On Tuesday, April 6th, one hundred and forty one homes could be auctioned off on the court house steps. 

According to the Jefferson County Clerk's Office, there have been one hundred and forty one notices of trustee sale filed in time for the April 6, 2010 auction.  These homes are in neighborhoods you know.  River Oaks Estates, Dowlen West, Glenwood, Northwest Forest, Calder Place,and Stonegate Manor are all on the list. 

The good news is not even close to one hundred and forty one homes will be auctioned off.

The bad news is if one that is auctioned is in your neighborhood watch out for falling property values.

Generally speaking, on any given month for the past two years, the clerk's office has received over 100 notices of trustee sale.  Check for yourself.  All foreclosure notices are a matter of public record.  The clerk's office website is http://jeffersontxclerk.manatron.com/.

Having attended a good number of the Tuesday auctions over the past two years, I've never seen more than thirty properties auctioned on any given Tuesday.  Keep in mind most of these homeowners are working on a plan to keep their home.  Some homes are for sale, some sellers make a payment in time, so only the worst of the worst situations actually end up being auctioned.

A few other things to know about the foreclosure sales:

• Cash is king.  No financing allowed.
• Do your homework.  There will be others there bidding on the homes with profit potential.
• Be brave.  No inspections allowed.  You are buying the home "as is".
• Eviction is not a simple process.  If the owner is still living at the home, you'll have to become knowledgeable on the ins and outs of eviction.
• Why buy this way at all?  Sometimes a good profit stands to be had for the educated buyer.

Want to know more about buying a foreclosure in Jefferson County?  One way to start is by attending an auction.  An easier way to start is to contact me and ask for a list of the REO homes that are available.