Each foreclosure sale is different and requires a lot of details to be handled when buying a foreclosed (REO) property. Depending on many factors such as location, sub-division, local market, supply & demand, condition, time of the year, multi-offer vs. single offer, etc the suggested offer price varies greatly. Consult with your real estate agent regarding purchasing an REO or a foreclosed property. There are many differences when purchasing an REO (foreclosed) property. Though, not all of them should negatively impact your decision, but you need to be informed and be … (4 comments)
foreclosure: Complete Foreclosure Process in Texas
- 12/09/12 02:22 AM
Foreclosure Process in Texas What is a foreclosure?Foreclosure is a process that allows the lender to take over the property when a homeowner defaults or falls behind on mortgage payments. This can be due to hardship or strategic default, which is defined below:
Hardship: can include (but not limited to) job loss, reduce working hours or pay rates, unexpected large bills (e.g. medical bills), heath, divorce, some unexpected events, etc (Picture from CDPE) Strategic default: is the case when the homeowner may be able to pay the mortgage but simply chooses to walk-away from the mortgage. This is often … (4 comments)
foreclosure: Foreclosure Auction Selling Process in Texas
- 12/07/12 04:02 AM
Foreclosure Conduct of Sale Process in Texas What is a foreclosure?Foreclosure is a process that allows the lender to take over the property when a homeowner defaults or falls behind on mortgage payments. For complete description of what a foreclosure is and what phases does it have, please see http://www.texasfivestarrealty.com/Foreclosure_Process.asp Pre-foreclosure Process (Phase 1) in Texas: Notice of Sale Timelines When a homeowner falls behind on mortgage payments, the lender will send a series of notices to the homeowners allowing them to correct the problems, otherwise its’ intention to sell the property at auction. Per Texas Property Code 51.002 these notices … (2 comments)
foreclosure: Foreclosure Process
- 12/06/12 03:39 PM
Foreclosure Process What is a foreclosure?Foreclosure is a process that allows the lender to take over the property when a homeowner defaults or falls behind on mortgage payments. This can be due to hardship or strategic default, which is defined below: Hardship: can include (but not limited to) job loss, reduce working hours or pay rates, unexpected large bills (e.g. medical bills), heath, divorce, some unexpected events, etc (picture from CDPE materials) Strategic default: is the case when the homeowner may be able to pay the mortgage but simply chooses to walk-away from the mortgage. This is often done … (0 comments)
Related Links:
Bahman Davani, CM at Texas Five Star Realty, Plano, TX (214) 457-7055
Homes for Sale in Plano, Frisco, Prosper, Allen TX
How Much Should I Offer for REO Properties? 
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