Despite the much-touted claim that buying foreclosed homes is a quick way to easy money, third-party investors have purchased only 5 percent of Dallas–Fort Worth properties sold at foreclosure auctions so far this year.
According to Addison-based Foreclosure Listing Service, that amounts to about 700 properties through September. The remaining properties were taken back by the lenders.
“These buyers are typically investors; however, there are a number of folks out there looking for a good deal on a home for their family to live in,” Foreclosure Listing Service chief executive George Roddy said in the report.
Third-party buyers paid an average of about 60 cents on the dollar to purchase their properties, based on tax values. On average, these buyers paid $103,629.
Source: Dallas Morning News