The process of putting a foreclosed home on the market has many parts. As Stephanie said it does depend on whether or not someone lives in the home. But also: on who ultimately holds title to the property, time to assign an asset manager, time for a condition inspection, time for a broker opinion of value, repairs if deemed appropriate, weatherization at this time of year. These things will all happen before whomever holds title decides decides whether or not to bring in a realtor and put the property on the market. In some parts of the metroplex they are holding homes off the market . All this means that there may be plenty of time to buy this particular home. Not sure what your credit score is, but mortgage financing below a 625 credit score is hard to come by and the terms are generally not realistic. If you have questions I am happy to help you out. I wish you the best of luck!
Keller Williams Realty
I have a lender that I work with a lot who can work with just about any situation with a credit score of 600 or above. Let me know if you want his information. Great, honest guy.
There are "richer and poorer" sections to any school district. It is about the kids and the values and morals they are raised with.
Don't let it be a diterrant. I did my neighborhood 100% for that exact reason, Carroll isd, and have not regretted it once.
You might also see if you can partner with an investor to perhaps buy now, do the rehab, and then sell to you at a profit when you have the cash. This might be interesting for someone for example if you can pay what cash you have now up front, and perhaps pay up front rent for six months.
Based on what you are saying I think your best plan is to wait and get your credit score up. Like Joe said, financing may be nearly impossible to come by. The terms if you do find financing will likely be so cumbersome it will not be possible in reality for you. I wish you the best.
Keller Williams Realty
You are better off waiting until you have the money to purchase what you are looking for. The lenders who own these foreclosures will always want to see that you have proof of funds and/or are fully pre- approved before they accept your offer. Besides, the bidding process can be quite competitive at times, and so you will be in a better position when you have the money in the bank. Brent Rice, The Rice Group, Inc. 214-808-3100
Many of my clients are currently purchasing commodity properties based on # of reasons within the next few years will make a profit on the resale.
Dallas is a strong housing market !
Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
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There are not a lot of foreclosures, but there are a few. What kind of price range are you looking to be in?