Below is a search for pre-foreclosures and foreclosures (REO) in Austin, TX. A foreclosure or REO (Real Estate Owned) property is owned by the bank. A pre-foreclosure (usually a short sale) is where the bank does not own the property (yet) but is willing to take a loss to let the owner sell it around "fair market value" since the owner is underwater and financially distressed and the bank doesn't have to foreclose on the property.
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Search Below - Austin Foreclosures & Short Sales | All Homes for Sale |
Other sites such as Realty Trac charge a fee of up to $60/month to view their "foreclosure list". The reality is that all of the foreclosures listed on their site are also listed in the MLS and on our Austin Foreclosure page for FREE.
Foreclosures are listed in different ways and there is not 1 source to find them. Sometimes banks have realtors list them directly, other times they are placed on an online auction site like bidselect.com. Either way, they all show up on our Austin Foreclosure search here. When they are placed on Bid Select owner-occupied buyers have 7 days to bid on the property (and usually purchase) before investors have the opportunity to bid on it. When the banks have realtors list the property directly there is no bidding process and investors are free to make an offer as soon as it hits the market.
Pre-foreclosures are usually labeled Short Sales. With a short sale or pre-foreclosure the seller usually owes more than the house is worth and will sell the house at a loss and the bank will be the one to take the loss. Short sales by design are supposed to sell at "fair market value". The short sale process can be very long (especially if the listing agent is not very experienced with short sales) which has caused many realtors to avoid short sales. However, we fully understand the short sale process and can even assist a less experienced listing agent if we are working with the buyer.
Foreclosures and short sales are not always the "best investment" but they usually provide great value. Contact us to discuss your plans and goals and we would love to help you identify and acquire the perfect property for your goal.
