Foreclosed Land in Texas
Foreclosed property anywhere can offer an interesting opportunity, but perhaps the biggest opportunity of all could be found in Texas. Why? Because Texas is a huge state, its land deals are usually bigger, and Texas banks have been known to be overly generous with loans—all of which can lead to bigger opportunities. In other words, if you are interested in buying scrap metal, there will be more available at the site of a train wreck than there will be at the site of a motorcycle wreck. Put yet another way, there is probably a bigger upside potential in a 640-acre foreclosure than there is in a 10-acre foreclosure. Consequently, it might be more advantageous to look for foreclosed land in Texas, than it would be to look for foreclosed land in Rhode Island.
Foreclosed property in Texas, or anywhere else for that matter, simply involves a situation where a landowner is unable to meet the payments, and the lender forecloses on the note and takes the land back. Unfortunately for lenders, they usually discover they are better at loaning money than they are at owning land. When lenders take back foreclosed land, they usually don’t know what to do with it. Banks, insurance companies and lending institutions love the security of cash flow from a mortgage, but they hate the uncertainty of owning non-productive land.
A foreclosure can be a financial disaster for the poor landowner—but it can also be a fabulous opportunity for a seasoned land investor.
The best place to look for foreclosed land in Texas would be in West Texas. And the best sources of information would be banks, insurance companies, title insurance companies, pension funds, Farm Bureaus, federal credit unions and wholesale land dealers.
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