Sure, foreclosed homes in Frisco, TX might look like a great deal but the only way you’re going to know for sure how great a deal you’re getting is by hiring an experienced realtor to help you understand what you’re getting and what you’re getting into.  Buying foreclosed homes in Frisco, TX is a risk.  Foreclosures often sit empty for months or years and the neglect can show in a number of ways.  In fact, the problems you can see are sometimes just the tip of the iceberg that will sink your Titanic dreams of home ownership.  But there are some things you should know that will reduce your chances of ending up with a money pit that you regret buying:

1. Never buy a home sight unseen –   If you buy a foreclosure at auction, you can’t go inside beforehand.  The most you can do is peak in the windows and over the fence.  Homes that sit empty for long periods of time can have plumbing, electrical or structural problems that stem from neglect.  They can also have problems that stem from vandalism by previous owners who resent being evicted from their home.  Owners have been known to punch holes in walls, rip out plumbing, destroy light fixtures and pour cement into toilets.

2. Buy a home through a real estate agent –   If a home doesn’t sell at auction for any reason, the bank holding the loan takes possession.  Often they’ll repair the worst damage and then they’ll have a real estate agent market the home.  A real estate agent will show you the inside of the home so that you can see what you’re getting.

3. Hire a home inspector –   A home inspection costs around $400 but is a worthwhile investment.  A comprehensive home inspection report will let you know in advance if the house in move-in ready and what has to be fixed.  If there is time, you can also have a contractor go through the home and give you an estimate for repairs.  When you subtract the cost of repairs from the top of your budget, then you’ll have a realistic idea of how much you should spend to buy the home.

4. Get your financing lined up beforehand –   Get pre-approved for a home loan for the maximum amount of money you can afford to spend and have earnest money ready before you make an offer on a foreclosure.  Be aware before you fall in love with a home that’s a mess that most banks won’t lend money on a house that’s in bad condition and the ones that do often require that repairs be made before closing on the house.  Talk to your realtor about loans through the federal government that can help you to buy and refurbish the home all with the same loan.

Foreclosed homes can be a smart purchase if you want to live in the Frisco, TX area; but you have to think differently than you would if you were making a standard purchase from a homeowner.  A realtor with experience in foreclosed homes can help.  In Frisco, the realtor you need is Iryna Mitchell.  Iryna knows the North Texas area and can help you to understand what goes into buying a foreclosure.  Call Iryna today at 903-439-5454 or visit irynamitchell to see a listing of homes for sale.


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