Welcome to Real Estate Services, your source for McAllen Texas Foreclosures. If you are thinking of buying a home, please browse our FREE Foreclosure List. Contact us with any questions at (956) 631-4902 or by email at EdnaTaylor@McAllenRealtyServices.com
In today's competitive real estate market, timing is everything. Many good homes are sold before they are advertised. Beat other homebuyers to the hottest new homes for sale in McAllen and the Rio Grande Valley area with my New Listings Notification.
Whether you are buying or selling a home, hire someone like me, who wants to earn your business.
Please browse my website for listings, reports and important local foreclosures, REO's, and bank owned real estate information. If you have any general questions about buying or selling real estate, please contact me.
Your Local Valley REALTOR,
Edna Taylor, CRB, CRS, GRI, e-PRO, ABR
Real Estate Services
Getting Started with your Foreclosure Purchase
Congratulations on taking the first step towards finding and purchasing a foreclosure. There are several tips that will help you find the home or investment that best suits your needs. Below is a list of tips to help you get the information to make your foreclosure investment.
Tip 1 Determine your need As a consumer, you need to determine if you are purchasing the property as a homestead or an investment. While you are living in a homestead, you may take a homestead exemption for a reduction in taxes. The Hidalgo County Appraisal District can assist with your homestead application. Different tax laws apply for real estate investments. Check with your local tax accountant. However, Real Estate Services can provide a real estate investment analysis to determine the factors and tools to measure the performance of real estate investments.
Tip 2 Search the Free Foreclosure List The free foreclosure list provides important information about each foreclosure. You can search by price, location, square footage and year built.
Tip 3 Review the Listings Once you have selected which homes meet your needs. Review your checklist of needs verus wants.
Tip 4 Learn Valuable Information
Tip 5 Call for a tour of the property Realtors are knowledgeable of the market conditions and neighborhoods.
Tip 6 Inspect the Foreclosure Once you have found a foreclosed property you wish to make an offer, inspect the property to provide a thorough and professional home inspection. Evaluate the condition of the property's major systems and structural integrity. Identify areas that need to be replaced or repaired. Not all foreclosed properties are move-in ready and may require additional repairs.
Tip 7 Good Credit & Loan Requirements Qualifying for a regular home loan and a loan for a foreclosed property is similar. You need good credit scores and low income-to-debt ratios. Meet with a well known local lender for your source of information to determine your 'comfort zone' with the mortgage payment and your price range. Most foreclosed properties require a 'prequalification' letter from your lender to make an offer on any property and at times request a 'verification of funds.' Be prepared to provide this information at the time of the offer.
Keep in mind that the mortgage loan process has changed tremendously since the latter part of 2008. Some foreclosed properties may not qualify for an FHA loan. It is highly recommended to check with a mortgage lender before you start your property search to allow for the 'comfort zone' ranges.
Tip 8 Making the Offer Not all homes are priced extremely low. Most foreclosures are priced according to the market of like-kind properties in the same subdivision or general area. Check foreclosed homes that have sold in the last 90 days to compare the prices. This sold information can be obtained by calling Real Estate Services at 956-631-4902. The art of negotiation is applied when making an offer. Real Estate Services can negotiate all terms on your behalf. Use your trained professional.
Tip 9 Foreclosure Process