Monday, October 27, 2008

Auction Angel

Have you heard the story about the woman who bought a foreclosed house in TX so that the home's former owner - a complete stranger - could move back in with her children? Its true, and the generous home buyer is being referred to as the 'Auction Angel'.

Woman buys back foreclosed home for stranger

DALLAS - Two strangers were brought together by a leap of faith and one piece of property that was among 200 North Texas homes up for auction at the Dallas Convention Center.

While the misfortune of others lured hundreds of bargain hunters to the foreclosure auction, Tracy said she came to find closure. The mother took her seat among a sea of investors and strangers to say goodbye to her Pottsboro home, which is located just west of Denison.

"It means so much to all of us," she said of her home that she lost to foreclosure. "It's not just a house."

At the fast-paced and energetic event, Tracy's tears did not go unnoticed.

"She was crying and I asked her what she was upset about," said Marilyn Mock, of Rockwall.
When Tracy's home, "Number 73," came up for auction, Mock raised her hand and bid. With no picture of the property in the auction book, Mock had only Tracy's word on the home's worth.
"I just kept asking her is it worth it? She said yes, and then it went again," Mock said.

Bid after bid, Mock kept raising her hand.

"The next thing you know, she tells me she is doing this for me and then she had it," Tracy said.
It was a second chance given to Tracy by a stranger.

Mock paid less than $30,000 for the property and said she plans to meet with Tracy in the next few weeks to work out the details.

"I have to look it up on the map," Mock said of Pottsboro.

Despite the risk, Mock said it was a simple decision.

"People need to help each other and that's all there is to it," Mock said humbly of her choice.
"She knows how much she has blessed my life," Tracy said. "Nobody's ever done anything like that for me before, and I hope that I can repay the favor."


This is a heartwarming story that might almost renew your faith in humankind. Would you have done the same thing? I like to think of myself as caring and generous, but I'm not sure I would have done it.

The story doesn't detail what kind of arrangement was struck between the buyer and the former owner. Maybe the buyer will rent the home to the single-parent family. If that is the case, the buyer may be both generous and savvy.

If the buyer went to the auction to buy a foreclosed home and realized she could buy one with a built-in tenant, she may have figured she could purchase an investment property, automatically have a tenant for it, and save the former owner from being homeless all at the same time. That's the scenario I'm gonna go with.

Crush du Jour: Nate Berkus


A Lewis said...

Does Nate come with the home? He's awfully angelic.

Java said...

I hadn't heard this story! Thanks for sharing it.

tornwordo said...

That is a nice story but what kind of dump goes for 30k? I'm only kidding but really, how could it be that cheap?

cb said...

I'm going with the theory that she is gonna charge the woman 15% interest or so