Tips For Buying a Foreclosed Magnolia TX Home

Because of the ever-growing number of foreclosed homes, more and more buyers are considering purchasing one of them, either for a principal residence or an investment. However, in spite of rumors to the contrary, finding foreclosed homes at “bargain” prices and making a killing by selling them immediately is not a common occurrence, and purchasing any foreclosed Magnolia TX home requires a great deal of research, preparation, patience, and perseverance.

RESEARCH:

  1. The very first thing you need to do is to become familiar with your state’s foreclosure laws. These statutes will dictate what you can and can’t do in terms of purchasing, financing, and selling foreclosures.
  2. Locate foreclosed properties. Search public records, newspapers, HUD listings, magazines/newsletters specifically dealing with this type of real estate, and the Internet. Also check with your realtor.
  3. Check public records for liens and/or encumbrances.
  4. Know the assessed value of the property and comparable sales prices in the neighborhood.
  5. Learn the differences in buying pre-foreclosures, buying them at a public auction, and buying real estate owned (REO) foreclosures.

PREPARATION:

  1. Find a realtor experienced in foreclosures.
  2. Obtain pre-approval from a lender so that you can act quickly when you find the Magnolia TX home you want.
  3. Tour the property and inspect it as closely as possible. Have the home inspected by a professional if the lender will allow it.
  4. If you’re an investor, determine what the property will rent for.
  5. Explore financing options.
  6. Determine the extent and cost of needed repairs.

PATIENCE AND PERSEVERENCE:

  1. Be prepared for a great deal of paperwork when you buy a Magnolia TX foreclosed home.
  2. If at first you don’t succeed…try, try again. Know in advance that this type of purchase can be time-consuming, frustrating, and even risky and that it requires time, effort, and very often, multiple tries before being successful.

Whether you are new to the Magnolia Texas real estate market, thinking of moving up, or you’re an experienced investor, Pam Sitterly has the expertise, proven track record, and resources to help you buy Magnolia TX real estate for sale or market Magnolia TX homes for sale. Enthusiasm, knowledge of the area and personal concern for her client’s interests combine to make Pam an outstanding resource for your real estate transactions. Pam works extensively to help Buyers and Sellers meet their Magnolia Texas real estate goals. For more information about buying or selling your Magnolia TX home, please call Pam at 281-723-0324 or via email with this convenient contact form.