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Searching for Foreclosures in Texas

Searching for Foreclosures in Texas

When searching for foreclosures in North Texas it’s important to remember there are many different types of foreclosures: HUD foreclosures, FannieMae Foreclosures, Bank owned REO…just to name a few.

One thing that attracts buyers to foreclosures is the hope of instant equity. Are you getting a “deal?” Well that depends on several factors – activity in the neighborhood, length of time the foreclosure has been on the market, condition of the property.

Financing Options

Based on your level of qualification, there are several traditional loans that are available including Conventional, FHA, VA, USDA and even Jumbo. When it comes to foreclosures the key is the condition of the property. Paring a foreclosure with a renovation loan often times turns out to be the best option. Renovation loan options include the FHA 203k Rehab full and FHA 203k streamline, FannieMae HomeStyle and HomePath Renovation Loans.

Now the Search Begins

Most times it’s best to begin the search with a Realtor. Some buyers prefer to go to HUD and FannieMae’s websites directly to review listing themselves while others let their Realtors set up their searches. Either way the process is started purchasing a foreclosure is much more successful with a seasoned Realtor. They can make the bid or offer and handle all of the seller negotiations on your behalf.