Buying a Zombie Foreclosure (Austin, TX)

Buying a Zombie Foreclosure

Austin Texas - Zombie foreclosures are properties that have been abandoned by their owners but the title is still in the owner s name because the foreclosure process has not been completed by the lender servicer or their attorneys yet. These homes often fall into disrepair with no one to maintain them. They can also attract vandals thieves and other crime. Zombie foreclosures have been known to lower property values of surrounding homes. They can also present another problem that being property taxes don t get paid until the lender forecloses and sells them. Why do foreclosures sit in this zombie state sometimes months or at times even years Foreclosure is a legal process where a mortgage company or bank takes back the home to satisfy the mortgage loan. In Texas the lender or their representatives have to follow the requirements of the Texas Property Code. After this foreclosure process is completed by the lender s attorneys another often more time consuming step of cleaning the title has to be done so the home may be sold with proper title insurance to a buyer. All this takes time and there are many checks and balances in place to make sure mistakes or errors don t occur. And if the seller is involved with bankruptcy protection the foreclosure processes has to be put on hold until the owner comes out of that protection. Are you interested in buying a foreclosure at a significant discount to market value If you re the type of person who recognizes what a great deal some of these properties could represent you will be interested to know about my free service which automatically searches out and downloads a current list of all such properties day in and day out for you. Please vist my websites below for more information about buying Foreclosures Bank Short Sales Probate Sales Estate Sales Lender Auctions Hard-Money Sales and Distress Sales. Click link(s) below to view today s Foreclosure and Bank Short Sale listings or receive NEW Distress Sales AustinForeclosureSales.com FreeOnlineForeclosureSearch.comTREC Broker Number 0492214 Keller Williams Realty