Some banks have their homes sold directly by the listing agent, so the normal offer process goes into effect in that event.
The money you should be worried about spending is for repairs and any unforeseen problems.
Have your Realtor run a CMA report, visit the home with a person knowledgeable about repairs, that way you can make a realistic offer.
Foreclosures do not require that they present you a Seller's Disclosure list, nor will they provide you with a survey. If you are doing a loan, your lender will require a survey that will run 300-500 depending on the type of property.
Last, always get a good inspector, and be advised that you may be responsible for turning on all of the utilities in order to get inspections done.
If you are looking to build quick equity, I find structurally sound but dated homes with modest deferred maintenance in an area that is revitalizing are the best buy for building quick equity.
Bear Creek to Spring Branch to the Houston Heights depending on your budget. There are many other pockets with upside potential.
The process can be as easy as ABC or as hard as rock without the right professional in your corner. 1st the lender to walk you thru the correct home loan, then the Realtor who know the neighbourhood that you are interested in and who know how to get the bank to move in your direction..,
Are you shopping for a Home? It may seem backwards to shop for a mortgage before you shop for the house, but there are several reasons for doing this. Shopping for a mortgage will also help if you can get â€œpre-approvedâ€ for the amount youâ€™d like to borrow. This means the lender has looked over your credit and financial statement and agreed to lend you the money. Sellers like pre-approved buyers because thereâ€™s less risk the deal wonâ€™t go through. First, youâ€™ll find out how much you can borrow, which has a lot to do with how much house you can buy.
Whether youâ€™re, buying, building or Re-Financing your dream home, you have a lot riding on your decision. Market conditions and mortgage programs change frequently, and I welcome the opportunity to serve your needs with quick and accurate real estate financing advice. I have the expertise and knowledge to help you determine the absolute best loan program to meet your objectives. Get my Top 25 Questions for FREE that you should be asking your lender before you choose them to secure a mortgage along with a FREE copy of The 8 Deadly mistakes to avoid when buying a Home. If you are already working with a lender, donâ€™t be shy to give me call so I can price the same mortgage for you with less cost. What do you have to loose but your money?
Ensuring that you make the right choice for you and your family is my ultimate goal. I am committed to providing my customers with mortgage services that exceed their expectations.. As always, you may contact me anytime by phone, fax or email for personalized service and receive expert advice from a Bank Mortgage Banker who is responsible for the decisions on all mortgages coupled with over 17 years of experience in the industry.
I look forward to working with you! And making your dreams a REALITY
1910 Firman Dr, Suite 104 | Richardson, TX 75081
Office: 469-347-3572| Fax: 469-519-8765
Just about all of these places need work beyond cosmetic updates. Simply put, theyâ€™re best suited for investors with deep pockets. I work with several, and see what it takes to bring such homes to livable condition â€¦ it ainâ€™t cheap.
The terms should suffice to drive all but seasoned buyers away â€¦ â€œas-is, where-is, with all faults.â€ Bottom line: itâ€™s yours as it sits â€¦ although most contracts include an opportunity to inspect the property and void the transaction. These homes are usually in rough shape, so itâ€™s imperative to have them checked thoroughly â€¦ roof to slab. The cost is on the buyer and not reimbursable, even if the sale doesnâ€™t close. The lienholder/seller will make no allowance for repairs â€¦ â€œas-is, where-isâ€ sums it up.
Ironically, you can likely purchase a great home in better condition for about the same money â€¦ possibly less, given what it would cost to get most foreclosures into shape. It will be my pleasure to work with you toward finding that special place which best suits your familyâ€™s needs. There is no cost to you as a buyer. If I may be of assistance, please feel free to contact me. I look forward to hearing from you.
Trend Setter Realty
1. Prior owner did not have enough money maintain the property
2. Bank did not address maintenance issues - based on how long property been on the market
3. Good Realtor can trouble shoot many of these issues with wasting your money on inspection and appraisal , etc.
HOWEVER I have seen foreclosed properties owner/ lender took great care of the property ! Never know each property stands alone based on condition SAME as a typical home purchased .
MYTH of savings - perhaps in other parts of the country however Texas has been healthy market for home sales you don't see foreclosures as often vs. prior years.
Lynn911 Dallas Realtor & Consultant
Multimillion Dollar Sales Producer
http://www.lynn911.com 100's of Dallas homes listed for sale or lease
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