Foreclosure Properties
Foreclosure properties, REO's or "repos" as they are often called, are not for everyone. Some look like any other resale home but many are very indicative of the turmoil people's lives are in whose homes are being foreclosed on. The ex homeowners have sometimes ripped out appliances and fixtures or pets have ruined the carpet and even made the concrete smell. You just never know what you may find. Sometimes though, if you are willing to put up with some of these issues, and factor in the cost of fixing them, you may get a property for several thousand less than market value or "bargain basement" pricing.
Types of Foreclosures
HUD HUD homes are FHA foreclosures.
Tax Foreclosures on the Courthouse Steps Every county dispenses with foreclosed on properties on the steps of the respective County Courthouse
Bank Foreclosures Banks have an REO or Real Estate Owned department for homes or land they have had to foreclose on.
Texas Veterans Land Board has foreclosures too. See their website for Forfeited Land Sales
Short Sales
Short Sales are properties whose owners are behind on their mortgage payments. The bank or lienholder agrees to allow the home to be sold for less than is owed. Therefore, the lienholder or bank is who the buyer deals with. Many times the lender who is holding the note is slow to respond to an offer. So expect to wait as long as several weeks or even months to get a response to your offer. Do not expect any repairs to be made or to negotiate anything but sales price & that is usually only a slight deviation from list price.
