Sheriff Sale
Texas questions on properties for sale at court house steps:
Only accept cash, cashiers check, or money order.
I want to buy property for $150,000 but do people really bring $150,000 in cash to courthouse steps to bid on properties???
Please help me with this process---very interested and would like some insight on how other investors do this.
Thanks,
BnTRanch
In California we need a $150,000.00 cashier check.
Sheriff Sale courthouse steps:
My underlining question is how do you get a loan for this amount of money------ i am sure the majority that buy these properties do not have $150,000 to pull at drop of bucket.
Anyone a pro at doing this?
HOW DO YOU GET THIS MONEY
get the propertiy address of the property you era bidding on and go to the bank and get pre approved for the amount you intend on bidding.. banks can still be your best friend..
Hi BnTRanch, Most people bidding at the courthouse steps have a bank in that same area that they go to if they were successful at the sale. There you get a cashiers check made out to the entity for the correct amount. You either have the cash in your account or make arrangements ahead of time with the bank (with a line of credit etc.) Most do not have cash that they pay with. (In my experience anyway. I see many of the people at the bank I go to after the sale.) You do only have a certain amount of time (usually 1 to 2 hours ) to get to the entity handling the sale with the check. Hope this helps. Good Luck.
I got one for you!! How about going to the people who own the house and buy it from them BEFORE the tax sale. What a concept. This way you dont have to bid against other bidders from Cali, or Washington or Arizona who are going to bid too high anyway for it to be a great deal.
Hard money lenders can usually come up with the money in a couple of weeks, or how about a relative or a friends relative who would like to make 12% on their money instead of 4% in a money market or CD.
I usually purchase in this fashion. This way there is no competition and the owner actually gets a little something instead of just losing his property. You get to help a guy or gal who is getting kicked out of their home but now has some cash in their pocket to get reestablished.
Rick, what do you do when they wont sell but there is good equity? As a side note, have you run across the Montelongos that are on the Flip This House show in San Antonio?