Beau Beasley's Dallas TX Real Estate Blog

Why All Buyers Benefit From Property Foreclosures and Sellers Don’t

Beau Beasley — Tue, 20 Jul 2010 21:19:38 +0000

Even though you’re probably not buying a foreclosed property, or one that’s in preforeclosure, as a Buyer, you will benefit from the foreclosure market. Contrary to many opinions, Foreclosures do enter into the Comparable Sales or Comps that are used when your Realtor helps you negotiate the price you are willing to pay. Sellers hate them, and Buyers will like them when they buy, but remember, Buyers will someday become Sellers. But hopefully they will be in the property long enough not to worry about foreclosures when they do eventually sell. When that will be is very debatable, but the reports and opinions I see indicate about 1 to 2 years before the foreclosure situation gets back to normal.

HGTV Wants You!

Beau Beasley — Fri, 16 Jul 2010 15:52:18 +0000

Wanted to alert any First Time Home Sellers that I have been contacted by Sean Hauser, casting director with High Noon TV, the Producers of HGTV’s My First Sale TV Show, that they want me to bring them some fun, high-energy first-time home sellers to feature in their program. I currently have 4 sellers but none are first timers.

If you or someone you know is thinking about selling for the first time, single family home, townhome, or condo, please contact me and I’ll see if I can get you in.

This sounds like a real hoot!

Foreclosure Myths

Beau Beasley — Wed, 07 Jul 2010 19:21:56 +0000

Welcome to my Blog! I hope you will visit again and again for almost always relevant real estate and neighborhood info.

I have been wanting to address a couple of Foreclosures Myths with many of my Buyer Clients.

The first and most important myth, and I believe it’s perpetuated by the media, is that there is some magical place where you can show up and claim you great foreclosure deal. The reality of the situation is that you will have to subscribe to a foreclosure list, research and identify multiple properties that are possibilities, and then hope at least one of those homes makes it to the auction on the courthouse steps. In reality, only savvy real estate investors have the time, know how, and patience to do all that, not a normal Buyer.

The second myth is that foreclosure=deal. Buying a foreclosure can be a good deal if you’ve done your homework and know about the property, but it’s what you can’t see that is going to make or break you. If you are not an inspector, you will need to hire one ($300 to $400) to go to each foreclosure and assess it’s condition. That can sometimes be difficult too when there’s an owner or tenant still there that’s not too keen on letting you in. Also, if there are repairs to be done, do you know how to estimate those costs and factor in to your bid?

I’ve seen stats that state only 10% to 20% of the homes listed for foreclosure will make it to the courthouse auction. If you’ve identified and researched 10 properties, you may only be able to bid on 1 or 2, and you better hope that they are not listed with different trustees at the same time at the courthouse. If they are, you can scratch another one off your list.

Please check back to see my next post on Why Foreclosures are going to help you even though you aren’t Buying one.