Investors Beware - Know WHAT Your Buying!

Investors, more than any other buyers, need to perform their due diligence BEFORE purchasing a home, especially if bought at the Courthouse steps.

I had some clients who were looking to lease a home.  We found a cute home in Garland and executed the lease.  About 3 months later I received a call from my clients saying a Constable had knocked on their door informing them the property was foreclosed on and they had a few days to get out or they would be evicted.  Imagine our surprise!!  My clients did indicate they had received mail for another individual (not the presumed owner) and they had returned to sender. 

After several phone calls with the presumed owner, we found that he had indeed made a purchase at the courthouse steps; however, it was for the HOA lien and not the mortgage.  I did feel badly for him since he had invested a lot of money to get the home in move-in ready condition but felt even worse for my clients.  Now we had a few days to find another home.   In the Dallas area, decent homes for lease go FAST!  We were blessed to find a home in the same neighborhood and the owners were very accommodating and able to get them in within the time allotted.  The presumed owner also made good with my clients and reimbursed them part of their rent monies as well as paid for a moving truck.  They like this home even better! 

Investors, PLEASE do your due diligence and use a reputable title company to pull all the necessary paperwork.  Perhaps even employ the services of a Realtor to help guide you through.