Phone: 214.749.4700
Email: info@modtownrealty.com
While the current economic crisis is wreaking havoc for many in Dallas, just as it is everywhere else in the US and around the globe, Dallas Foreclosures present a buying opportunity unlike any other we have seen in our lifetimes. But identifying foreclosure properties that meet your requirements and possessing the necessary expertise to negotiate the best deal at the right time is a difficult matter.
You first need to understand that "foreclosure" properties can be acquired at different times during the foreclosure process. There are three basic stages to this process: 1.buying before the foreclosure auction, 2.buying directly at the auction and 3.buying from the bank or auctioneer after the auction is over.
Most people think of "foreclosure" properties as being sold only at auction. When a lender notifies an owner of its intent to foreclose on a property, the property can be sold before auction. This is usually the best time to buy because the number of prospective buyers is less than the number of prospective buyers at other stages of the Dallas Foreclosures process.
The second category of buying a foreclosure involves buying directly at the auction. Though there is often little competition at these sales, the trust deed requires that the buyer have cash or the equivalent at the time of the auction to be the winning bidder. This eliminates many potential buyers, as most people do not have a suitable amount of liquid assets to complete the transaction.
The third stage of the foreclosure process is buying bank-owned properties after auction. Because of the record volume of foreclosures now on the market and the huge number that will be coming in over the next year or two, banks are lowering their prices to move inventory. Banks are placing homes with listing realtors that specialize in listing distressed properties.
Acquiring Dallas Foreclosures could be very lucrative indeed. Contact Modtown Realty today and we can help you identify the right property that meets your requirements.
When a homeowner falls several months behind in their loan payments and is in default of their home loan, the bank will take steps to foreclose on the property. During the foreclosure process, the bank will often times attempt to sell the property at auction. If nobody buys the property at auction in the Dallas market, the lender officially reclaims the building, and it is now considered to be a bank real estate owned property, or Dallas REO.
When looking at Dallas REO properties, buyers have more time to analyze and evaluate the property than they do when compared with short sale and auction properties. And the transactions are more like normal property purchases in that you can often times get financing, where with auctions you need to pay cash in full. Furthermore, there is generally less competition for REO properties than with auctions.
Our REO specialists have personal relationships with the right people at many of the Dallas area banks. You can leverage these contacts for your benefit to identify the best properties at the lowest possible price. Our specialists also have knowledge of many short sell properties so you can compare prices of different kinds of foreclosure properties.
Visit our office and consult with our Dallas REO specialists. Although you will find REO properties on the internet, you cannot duplicate the personal contacts our specialists have with area banks. Work with us, and our connections become yours, just as your best interest become ours. Let us help you make the most of your money.
Dallas Investment Property: Let Our Experts Point the Way
Are you in the market for an Dallas Investment Property? Our investment grade properties include land, single-family homes, apartment buildings, and commercial or industrial buildings. We have strong ties with banks, lawyers, and other professionals, giving us the power to identify the best available pre-foreclosure (short sales) or bank real estate owned (REO) properties.
There are numerous benefits associated with Dallas Investment Property:
* You can generate positive cash flow and good investment yields.
* There is generally less volatility with the value of your property when compared with investment in equity markets (stocks).
* You are eligible to receive tax deductions, such as depreciation and other costs associated with the property.
* Property values tend to rise over the long term and are considered to be "safe" investments.
Let our expert's help you search for the Dallas investment property that matches your portfolio requirements. We work with investors from all over the country to locate solid investment properties, whether foreclosures, REO properties, short sales or other investment values. Let us show you where the numbers make sense.
Dallas Short Sale Properties Present an Interesting Opportunity
Did you know that you could acquire a property in Dallas for less than market value and less than the amount of the mortgage amount outstanding? By purchasing a Dallas short sale property you can do just that.
As an example, consider a property where a homeowner owes $245,000 on their mortgage, is past due on his payments and facing foreclosure. With the agreement of the homeowner, you offer the lender $180,000 as full payment for the loan. If the lender accepts, you have acquired a property for well below market value.
This transaction is what we call a short sale.
Negotiating a short sale can be complicated. Even the process of simply identifying properties that may be subject to short sale opportunities is not easy. To be successful with a Dallas short sale transaction, it not only takes careful research but working with a real estate agent who has been there and done that.
The first step in this process is to identify potential investment opportunities. You can go it alone and look on various websites, or you can work with a real estate agent who has the knowledge of available properties, market values, and bank contacts.
It is critical to gather all pertinent information about the target property and the homeowners prior to getting on the telephone with lenders. And when you contact the lender, it is critical that you deal with the decision maker. When you do get to the decision maker, you need to anticipate their questions and have all pertinent information.
Our short sale specialists know the key contacts of all of the Dallas area lenders. Once you have selected target properties from our listings, our specialist will contact the lender to begin the negotiation, and in most cases we have a direct contact with the decision maker. This process is complicated and requires very specific information.
The remainder of the process involves obtaining your own appraisal of the property (the lender will have their own version of the value), completing forms, providing additional documentation from the owner, and negotiating with the lender.
Acquiring Dallas short sale properties is the opportunity to acquire the deepest discounting, but they are complex transactions that require experience and knowledge. Search our database for your desired properties and work with our experts to help you close the deal. We will help you navigate the terrain and acquire the best deal possible.
Contact Modtown Realty today!
* Prices and availability are subject to change. Information deemed reliable but not guaranteed.
All measurements are approximate. EHO Equal Housing Opportunity.
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