- Foreclosures could cost more in repairs than the purchase price.Pliers and wire cutters image by Albert Lozano from Fotolia.com
Foreclosures require plenty of research to find good buys for the average consumer. Since most foreclosures need repairs that must be completed before you move in, finding a suitable property takes effort. While the purchase price of the home might be a bargain, the repairs could cost a lot. - Search for liens on the property for unpaid property taxes.us dollar image by peter Hires Images from Fotolia.com
Search public records for foreclosures and public auction sales. Once you locate a home, search for liens on the property for unpaid property taxes. Also, look at home prices in the area and the assessed values of neighboring homes. - Know the foreclosure laws in Austin, Texas.texas proud image by buckwheat from Fotolia.com
Know the foreclosure laws in Austin. Texas is a non-judicial state, meaning the title of the property passes on to the lender to force a power of sale. Buying a foreclosure from a lender constitutes the safest way to buy a home in foreclosure. You might be able to negotiate terms easier, including asking the seller to pay closing costs. - Auctions take place on the county courthouse steps.gavel image by Cora Reed from Fotolia.com
Auctions typically take place on the county courthouse steps, but you can't inspect the property beforehand. You need the entire purchase price on the day of the auction too, so all financing needs completing before this time.
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