It is..I am a Loss Mitigation officer for 8 major banks and think its worth the effort. You can get personal advice athttp:// www.DallasIntown.com

Sat Mar 8 2008, 17:24

Free 50 state info on foreclosure bidding process.

Tue Feb 26 2008, 17:12

I am referring to Dallas, OREGON, not Texas. I am sure laws differ between the two states. Oregon was not hit as hard as other states in the nation with the foreclosure boom but it's had its share. Home prices have actually held steady in Salem, Oregon's capital, maybe reducing 3-4% over the past year.

I have walked the property I am looking at and looked at the house as well. It appears to need minor repairs and seems to be move-in ready. It may need a new roof, but besides that it appears ok.

The problems I had with my agent were exactly as you said Lynn - no experience with REO, but lied and said they did. I am not a Realtor but did some basic research and it was obvious they did not know what they were doing so I terminated the contract. I am still interested in the property however and want to know the best way to approach it. I have another agent I may use who I KNOW has experience with REO's and knows what they are dealing with.

Tue Feb 26 2008, 13:37

Are you in Texas? Are you bidding at the Dallas county auction?

Tue Feb 26 2008, 13:08

Are you talking about Dallas I notice it states Salem?

Foreclosures we are extremely successful in this area for the market work with investors across the country and families who would like having more equity on a property.

HERE IN TEXAS - Dallas
a) A title company can't convey title to a property unless all liens are cleared you are not held responsible for 2nd lien on the property, therefore that is all worked out at the title company, whether be a contractors lien, tax lien, 2nd mortgage and etc.
b) Bidding process have you seen and walked the property? I don't know if I would be involved with court house step process unless I have inspected the property with my inspector in order to bid on the property. Then you know more about repairs, rehab work and etc. HOWEVER SOME FORECLOSURES ARE TOTAL MOVE IN QUALITY.
c) If you are involved with short sale, pre-foreclosures HECK if there were equity on the prooperty and all the particulars were my favor ... I would not care about agent relationship ride it out and close... HOWEVER SHORT SALES, PRE-FORECLOSURES I have been a buyer agent and listing agent are usually not the easiest process there can be problems IF AN AGENT IS NOT SEASONED on all the circumstances involved on a short sale, pre-foreclosures ... usually 5 days prior to closing the bank will always state they are short and all agents, title company, buyer, mortgage company must make up the difference to close...
d) Foreclosures - your paperwork has to be exact per the specifications for the bank to EVEN SUBMIT a bid, and some buyers want to truly low ball a foreclosure which is a waste of time the bank has all ready received the BPO on the property now all the circumstances....

YES YES YES there are tips and tricks on how to win a bid and secure a foreclosed properties with a RIGHT REAL ESTATE AGENT you can earn high profits in this market. ... happy to assist in anyway I can

Tue Feb 26 2008, 11:16