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Foreclosure in Dallas : Real Estate Advice

  • All138
  • Local Info5
  • Home Buying25
  • Home Selling2
  • Market Conditions13

Activity 3
Sat Apr 7, 2012
Darrell Hess answered:
You should maybe think about a different career path. Most of the large accounts are already being serviced by companies with contracts. If you are doing this under your own name and not a corporation or LLC with at least 3 employes it may be hard applying for the job bids with Freddie Mac and Fannie Mae. You may be a bit late to the party in my honest opinion. I will let you know this however, this is not your typical clean up a house job. The homes are freaking disgusting filled with trash and debris often littered with rodents and insects of all sorts. Dead animals, human waste, and rotten garbage are almost always present and the smell that is in the air will choke you out. If you can put up with this the pay is decent, but with so many other opportunities to make some hard earn money out there why would you want to put up with this? ... more
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Tue Nov 17, 2009
Hank Miller answered:
Consult with your agent and make an offer based upon the current data, who cares what it's listed for. If FHA won't finance the house that tells me that there are repairs required so you'll need to explore other options. Obviously you need to be completely qualified and ready to close when you make the offer.

Fannie and other organizations holding distressed properties want them sold for as much as possible, as fast as possible to the most qualified buyers. I'm a Fannie Mae foreclosure appraiser and I hear this regularly from their agents. Get an experienced agent, write a strong contract, treat it like the business it is and don't let it get personal.

Hank
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Mon Jan 21, 2008
Lorie Gould answered:
You have received great and consistent answers. Another thing to keep in mind is that corporate sellers are usually on banking hours and are closed on holidays like MLK today. Also, it is important to keep in mind that foreclosure properties could have more than one offer on the table. And unlike a seller who has lived in the home, banks have more than one property that they are running numbers on. This is not at all emotional for them, it is strictly numbers!

I would suggest that you keep it about the numbers. Only pay what the comparables show the home is worth...do not overpay in this market.

When I place offers on a foreclosure for my clients, I call at the end of each day until the offers is accepted or declined. Some listing agents are aggressive with communication with their banks and others wait for the banks to contact them. If you still want the home, I would send notification that you are extending the time limit of your offer.
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