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Six Tips on Buying A Foreclosed Home in Dallas Fort Worth

Posted by OReilly and Associates in Dallas-Fort Worth-Arlington, TX on Sep 14, 2009

Six Tips on Buying A Foreclosed Home that you must know!!. Oh the mystery of foreclosures. You are blasted on television and radio about what a great deal it is to purchase a foreclosure. On an ad on the radio two ladies are speaking, one says she just bought her dream home for $18000 dollars. Her payment is less than paying rent. All you have to do is call an 800 number and get a list. It's that easy. One list and you get your dream home for $18000.
What do you think an $18,000 house looks like?? Property valves are inexpensive in the Dallas Fort Worth area compared to other parts of the United States but to think that is happening is not sane. I am sure somewhere in North America someone bought a piece of Real Estate from a list for $18,000. Now the media makes it sound like this is the norm. It isn't.
Are there good deals out there? Yes. Can you find something reasonable that could be your dream Home?? Yes. Are you going to get it for pennies on the dollar?? In the Dallas Fort Worth area ...no. Why. In DFW there is too much competition. People are still moving here is search of jobs and the lure of inexpensive housing. The $300,000 small home (say 1000 square feet) in California may cost $100,000 in this area. How do regular folk buy a home there?? As long as the Dallas Fort Worth area continues to grow our Real Estate values will continue to increase.
1)   Find a Realtor that works foreclosures in the Dallas Fort Worth. To buy a HUD (Housing and Urban Development) foreclosed home you will have to submit an electronic bid. In order to do this you have to be a Realtor and registered with the HUD web site. You can view foreclosed properties all day long but when its time to buy you need a Real Estate Agent.
2)   Get your financing together ahead of time. When you find the home you what to purchase you need to be able to move quickly. Being pre approved by a mortgage lender will speed up the process. If not, while you are talking to a lender, the deal may be done with someone else. Rich Hebert at Lending Edge Mortgage is one who can help.
3)   Start searching the legitimate foreclosure websites. The problem with looking for a foreclosure is the misinformation out there. There are companies that claim to sell "lists". These lists may or may not have correct information. Why waste your time chasing homes that are not going to foreclosure?? Get with your Irving Realtor to find out which homes are really for sale.
4)   Drive the area you want to live in. If you look hard foreclosed homes are easy to spot. The key thing is the home will be vacant and there will be a sign in the window. This sign basically states the home is a foreclosure and has the HUD number to call. Even if this is the case, the home could sit for months before it goes to market.
5)   Watch for auctions in your area. If your Realtor is on the ball, they will know when the auctions will be in your area. If you are going to bid at an auction, make sure you know what payment you will need. You do not want to make a mistake and not have the cash.
6)   Be patient. If you have to move tomorrow, this is probably not the way you want to go. Some of these happen fast...some do not. Know that there may be delays. If you are going through bid select with a HUD home..it will be quick. The hold up is getting the home to market. Once it is to market a being bid on..they move quickly. The faster the better.
For more information on buying a foreclosed home in the Dallas Fort Worth Area go to www.patohomes.com.