More Texans going to auctions to buy homes
July 28th, 2010 4:18pm
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When it comes to buying an affordable home, more Texans are realizing that finding one at an auction is their best chance.At a recent auction, $18.4 million was spent by Texans on foreclosed properties, according to Real Estate Dispositions. Houston properties took in $7.8 million of that for 120 foreclosures. Residences from Dallas and San Antonio were also auctioned off.
The best value for money came when one person bought the property located at 6017 Darlinghurst Drive in Houston for $26,000. Its previous high value was 77 percent more than what it was sold for - $111,720, REDC said.
REDC CEO Jeff Frieden said that a number of people - investors and first-time homeowners alike - were able to walk away from the auction with "some incredible bargains." He added that not only is a family getting a home, but selling foreclosed properties actually gives the economy a boost.
Before buying a foreclosed home, consumers should always do their homework first. It's best to make sure that they won't have to sink a lot of money into it afterwards because of a need for extensive repairs and upgrades.
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