Bruce's answers are always terrific!

There are many different sources of foreclosure properties. Most banks contract with individual brokers to list their foreclosure (REO) properties. There are a significant number of brokers in the area who only list foreclosure homes. You don't need to use the services of that listing agent to purchase a foreclosure property. Do use a buyer's agent who will represent you in the transaction though. Foreclosures are a slightly different breed of animal than a standard home purchase. Short sale transactions (pre-foreclosures) are an even different breed.

Some general pointers on recognizing foreclosures:

If you're driving buy and there are papers affixed to the windows and the house is vacant. You're probably looking at a foreclosure property. When the home goes into foreclosure, the agent working on behalf of the bank has the house winterized to prevent any further damage to the home.

If you're looking through MLS listings or on-line listing and there is a note about special addenda required with an offer, It's probably a foreclosure property. Another buzz word is "corporate owned". In Texas, we have specific real estate contract forms that are promulgated by our state regulatory agency for use. This means that they have been thoroughly reviewed by committees of real estate attorneys and realtors to assure that they comply with state statutes and regulations as well as RESPA and other significant federal statutes. This said, banks work internationally and nationally and they have their own contract forms that they use to work their transactions, and they require that these forms be submitted with any offers. They have their system for processing offers and they like it just fine ... thank you.

It should go without saying that any home, and especially a foreclosure, should be inspected thoroughly by a home inspector. Some folks can walk away from their home with dignity and leave it in immaculate condition. Other people will strip any working appliance or construction material from the home before they leave. Then there are the people who are really malicious.

Submitting an offer on a foreclosure can be a hurry up and wait process.

Yes,

We can help you with foreclosures or pre-forclosures.

RULES---
Get preapproved.
Be flexible on move dates----very flexible.
Be prepared to work for a purchase and feel some stress.
I like the challenge, but many of the customers don't. There is risk and stress for the reward.
Be prepared to see some ugly houses. Occasionally we'll find a really nice one, but most need work and often significant amounts of work. I'm closing on Tuesday on one for a client that was really in near perfect condition....that's rare. I've got the opposite for sale. It's missing the AC, the water heater, oven needs replaced, all floors need replaced, whole house needs painted, landscaping needs cleaned up, bathrooms need to be remodeled.
We have lots of different options on sources of sales....auctions...REOs...bank owned.
You just have to let me know what you want to find and where you want to live.

To get started you would need to talk to a loan officer and figure what you are approved to purchase. After that a Realtor can help you find a foreclosure at no charge to you. Your agent can explain the ins and outs of different types of foreclosures and the short sale process.

I am very familiar with both short sales and foreclosures if you are unrepresented please don't hesitate to call me and ask any questions you may have and I can tell you a little more about the process. As an added incentive I rebate all my buyers 20% of my commission. So in essence my services are better than free

Thanks for your time
RJ
214-682-0598
Rj.avery@att.net

Hi Marlene,

There are available foreclosures in Lewisville and other areas. Your Lender will advise you of your purchasing power, your Realtor will assist you in locating and buying your home.

If you need additional information you may contact me @ mattye.smith@vrimail.com

Best regards,

Mattye P. Smith
Realtor

American Realtors