A few foreclosure tips on Friday...
Fridays are for foreclosures and will be until they go away,
it will be awhile and most everyone I talk to are interested in
buying or looking at a foreclosure.
The foreclosure link at the top of the page has been updated,
it includes all West Plano foreclosures in zip codes 75093,
75024 and 75025. There are 25 good properties to review.
We are working a couple right now and you need to have plenty of
patience to go through the process. Some lenders are easier to
work than others. They are all slow! And sometimes it is better
to pass and find something else.
A couple of things to know....
Before you put an offer in be sure and have you pre approval letter
for financing to submit. Nobody will look at your offer if you don't.
Even if you have a letter they are probably going to have to approve
you too. Yes, your credit will be run twice.
All the REO (real estate owned) properties operate this way now.
They want to make sure you are qualified to buy and close the
One lender, who I will not name, said they had to qualify in order to
even look at the contract. She said with everything going on they
had to qualify too, in reality they want to be given the opportunity
to finance. Watch out for fees and really compare the products
before you commit to a loan.
Even if they pressure you to finance with them - know that it is
your choice to pick the right loan for yourself, not theirs!
Usually there will be other addendums required to fill out
and submit with your offer. All banks have different forms from
there legal departments for each property. My advice would have an
attorney go over these before you submit an offer, they are not written
in your favor.
Once you submit a contract be prepared to wait a couple days
for a response, at least. The lenders only work Monday through
Friday and will get to it as soon as someone is given the file.
Patience is a virtue - it might take 90 days or more to close it.
So if you need to move quickly a foreclosure will most definitely
stress you out...because banks don't know how to sell real estate!
I haven't posted foreclosure stats before so here is a half year grid
for zip codes 75093,75024 and 75025. This will give you and idea of
dollar per sq ft and total units to date. The average dollar per sq ft
sold is $92. I would say, If you can get much lower than that you will
be making a great deal in West Plano. Even foreclosure pricing is
holding due to the value perceived in our community. Have a great weekend!
[where:75093, 75024,75025, Foreclosures, West Plano]