Foreclosures Pearland

Here are the Basics you need to know about buying a foreclosure:

1. Get your Financing Pre-Approved!  You Generally MUST be pre-approved or pre-qualified to purchase a foreclosure or distress property by a mortgage company or bank.  The owners, banks, and agencies that own these properties generally require that Proof of Pre-approval be submitted with a bid!  These properties go fast - you need to be ready!

2. Hire a Realtor!  Many foreclosures are posted on your local MLS in the same way any other resale home is listed for sale.  However, the process to purchase most foreclosures is very different than purchasing a normal resale home.  There are many types and sources of foreclosures...these include HUD, VA, Fannie Mae, Freddie Mac, SBA, IRS, and REO.  Most of these foreclosures have specific contracts, rules, deadlines and purchase processes.  I can assist you with the bidding deadlines and procedures for any home you are interested in.  I am qualified to bid on HUD homes and can assist you!

3. Plan Your Purchase!  Decide on your Objective and how much your are willing to spend!  Are you trying to save money on the purchase of your primary residence?  Are you just beginning to invest on a small scale?  Are you a savvy investor looking for another property to add to your portfolio?  How much money do you need to make on your investment to make it worthwhile?    Whatever your objective, you must have a clear vision of your purpose for purchasing a foreclosure home. 

4. Buyer Beware! - Often these properties are being sold 'as is', and frequently do not have traditional 'disclosure' statements as to the property's condition.  Some of these homes will need major repair work, others may only need minor cosmetic touch-ups, still others will be practically brand new.  You must determine how much work and/or money you can afford to invest in the property after you purchase it.