This property in Northwest Dallas is up for auction via Hubzu.com.

This property in Northwest Dallas is up for auction via Hubzu.com.

Let’s say you’re one of the buyers vying for the mid-century home at 3631 Seguin Dr. in Northwest Dallas. This is a super-hot market, and you don’t want to miss out on bank-owned deals that can net you a pretty penny if flipped. But in most auctions you’d have to have cash on hand, ready to pay up right after you win. You’re not an institutional investor, though, and ponying up $88,000 in a matter of hours may not be an option. However, with Hubzu.com’s new buyer’s financing contingency option, you can bid on the property and secure financing after you win.

“Since 2009, institutional investors and sellers have found tremendous value using Hubzu to auction and buy homes,” said Steve Udelson, President of Altisource Online Real Estate. “Now consumers, who seek an affordable auction property but need to secure financing if they win an auction, can use Hubzu just as easily as investors who already have financing in place or pay cash. This enhancement continues to demonstrate that Hubzu is a great marketplace to transact for all qualified buyers.”

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Thanksgiving Tower 02Update, 4:48 p.m.: My source tells me there were 20 people in suits watching and three bidders. The whole thing lasted about 7 minutes. Some guy was on his cell phone updating his office on auction pricing. The pricing started at 55mm, went up in half million increments.

Sources tell me that Thanksgiving Tower just sold for $58,500,000 at the Dallas County courthouse steps foreclosure auction, bought back by the bank.

I was just thinking wowzers, that’s less than the Hicks Crespi estate, and I sure hope they had umbrellas down there today.