There are all types of homes to consider when purchasing a home. However, there are things that a buyer should know before they make an offer on a particular home. In this post, I wanted to talk a little bit about purchasing a foreclosed home in Texas. There are things that don't apply on purchasing a foreclosed over a resale home or even a new construction home. Buyers should know these things ahead of time so that they can make sure they are making the right decision. Your realtor who should have experience in these type of purchases and should be aware of these differences. By knowing this information they can guide you with the correct advice. On a foreclosed home, The "seller" or should I say "lender" is exempt under the law from providing a "Seller's Disclosure." The home will most likely be advertised as "As is". A realtor who works with a buyer should recommend a "fee inspector" to inspect the property that they are interested in. Just a note, most likely the lender will not be making any repairs.
Thinking of negotiating the price with the lender? Again, the lender in most cases know what they need from the sale of the property and most likely will not negotiate on price. I am just trying to make sure that home buyers are aware of the differences in purchasing this type of home. One of the other things that can be aggravating is that a lender may not respond to your questions in hours or possibly days. These asset manager may have many homes that they have all over the country and therefore response times vary greatly and usually they don't happen as quick as some buyers may wish. If you wish to look up Texas Property Codes on this subject, you may look up 5.008 (e) governing Sellers Disclosure. If a lender or Broker knows of a defect, it does have to be disclosed or be liable under Section 1101.652 (b).
The key to purchasing this type of property is gaining the information you need to understand the differences when deciding on purchasing this type of property. The realtor you select should make sure they are well versed in this area by attending classes offered by their Broker or through any of the real estate courses offered by the state. Having many options when it comes to purchasing a home is a good thing for home buyers and this is just another one to consider when looking for your new home. If you would like to speak to me about these type of transaction, please contact me at 214-676-8040 Roxanne DeBerry with The DeBerry Team of KW Legacy.
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