Buying foreclosed homes is not a simple process. You need to be aware of the risks and advantages that you are exposed to by buying a foreclosed home.
Price may be an advantage, but the home you are purchasing may have somebody living in it, and you need to be careful and follow the Texas property code to the letter, in evicting the current people residing there. Make sure you have a Real Estate Agent who is knowledgeable about Foreclosed homes.
There are different statuses for homes such as:
– Short-Sale (unapproved by Bank),
– Short-Sale Approved by Bank,
– Foreclosed (Bank owned or REO).
Depending on the status you have different options regarding your purchase.
When looking for these homes there are many portals (Internet Sites) that provide various information. The most reliable of which is the County where the home is located.
For more information contact us at Dominik Realtor.