| During the historic foreclosure crisis in Texas during the | | | | · Establish a price range - from low to medium |
| late 1980s, thousands of properties were sold at | | | | to high - and keep track of these estimated values as |
| auctions as the Savings & Loan crisis generated | | | | the auction proceeds. |
| havoc. One auction was so big that it had to be held | | | | · If you don't want to overpay, then walk away |
| inside the Houston Astrodome. Swarms of people | | | | if the prices get too inflated - otherwise you could lose |
| showed up hoping to buy deeply discounted homes, | | | | money trying to chase a good deal that got away |
| but because the bidding was so intense most of the | | | | from you. |
| properties ending up selling for more than the going | | | | · By the same token, knowing your price |
| retail price. Buyers could have done better by paying | | | | targets will also alert you to exceptional buys so that |
| full price for homes listed with Realtors, but they got | | | | you don't suddenly get cold feet because of a lack of |
| caught up in the foreclosure auction fever and paid a | | | | information and decide not to bid. |
| ridiculous premium. | | | | By not losing your cool during a heated bidding contest, |
| Today we have a similar situation, except that this time | | | | you can maintain professional judgement and not |
| the foreclosure crisis is not isolated to one particular | | | | make the common mistake of letting your emotions |
| region of the country but is distributed nationwide. As a | | | | get the best of you. Remember that an auction is not |
| result of the high number of foreclosures, there is also | | | | a contest to find out who is the ultimate winner by |
| an upsurge in foreclosure buying. Some buyers are | | | | virtue of outbidding everyone else. Instead it is a |
| professional investors, while others are homeowners | | | | competition to find out who can walk away with best |
| hoping to find decent affordable housing. | | | | deal. The winner of that kind of event is the one who |
| · Before you attend a foreclosure auction to | | | | shows up armed with the most information and then |
| bid on a home, do as much research as possible to | | | | sticks to a prearranged game plan for the desired |
| ascertain the value of the property. | | | | outcome. |