Find Home Foreclosures in Midland & Odessa
Buying a foreclosed home can be an excellent way to purchase a home on a budget. Foreclosures are also a good way for investors to purchase and re-sale homes for a profit.
Here you can search to find available foreclosed homes in Midland and Odessa, Texas. Your also able to search many of the towns and cities in the Permian Basin, such as Big Spring, Andrews, Crane, Lamesa and more.
Tips for Buying Foreclosed Homes
Purchasing foreclosed homes and bank owned properties is a great way to make for little extra money when you put them back on the market. Strategies have proven that you can purchase foreclosed homes for a lot less money than trying to purchase a home to resell on the market. Here are few tips when it comes to purchasing a foreclosed home that everybody needs to know.
1) Timing is Everything
Timing is one of the most important things that you have when you’re purchasing a foreclosed home. You have to remember that several bidders are going to be going after that same property so what you want to do is to wait until the bidding starts to slow down and then make your move.
2) Test the Waters
When it comes to purchasing a foreclosed home a lot of the first bidders will only offers small amount because they want to see how the pricing is going to go on other homes. They also want to see what their competition is to determine which house they really want and to go after during the auction. This will give them more time to see what is going on and how people are going to bid to setup patterns for the next properties on the docket.
3) The Appropriate Attire
You have to make sure that you’re dressing accordingly because this could potentially persuade other bidders away from the property that you want. If you look like you are going to take apart the competition many other bidders will stay away from a property that you’re bidding on. This makes it easier for you because you will not get into a bidding war and you’ll be able to walk away with the property without spending a lot of cash.
4) Homework is the Key
Before you go into any auction and start bidding on foreclosed real estate properties you want to have as much information as you can. You need to do a little bit more research about every property that you plan on bidding on. This will give you the upper hand when it comes to the auction because you will know more about the property than other people bidding on it.
Resources for Mortgage and Financial Troubles
Attorney General of Texas
Resources for homeowners who seek assistance in buying a home or who are having trouble keeping up with their mortgage payments.
Texas Department of Housing & Community Affairs
Foreclosure prevention, for financial troubles and/or if you are unable to make your monthly mortgage payment
U.S. Department of Housing and Urban Development
Housing Counselor: helpful advice on buying a home, renting, default, foreclosure avoidance, credit issues and reverse mortgages.