Foreclosure Listings - Where? (Dallas, Plano: bank owned, for sale, real estate)

[poltad]

I've in the market for a house in Plano/Richardson. I've been reading about a record number of foreclosures, however, I can't seem to find many pre-foreclosures, REOs, or foreclosures. It seems that the realtors have a relationship with the bank and mark up the properties to market value.

Is there anyway to just bypass the realtors and deal directly with the bank or owner in the pre-foreclosure costs to skip both the markup and realtor cost?

[Robzherenow]

Since banks are not in the businesss of selling homes, they contract foreclosed properties out to realtors who price the property according to the a comparative market analysis (thus eliminating any real bargains). You could also buy properties from the courthouse at auctions but keep in mind that you do not see the homes before you purchase. Thus you can end up buying a home that needs a lot of work. Or even worse, you can end up buying a home that has little or no equity and even has additional leins on it. I done mean to be a skeptic or discourage you in this matter, but I emphasis to be cautious when looking to buy distressed property.

[jjones20]

lists foreclosures in dallas and also emails them

[loves2read]

plenty of foreclosures--just depends on price and what you are willing to put up with

this is not an easy market or method for making money if you have no real estate/remodeling experience

some people are believing all the hype that has been spread and some people truly believe that the real estate values have not stabalized and that there is more drop in the market--

[susan_hopper]

I'd say that Frisco and McKinney have the biggest concentration of foreclosure homes for sale. And it is in Frisco and McKinney where you will find a larger percentage of newer and nicer homes that have gone into foreclosure. (Many built after 2003 and several builder foreclosures.) I specialize in representing buyers interested in exploring the purchase of distressed homes and I've toured literally thousands of foreclosed homes throught the Dallas area.

Here's a quick count on the active bank owned (REO) foreclosure listings in the DFW area. I just went out to the foreclosure listings and did a count for each area. For homes over $100,000 there are the following:

Frisco Foreclosures: 107
Plano Foreclosures: 48
Allen Foreclosures: 18
Parker Foreclosures: 3
McKinney Foreclosures: 98
Prosper Foreclosures: 9
Carrollton Foreclosures: 31
Flower Mound Foreclosures: 14
Coppell Foreclosures: 5
Valley Ranch Foreclosures: 4
Las Colinas Foreclosures: 6
Northeast (NE) Dallas Foreclosures: 13
Northwest (NW) Dallas Foreclosures: 14
North Dallas Foreclosures: 16
East Dallas Foreclosures: 55
Oaklawn: 1
Addison and Far North Dallas Foreclosures: 19
Richardson Foreclosures: 15
Murphy Foreclosures: 9
Wylie Foreclosures: 15
Sachse Foreclosrues: 13
Grapevine Foreclosures: 3
Colleyville Foreclosures: 3
Lewisville Foreclosures: 19
Rowlett Foreclosures: 2

[FarNorthDallas]

I put them in descending order and wow, had no idea Frisco and McKinney had so many. And what's up with East Dallas?

Frisco Foreclosures: 107
McKinney Foreclosures: 98
East Dallas Foreclosures: 55
Plano Foreclosures: 48
Carrollton Foreclosures: 31
Lewisville Foreclosures: 19
Addison and Far North Dallas Foreclosures: 19
Allen Foreclosures: 18
North Dallas Foreclosures: 16
Richardson Foreclosures: 15
Wylie Foreclosures: 15
Flower Mound Foreclosures: 14
Northwest (NW) Dallas Foreclosures: 14
Northeast (NE) Dallas Foreclosures: 13
Sachse Foreclosrues: 13
Murphy Foreclosures: 9
Prosper Foreclosures: 9
Las Colinas Foreclosures: 6
Coppell Foreclosures: 5
Valley Ranch Foreclosures: 4
Parker Foreclosures: 3
Grapevine Foreclosures: 3
Colleyville Foreclosures: 3
Rowlett Foreclosures: 2
Oaklawn: 1

[susan_hopper]

Thanks for doing that. It's interesting to look at it in order like that.

I'd say that East Dallas has so many for a combination of reasons. 1.) It's a fairly large geographical area (in terms of the way I split out the foreclosure searches in the MLS.) 2.) It's been a very popular area for teardowns and/or major renovations (meaning potentially a higher concentration of new mortgages and home equity loans over the past 5 years.)

There are some really great properties in that area. Many of them recently updated.

[unseengundam]

I once though of buying Foreclosures since I excepted a huge deal on them, like 25% or even 50% off. However, I think Foreclosures are actually have quite bit of demand. You really can't get them for super cheap. I think might get like 5% or 10% off? But not sure.