While the number of foreclosures has gone down in the past few years, there are still great deals to be found! However not every foreclosed home is worth the money! Make sure you know what to look for so you can find a deal “buying foreclosures in Dallas, Texas.”
There are web sites where you can find foreclosures of all types. There are single family houses, multifamily properties to choose from. You can even search and find commercial buildings and industrial sites that are in foreclosure. For the most part, you will want to deal with single family houses. Vacant Lots have become scarce, but they too are in foreclosure listings. That happens as a builder will purchase a vacant lot, then go into foreclosure with the lender which loaned the builder money.
Pay Cash or Get Pre-Qualified Before Making An Offer
When buying foreclosures in Dallas, Texas., and trying to find the right deal, the process can be highly competitive, with many veteran investors paying in cash. You will want to be able to compete with these investors who have great knowledge of the market, who know when new properties become available and have the ability to make an immediate offer.
We are talking about foreclosure auction here. In Dallas, you get a list of foreclosures from a list source and you then have two weeks todo your research. Buying foreclosure in Dallas, Texas, and finding the right deal can be a little difficult if you do not know what you are doing. this is where the experience counts most. Get your list and go walk through every foreclosure property that you can. Contact the agent or broker prior to going out and let them know that you need to view the property, now!
You need the freedom to be able to jump at a great deal before someone else gets ahold of it. In this way, you are the person that everybody needs to beat out on pricing because you are the person how has already seen the property. As they say, the early bird gets the worm, and you don’t want to be waiting on the bank’s red tape while your dream home slips away. After viewing the property you now know what your bid or offer can be. This how buying foreclosures in Dallas, Texas, works.
Look For A Lender Who Will Provide Repair Assistance
Some lenders will consider a loan on a foreclosed property so long as you are able to show that the property will have a much higher value after some repairs. Some lenders will even offer repair assistance if they feel there is potential for a high return on the home. When buying foreclosures in Dallas, Texas, you need a full plan of action. Finding a ‘Private Lender’ should be in your plan. A good private lender will back your action at any time and for any price, as long as the two of you have previously talked about funds and funding the purchase.
Do ALL Your Homework
Some investors will bid on a foreclosure without ever seeing it. BIG mistake! They plan on gutting the house and redoing it for a quick flip, so they don’t take the time to see the house for themselves. When buying foreclosures in Dallas, Texas, by going to see the home yourself, you will be able to see a lot more than what the pictures tell you.
- What are the other houses in the neighborhood like? Are the other houses owner occupied? Are the homes well maintained?
- Maybe the listing agent took pictures hastily and forgot to mention the 2 car garage or the new covered patio in the backyard.
- Know what other homes are going for, as well as the history and demographics of the area.
- You should always have an inspection done, so you don’t end up buying a “Money Pit” house!
Work Directly With The Listing Agent
The agent listing the home is likely to have a familiarity with the bank and understand exactly how they work. Go directly to them and find out what the bank is looking for and the best way to get your offer to them. Buying foreclosures in Dallas, Texas, can be easy if you know what you are doing. Speaking with the listing agent can help you win.
The agent will have a relationship with the asset manager at the bank who can approve or deny the sale. Form a relationship with a listing agent or several for that matter, who specializes in foreclosures.
Often times they can add you to a list, letting you know when new properties are available. Working directly with the source will save you a lot of time and money. When working with listing agents, you want them to write down what it is you are looking for in property. Once the agent writes down you criteria, believe me they will be calling you to go view many other foreclosure properties. Make buying foreclosures in Dallas, Texas, easier for you.
Look On Government & Bank Websites
Foreclosures owned by both the Department of Housing and Urban Development and all the major banks are available on-line. These properties are often also advertised through a listing agent, who you can contact directly with your offer. Buying foreclosures in Dallas, Texas, from the Gov’t can also be done with a good listing agent.
These lists are updated daily and many offer email notifications if something matching your criteria becomes available.
The bottom line is you need to prepare for an impersonal, and competitive process. Think like an investor, and do not get so caught up in “getting a deal” that you pay more than you should!
If you’re looking to find a deal buying foreclosures, We Buy Houses Cash Dallas, can help you now! Visit our web site and fill out this simple form, and we will be in touch! Or give us a call anytime! (214) 723-1304.
