Rental Property Investor · Dallas, TX · Member since 2020 · 40 posts · 8 votes
I am looking for real estate agent who has experience helping people to buy REO properties around DFW, Texas.
I am not sure how to system works as I check on Hudhomes websites I have to pay to check and on some of the website I am confused how to find properties.
I am trying to look into the avenue to buy, fix and rent such properties and later refinance.
Here a site you ma want to view for potential REO lenders.
Reo Lenders Contacts | PDF | Real Estate Owned | Mortgage Loan - Scribd Reo Lenders Contacts - Free download as PDF File (.pdf), Text File (.txt) or read online for free. www.scribd.com
I am looking for real estate agent who has experience helping people to buy REO properties around DFW, Texas.
Anup....I attend the foreclosure auction every month for years and regularly buy there. I've also worked on both sides for lenders and for buyers buying REO and foreclosures. Not a lot of these in DFW area right now. I check every day. I've probably been in more than 10,000 foreclosures in DFW area. Most of that was years ago during the crisis. I still see and sell some, or other distressed properties, but very few these days.
HUDHomeStore is a way to find properties that are FHA/HUD foreclosures. These will mostly be for owner occupied properties, but there are occasionally investor opportunities. For example in Dallas county I see two properties for sale. One for $300K and one for $800K. Both are in the Exclusive period for owner/occupant bidding only. This is fairly common situation. I will also say they are not always the bargin you expect. While today you see 2, maybe 10-12 years ago there were maybe 400. Times have changed...most people should have equity and other issues where they don't go to foreclosure. That's why there are only two for sale right now.
If they had Fannie/Freddie loans typically those also have to be sold to owner/occupants or at least they are given preference. VA foreclosures are open to any bidder normally and you may also be able to get VA financing.