Apr
10
Search Foreclosed Homes in Austin
Posted by Garreth Wilcock under For Buyers, Listings, Austin, Investing, First Time Homebuyers
How can I search for foreclosed homes by map in Austin, Texas? Easy! Just used my regular map based search, and click on the “foreclosures” radio button at the top of the page. If you click on the image below, it will take you right there.
Many bank owned listings in the Austin MLS are now tagged correctly as foreclosures, and they pop in the search results. Bank owned listings are the same as REO listings - Real Estate Owned homes for sale.
While there are more of these than a year ago, Austin’s real estate market is far stronger than the headline generating coastal states which are awash in foreclosure. You can see more Austin foreclosure statistics at my old post.
There are some listings which are foreclosures which don’t show up in the searches, and I tell my clients more about those - harder to find but often worth the search.
The homes that show up in the search results have already been foreclosed on - they have been auctioned off at the Travis County courthouse steps, and the bank now owns them - they are typically vacant, and sometimes represent a good buy for an investor or first time homebuyer willing to put in a little work.
HUD homes (the result of a foreclosure on an FHA loan) are being released 4 times a week now - these can be purchased for $100 down which is quite the exception in today’s mortgage market. There are restrictions on who can buy for $100 - no investors for example.
If you’re looking for a home below market value in Austin, consider getting help finding a HUD or foreclosed home while interest rates are low, and there’s the opportunity to get $8,000 back from the government if you’re a first time homebuyer!
Garreth Wilcock is a Realtor® in Austin, Texas who is approved to help buyers and investors search for and buy HUD homes. Get in touch to find out if a foreclosure home is right for you - 512 694 8873.
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COMMENTS (3)
Garreth, Very interesting, thanks for sharing. The Charleston SC MLS has similar searching features to help people locate REO & short sale properties. It is not always a complete list, many agents that are handling REO properties are not checking the REO box when they input the listing into the data base. I heard a stat the other day that in the US a home is being foreclosed on every 17 seconds! There are some great opportunities out there for buyers in today’s market. In Charleston SC, I get calls daily from buyers interested in putting an offer in on a “short sale” or a “bank owned” property. A “bank owned” or a “short sale” property does not automatically make it a “great deal”. After you do all of the repairs that may be needed etc…. what have you really gained? There could be a home listed just down the street with realistic sellers who have taken good care of their home that could just as good an opportunity. A buyer should find a “buyer’s agent” that will explore all the options! April 11, 2009 at 8:14 am
Garreth, your posts are always so informative; of all the blogs I read yours is the best. This post and the one on Twitter were both full of good information. If I ever have a client moving to the Austin Texas Real Estate area, you will be their Realtor! Now, I want to know how to get the Foreclosure button on my search! April 13, 2009 at 6:35 am
Spot on Dan. They're not all great, and not all foreclosures are listed explicitly in the MLS. You're exactly right - that's what advice a buyer's agent brings to the table. April 13, 2009 at 1:28 pm