales. If there is…
Bidding Strategies for bidding at a tax lien sale vary widely! What works best for you will depend greatly on your circumstances – how many bidders you are competing against, how sophisticated they are and what their bidding strategies are. The very best advantage you can give yourself is to get to know your specific competition and what parameters they use to bid. I will touch more on this in a moment. First, realize when you attend the auction that you will see a much larger crowd than is actually bidding. I always recommend that you attend at least one…
Bank Owned Homes for Sale are an alternative to Sheriff Sales. A Sheriff Sale is where a city or county taxing unit has foreclosed upon a home where as a Bank Owned Home for Sale is where a bank or other lending institution has foreclosed upon a property. Once a home becomes “Bank Owned” or “REO”, which stands for Real Estate Owned, it has already gone through the process of auction unsuccessfully and the bank or lending institution has “purchased” the home back. Why would one choose to purchase Bank Owned Homes for Sale instead of Sheriff Sale homes? No…