With the current mortgage market crisis there is a huge influx of foreclosures in the Dallas area, and you can get a foreclosed property with property values slashed way below current market values. For instance a friend of mine is in the process of purchasing a home for $82,000 that could has sold with no problems for $100,000 a year ago with no work done to the property. The seller did not want to fix up the property, so they are forced to lower the price because of the large amounts of Dallas Foreclosures. The banks know that if they do not negotiate the prices they will have to carry the cost of the property, and they do not want that. So, go in and offer a ridiculous price, and wait for the counter offer, and you might be surprised at how willing they will be to negotiate the price. Banks only see profits and losses, and right now they are in the red, so the will wholesale houses a lot cheaper than a year ago, and when values rise and the mortgage crunch is over you will have a house with ton’s of equity. Buying a Dallas foreclosure at the right price is very important, so be sure to do your home work and calculate all cost including repairs and improvements. For once you have a chance to take advantage of the position of the bank instead of the bank taking advantage over you. Dallas foreclosures are at an all time high, and that is why I say now is the time to buy if you are looking for a rental property or your own residence

So you’ve decided to buy a house, people who can afford to buy a house for cash are rare; most will need to finance the purchase of their home through a Dallas Mortgage Lender. A mortgage is a long-term loan contracted by the buyer to purchase a house, in return for the provision of the loan, the borrower (mortgagor) promises the lender (Dallas Mortgage Lender) Read the rest of this entry »

If you have good credit and are looking for the best Dallas Mortgage Lender, then there are several things that you should consider.

1. Dallas Mortgage Lenders are everywhere so you will need to do your home work, try to find somone that you know that works in the mortgage industry and ask the a lot of questions. When you purchase a house in Dallas a lot of the Mortgage Lenders will add hidden fees that don’t need to be in the contract to start with, so make sure that the company you hire is on the up and up.

2. When looking for a Dallas Mortgage Lender ask youself what type of loan are you looking for. I personally believe in a 15 year fixed, but you need to know this before you start signing papers. So many people lost there home do to arm loans because they did not know what they were getting into. Make sure the company you choose lets you know the benefits and risk of which ever type of loan structure you choose.

I hope you find the perfect Dallas Mortgage Lender for you home loan and that you get the home of your dreams

Dallas Mortgage Lender are at an all time battle for business in Dallas, Texas. I know that there are many great investment opportunities out there, but in order to get the best deal you need to have a Dallas Mortgage Lender with all the latest information on your Dallas lending options. When I was looking for my first foreclosure property I search hundreds and hundreds of foreclosures in the Dallas area, and finally found the perfect house me to invest in. But, if I had not spent time finding a good Dallas Mortgage Lender then I don’t think I could have paid more than I should have at the closing table. You can get a great deal on a mortgage right now in Dallas because there are just so many of them out there due to the current mortgage market, and Dallas was hit hard with foreclosures. My advice is to look for the perfect Dallas Mortgage Lender with the lowest rate for you, and shop around there are a lot of companies that will tell you they are the best, but until they can prove it on paper it does not count. Work hard at finding the best company and you won’t regret it. Your home is a huge investment and you should only trust it with the perfect Dallas Mortage Lender for you.

When you found a foreclosure that you are interested in looking at then it is important that you physically go and walk the foreclosure property that you are interested in. Foreclosures are a dime a dozen right now and you need to make sure that you get the absolute best foreclosure for the money. Once you find your foreclosure you will need to look for specific things when walking the property that could cost you thousands in repairs.

1. Look at the foundation - Cracking above the windows, in the outside brick, or noticing leaning when walking the forclosure can be signs that this foreclosure property could have serious foundation damage. I still purchase properties with foundation issues, but I make sure to have my foundation guy come and look at the damage at my potential foreclosure.
2. Check the roof - See how many layers of shingles are on the roof, and look up with walking through house to see if there are water stains on the ceiling. Replacing the roof is another expensive excense you need to add when choosing the best foreclosure to buy.

These are the most important things that I look at because I already plan on replacing the flooring, plumbing fixtures, some electrical, paint, sheetrock, and other smaller items.

Foreclosures, walking a foreclosure, best foreclosure

When flipping a house you have 2 options. One is to do all the work yourself and save several thousands dollars in labor, or contract out the repairs and manage the flip.

I believe in order to make serious money house flipping real estate you need to build a team. We have a team that we put together with one of the partners having a history in construction, and knows how to do the repairs and can keep and eye on the contractors to make sure they are not ripping us off.

The other is what I like to call the “paper work guy.” This is someone who works in the mortgage industry, and is use to doing foreclosure contracts and hud’s.

Real estate agent - Find a real estate agent that does high volume sales and kicks butt.

Then finally the beloved investor who gives his money, but does not invest time into the project.

I love pre-foreclosure properties because pre foreclosures are a win-win for the buyer and the seller. When you buy a pre-foreclosure you are going to get the best deal on the property because the owners of the home are going to do what ever they can to sell since they want to stop foreclosure on there home. When looking for real estate I love to view list of preforclosures from realty trac, and start working the math to see which foreclosure on my list is going to make me the most money, and then buy it up. Pre-foreclosures help you make money, and help save the buyers credit.

PRE-FORECLOSURES | FORECLOSURE LIST | LIST OF FORECLOSURES

In this video we show you key ways at find good real estate properties for flipping. How to search for foreclosures, pre-foreclosures, FSBO, bank owned foreclosures.

I believe one of the most important aspects to finding a great deal in real estate is to find quality foreclosures and pre-foreclosure lists. There are several websites that we used to find houses to flip.

Ebby.com - is a great free website, but mostly MLS listings
Foreclosure.com - This has a great list of foreclosures and pre-foreclosures.
Realty Trac - Another company that has up to date foreclosures and pre-forclosures

Once you find a list of foreclosure properties, then you have to physically go and visit each one as fast as possible, then walk through and inspect the property to see if it is a flip or a flop. This video walks you through the steps we took when looking for our first foreclosure, and what websites we used in order to find the best foreclosure list

Foreclosures | Foreclosure List | Finding Foreclosures | Pre-ForeClosures, Bank Foreclosures | List of Foreclosers | Real Estate

Here is the bottom line if you are not good at negotiations then you will lose at the flipping game. If you can’t negotiate then you need to hire someone that can unless you enjoy pissing your money away. Check out the below video and see our negotiation skills. This is about our the 1st house we flipped and tells about what we did right when negations and what we did wrong. the series of videos is called “What Not To Do When Flipping a House”.

I am going to answer the top three questions I get about buying a home in pre-foreclosure. The questions are why do you buy a property in pre-foreclosures, how do you find a pre-foreclosure, and negotiating a short sale.
Why do investors buy properties in pre-foreclosures? There are many reasons why we buy pre-foreclosures, but the best one is that we help people avoid getting foreclosed on. Your not just making money, but you are actually helping someone keep from going thru a embarrassing situation. A foreclosure mark on your credit is the worst mark you can get, and it stays on there for 7 years. Another reason why investors buy pre foreclosures is because the house will normally be in much better condition. The owners of the houses normally has not trashed the house out yet and you can save a lot of money on repairs. Also, you can buy the house for pennies on the dollar if you do it right.
How do you find a pre-foreclosure? I use REALTYTRAC to find pre-foreclosure. REALTY TRAC will give you a list of all the houses that are in pre- foreclosure, and trust me that is a lot better then going to the county clerk’s office and trying to get a list of pre-foreclosures. Now the fun part! You get to call the people on the list and tell them that you would like to buy there home. A lot of people are not going to be interested and might even get upset with you, but once you find that right person it will all be worth it. Another trick of the trade is to send out flyers to the homes.
How to negotiate a short sale? A short sale is when the bank takes less then what is owed on the property. Best case is that you find a person in pre- foreclosure that property is worth more then what is owed, but if not then you will need to do a short sale. Why would a bank accept a short sale? The answer is caring cost? If the buyer is not making the monthly payments then the bank has to make the payments, pay force placed insurance, legal fee’s to file the foreclosure, and if the state has a long redemption period then it is in the banks best interest to accept a reasonable short sale. The first thing you need to do is find out the value of the house, and what the full payoff is. Then you have to negotiate the deal like any other deal as far as price. With a short sale the owner of the house will not receive any money due to the bank is losing money, so I would suggest to offer to pay for the buyers moving expenses and 1st month rent to motivate them to accept the deal. Pre-foreclosure and short sales are not easy, but can be very profitable if done right.