| There are 3 ways to find deals on foreclosures. You | | | | There are some Trustee’s that handle large |
| can buy before the auction, at the auction or after the | | | | amounts of properties. Lisle Patton is the largest in the |
| auction. This article will focus on buying at the auction. If | | | | Dallas area. He sells many properties every month. |
| you decide to buy at the auction, you will be competing | | | | Professional investors who have to buy many |
| with professional investors who buy every month | | | | properties every month will focus on guys like Lisle |
| there. This can be quite intimidating for many people. | | | | Patton, because he is easy to find and he has many |
| There are still deals to be had there. After all | | | | properties. |
| professional investors will rarely pay too much for a | | | | There are also Trustees at the auction who may only |
| property. But the chances are good that they know | | | | handle 1 or 2 properties. They represent small |
| more about the property and how to deal with specific | | | | independent banks or individual sellers who have to |
| problems inexpensively. That means if you outbid them | | | | foreclosure on properties that they financed. They are |
| and it costs you more to repair the property’s | | | | difficult to find at the auction. Imagine trying for find a |
| problems you could lose money. | | | | Trustee who has only one property. He can show up |
| Before we get into the specifics of buying at the | | | | at any time during a 3 hour window. He will begin |
| auction, we need to talk about the Trustee. The | | | | reading without warning and will finish within 5 minutes. |
| Trustee at a Texas foreclosure auction is the person | | | | The key to finding really good deals at the auction is to |
| who sells the property. He is given rights to sell the | | | | find these smaller Trustees. |
| property under certain conditions in the Deed of Trust. | | | | |