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| Guide to the Texas Foreclosure Process | September 22, 2008, 2:36 am | visits: 18 | wordcount: 523
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By Seomul Evans
If you are interested in investing in Texas Foreclosures and HUD Homes in Dallas, Fort Worth, Houston, Austin and surrounding suburbs, this page provides you with the insight you need into the four stages of foreclosure. Each stage in the Home Foreclosure process provides a different investment opportunity.
Texas Foreclosure Homes, Bank-owned properties, Government-owned real estate, HUD Homes, REO Foreclosures & REO Houses for Sale, Distressed Property, Homes in Pre-Foreclosure, ...
The Four Stages of Foreclosure
Great deals can be found in all four stages of the foreclosure process. Where you begin really depends on where you feel the most comfortable.
Stage 1 - Before Legal Action Begins
Stage 2 - After Legal Notices Filed
Stage 3 - Foreclosure Auction
Stage 4 - REO
STAGE ONE: BEFORE LEGAL ACTION BEGINS
If you can help someone pay off their mortgage before legal action begins, you can help them avoid having their credit ruined.
STAGE TWO: AFTER LEGAL NOTICES ARE FILED
The grace period after the "Notice of Default" has been filed, where the owner can negotiate with the bank to pay off the remaining debt is called "pre-foreclosure." If the owner can demonstrate to the bank that he has a qualified and willing buyer, the lender might agree to sell at a lower price than what is currently owed without ruining the borrower's credit. This is called a "short sale."
STAGE THREE: AUCTION
Once the lender has foreclosed on a property, the asset goes to public auction. If no one bids on the property at auction, then it usually reverts back to the lender.
STAGE FOUR: REO
When a property becomes an REO, ownership of the property has reverted back to the lender. The buyer negotiates a deal with the lender instead of dealing with a distressed owner.
The important thing is to decide at what phase of the distress cycle you want to participate in. Each phase has its advantages and disadvantages. Your preference is a matter of personal choice and financial wherewithal.
Why Specialized Realty for buying Foreclosures?
Our firm specializes in Texas foreclosure properties.
Our agents are foreclosure experts.
Our foreclosure focus experience helps us to keep you from potential penalties.
Our foreclosure expertise ensures a smooth process for our buyers.
Our experience in working with foreclosures helps you avoid any unforeseen penalties.
We can make you aware of foreclosures before they go on the market.
SRG buyer's agents represent the buyer, not the seller.
We offer a market analysis to assist with negotiations.
We have connections with lenders and mortgage who know foreclosures best.
We work with foreclosures on a daily basis, so we know when a "hot deal" comes up.
We offer foreclosures throughout North Texas.
We have connections with lender and mortgage providers with hands-on experience working with foreclosures.
Remember that buying foreclosure can be risky due to obvious reasons specially that the window of opportunity is narrow. The foreclosure process is fast paced and no every real estate professional is suited to deal in that environment. Juggling lenders, emotional sellers, and anxious clients can send any deal to the trash bin. So consult a qualified agent.
Seomul Evans is a Search Engine Optimization expert for leading Real Estate Websites designer and a Texas Foreclosures Properties consultant.
Source:www.isnare.com | |
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