I would agree with the previous statements.
Since a Realtor has direct access to the Multiple Listing Service and can give you the most up to date information, it may be best to choose a professional and meet with that person.
Ebby Halliday Realtors
7520 N. MacArthur Blvd
Irving, TX. 75063
Just to echo what others have written and a big misconception for those people who are looking for bargains in foreclosures. When you see an ultra-low price on one of these homes, it usually is referring to the amount of a lien on the house and only that. Not the price. If you don't see the full address, it frequently means it's been POSTED for foreclosure by a lender or an HOA or a taxing authority. Just the first step in the process. Sometimes, it never is foreclosed.
Again, the info is out there and it's good to follow, but the best idea is to find a Realtor to work with who can give you advice once you find a property you like.
If you are interested in Valley Ranch (where there IS an HOA with moderate annual fees) or DFW generally, please let me know if you would like to talk.
Thanks for your question!
RE/MAX DFW Associates
Vally Ranch does have an HOA.
Currently, there are no foreclosures (nor any homes) for sale on Old Oak in Valley Ranch. What you have seen on Trulia is a notice of default or foreclosure posted by Realty Trac which is a reporting service. Realty Trac takes information from public records and provides it by subscription to its members who have registered and agreed to pay a fee for the information. What you see on Trulia is an abbreviated report from Realty Trac in order to entice you to sign up for their service.
It is unlikely that you will be able to buy this house for the price posted on Trulia. That is likely the amount of a default and has no relationship to the value of the property. The house may be offered for sale at a later date but it will most likely be listed with a Realtor and priced at a price that reflects the market price for the area.
If you are serious about buying a house, you need to align yourself with a full-time, experienced local Realtor who can help you to find the house that meets your needs. Your Realtor can help you to learn about the current market conditions, realistic house prices, loan qualifications, negotiating strategy, escrow management, inspections and everything else that goes into the purchase of a home.
Brent Rice, Trulia Top Recommended Broker (Pro & VIP)
The Rice Group, Inc.