Things To Consider...Is Buying A Distressed Property Right For You?

Foreclosed home          Logos  Certified Distressed Property Expert

 

There are many misconceptions and unanswered questions for home buyers in today’s market when it comes to Short Sale and Foreclosed homes.  The media inundates us with the fact that there is an abundance of homes available, but provides very little actual “how-to-buy” information.  As an Accredited Short Sale and Foreclosure and Certified Distressed Property Expert resource professional, I can assist you in the process of determining if a distressed property is a purchase for you to consider.  Foreclosure is a process, with buying opportunities at each stage.

While distressed sales are a sad fact of the real estate market, no one wants to see a homeowner lose their home.  And although these properties present unique opportunities for buyers, you need to determine whether you are a candidate for such a purchase.  It is important to learn all you can about distressed properties, and here are some points and questions to consider:

Alternative Buying Options - Is a distressed property right for you?

STAGE 1. PRE-FORECLOSURE –

     A period of time that begins with the initial mortgage default and ends when

     the distressed property is sold.

STAGE 2. FORECLOSURE SALE –

     When the property is auctioned to the highest bidder, someone who also

     meets the terms of the sale.

STAGE 3. REO (REAL ESTATE OWNED) –

     If a foreclosure sale is not successful, property ownership is transferred to

     the lender. 

WHAT IS A SHORT SALE?

This is a situation in which a seller owes more on their loan than a sale of the property will produce, and they are unable or unwilling to make up the difference at closing. The seller may or may not be in pre-foreclosure. Banks may consider a short sale to a new buyer to reduce their losses.

QUESTIONS TO ASK YOURSELF:

As your buyer’s representative I can give you specific guidance based on your situation and the type of distressed property you want to purchase.  But for starters, consider these questions:

1)  Are you flexible on timing? Can you make a quick decision and/or accommodate months of possible delays?

2)  Is your purchase limited by any contingencies, such as needing to sell your current home first?

3)  Have you already secured financing?

4)  Do you have resources to repair and rehab the property, if needed?

5)  If you are buying the property for investment purposes, what is your action plan? Do you intend to rent or resell? Or perhaps inhabit the property until market conditions improve?

NEXT STEPS:

As your buyer’s representative I can assist you further in answering these and other questions which will help you determine whether this path to homeownership is right for you.

The Accredited Buyer’s Representative (ABR®) designation is awarded by the Real Estate Buyer’s Agent Council (REBAC), a subsidiary of the National Association of REALTORS® (NAR). To learn more about REBAC and access various homebuyer resources, please visit www.REBAC.net.

 

More questions?  Contact your Dallas Realtor Lisa Von Domek!

 

 

www.LisaSellsTexas.com

 

Lisa Von Domek

 

Lisa Von Domek
BROKER/ASSOCIATE/REALTOR, 
ABR, AHWD, ALHS, ASP, BPOR, CAPS, CDPE, CGP,
CLHMS, CMS, CRS, CSP, e-PRO, GREEN, GRI, MRP, PS, QSC, SFR, SRES, TAHS, TRC
Lisa Von Domek & Associates, LLC / Real Living Real Estate Group 
Phone:      972-849-1300 
Email:        Lisa@LisaVon.com      
Website:   www.LisaVon.com

Multi-Million Dollar Consultant

Texas Licensed Real Estate Broker

 Accredited Buyers RepresentativeAccredited Staging ProfessionalAt Home With DiversityCertified Residential Specialist  Certified Aging-in-Place SpecialistGraduate Realtor Institute      Certified Distressed Property Expert  e-ProSenior Real Estate Specialist      GREEN Realtor             Military Relocation ProfessionalShort Sale and Foreclosure CertifiedTexas Affordable HousingTransnational Referral Certified       Institute for Luxury Marketing        Certified Luxury Home Marketing Specialist  ALHS  AR Top Contributor     Wounded Warrior Project

 

 

Addison TX Real Estate  Allen TX Real Estate  Argyle TX Real Estate  Cedar Hill TX Real Estate

Dallas TX Real Estate  DeSoto TX Real Estate  Duncanville TX Real Estate  Grand Prairie TX Real Estate Midlothian TX Real Estate Plano TX Real Estate  Red Oak TX Real Estate  Waxahachie TX Real Estate

 

 

Lisa

Information, written commentary, photos, original verse, etc… are the property of this author and may be reprinted or posted for Active Rain.

Comment balloon 10 commentsLisa Von Domek • October 02 2016 11:39AM

Comments

Hello Lisa Von Domek and thanks for this great blog.  I may reblog this later today if that is ok?

 

Posted by Will Hamm, "Where There's a Will, There's a Way!" (Hamm Homes) over 2 years ago

Excellent advice Lisa. So many people just starting out in the real estate world can learn from this.

Posted by Noah Seidenberg, Chicagoland and Suburbs (800) 858-7917 (Coldwell Banker) over 2 years ago

Lisa great primer for those agents in areas that are still seeing a lot of short sales - and for the general public as well. Well done. I for one am glad that I quit doing shorts 3+ years ago as well as the fact that we have very few occuring here in AZ.

Posted by Anna Banana Kruchten CRB, CRS 602-380-4886, Arizona's Top Banana! (Phoenix Property Shoppe) over 2 years ago

Hi Lisa - very we laid out explanations.  I would say that some buyers are clueless and media and advertising for flippers adds to that.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) over 2 years ago

Good evening Lisa. Great ideas to consider. For those in your area, nothing to consider, call Lisa! Enjoy your evening!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) over 2 years ago

Absolutely Will Hamm and thank you for the lovely compliment that your request represents.

Posted by Lisa Von Domek, ....Experience Isn't Expensive.... It's Priceless! (Lisa Von Domek Team) over 2 years ago

Thank you, Noah!

Posted by Lisa Von Domek, ....Experience Isn't Expensive.... It's Priceless! (Lisa Von Domek Team) over 2 years ago

They are all but non-existent here in my area as well Anna.

Posted by Lisa Von Domek, ....Experience Isn't Expensive.... It's Priceless! (Lisa Von Domek Team) over 2 years ago

There is still too much misinformation out there on this subject Grant.

Posted by Lisa Von Domek, ....Experience Isn't Expensive.... It's Priceless! (Lisa Von Domek Team) over 2 years ago

Thank you, Wayne!

Posted by Lisa Von Domek, ....Experience Isn't Expensive.... It's Priceless! (Lisa Von Domek Team) over 2 years ago

This blog does not allow anonymous comments