What is the best way to purchase a foreclosure in Dallas?

Asked by Eric Wu, Russian Hill, San Francisco, CA Mon Feb 6, 2012

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Chris Hutchinson’s answer
Chris Hutchi…, Agent, Hurst, TX
Tue Feb 7, 2012
I have access to foreclosed properties and distressed properties that are sometimes 50-75% off of retail value. The inventory is always changing but you will need access to either are hard money lender or have the cash to take advantage of the deals.

How it works is that I represent you on these properties for a fee once you close in the property as most are not under a listing Agreements. To do these deals your going to need earnest money up to approximately 3000 and you have to know you can close on it because it is common practice to have banks and wholesales with non refundable earnest money deposits.if we have a deal on the table with the actual owner we can go in with a less money to control the property and close the deal from there.

Give me a call if you want to get an idea of what I'm talking about.

Chris Hutchinson
Chris Hutchinson Real Estate
The Michael Group
(972) 809-0607
1 vote
Stormyleena, Home Buyer, Atlanta, GA
Thu Aug 20, 2015
Seek out an agent who specializes in the purchase of distressed properties. This type of transaction can be quite difficult. Ask questions of that agent. Make sure they thoroughly understand the the mechanics and nuances of buying foreclosed homes from trustees. And familiarize yourself with the statutory parameters which affect a homeowner on the "front end" of such a dilemma. This will be quite helpful if you seek to purchase. http://ForeclosureIQ.com
2 votes
Dallas Texas, Agent, Dallas, TN
Mon Feb 6, 2012
Foreclosures are tricky no matter what recommend use a Realtor. Not all foreclosures are 50% off list price Dallas has a healthy market close to 60,000 homes SOLD in DFW area 7 counties 2011

Direct Link

Any sales offer submitted you must have either bank statements show proof of cash OR lender approval statement . Not all foreclosures will your sales offer be accepted or have immediate response.

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
1 vote
ALAN WYNN, Agent, Allen, TX
Mon Feb 6, 2012

As Helen suggested, there are several ways. The 1st Tuesday of each month is foreclosure sale day in Dallas. Homes posted for foreclosure are auctioned off at the courthouse of the county where the home is located. An agent can bid in certified funds on your behalf. There are also periodic auctions that are held...but you have to actually attend these yourself as the Buyer. HUDhomestore.com has a list of HUD homes available and most Brokers are HUD certified to bid on your behalf for these. There are also many homes listed in the local multiple listing service that agents have access to. But remember you need patience and a thick skin to buy foreclosure properties. It can be very competitive.

I have several agents in my office that specialize in foreclosed properties. Let me know if we can help.

Thanks for using Trulia Voices.

Alan Wynn
Branch Manager
Coldwell Banker Residential Brokerage
North Dallas Regional Office
972.931.2400 (office)
214.729.5582 (cell or text)
Web Reference:  http://cbdfw.com/alanwynn
1 vote
Andrea Brooks, Agent, Plano, TX
Mon Feb 6, 2012

In most cases the lienholder purchases the property and subsequently lists it for sale with a Realtor. The best advise I can offer is to work with an agent who is knowledgeable about the process and the market area the property is in. If you're planning to lease the property or flip it you'll need an agent familiar with that too. Feel free to contact me if you have more specific questions. I've helped many investors and am one myself!

Andrea Brooks
1 vote
Susie Kay, Agent, Dallas, TX
Fri Aug 21, 2015
This is an old thread but is still a valid question. The housing market in Dallas is really hot now and many foreclosures are no longer a bargain. The banks are getting smarter in knowing how to get their money back, the wholesalers are getting smarter in getting the best price to sell properties to investors, etc. Many buyers are competing for properties driving the price up as well.
0 votes
Bruce Lynn, Agent, Coppell, TX
Tue Feb 7, 2012

We can help you. Just let me know where you want to live and what price range you want to be in and we can send you a list.

Will you visit dallas to look or will you buy long distance?
We can assist you either way.

Just give me a few more details about what you have in mind.
0 votes
Ron Pritchett, Agent, Frisco, TX
Mon Feb 6, 2012
Foresclosure is a process that will require a Realtor to assist you, unlike Short Sales the process generally take for 30 to 45 days after the bank accepts your offer. My experance with banks when ti comes to offers, they almost always counter your offer price. However it is a great way to ge a property for under market value. Good luck Eri.
Web Reference:  http://ronpritchett.com
0 votes
Beau Beasley, Agent, Dallas, TX
Mon Feb 6, 2012
Contact a Realtor and have them send you foreclosure listings and when you've identified properties of interest, have your Realtor run comps to share with you so you can make a decision. Are you planning on keeping the property as a rental or rehabbing and flipping it?
0 votes
Helen Karuba, Agent, Dallas, TX
Mon Feb 6, 2012
There are a couple of ways. You can buy it off the court house steps at foreclosure auction. You can pick it up just before it hits the sale, you can bid on line, you can buy one from a wholesaler...lots of ways! The best way to buy a foreclosure, and know you are getting a great deal, is through an agent who works investment properties. I work a lot of pre-foreclosure, short sale, and REO properties. Let me know if I can be of service.

Helen Karuba
0 votes
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