| Colin O’Neal, (817) 898-0145 Office (817) 898-1771 Fax colin@househuntersdfw.com |
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| Your Foreclosure Connection |
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Foreclosure Process
If you are interested in investing in Texas Foreclosures & HUD Homes in Dallas/ Fort Worth
and surrounding suburbs, Amarillo and the Texas Panhandle area, this page provides you
with the insight you need into the four stages of foreclosure. Each stage in the Home
Foreclosure process provides a different investment opportunity.
Texas Foreclosure Homes, Bank-owned properties, Government-owned real estate,
HUD Homes, REO Foreclosures & REO Houses for Sale, Distressed Property, Homes
in Pre-Foreclosure, ...
The Four Stages of Foreclosure
Great deals can be found in all four stages of the foreclosure process. Where you begin
really depends on where you feel the most comfortable.
•Stage 1 - Before Legal Action Begins
•Stage 2 - After Legal Notices Filed
•Stage 3 - Foreclosure Auction
•Stage 4 - REO
STAGE ONE: BEFORE LEGAL ACTION BEGINS If you can help someone pay off their
mortgage before legal action begins, you can help them avoid having their credit ruined.
STAGE TWO: AFTER LEGAL NOTICES ARE FILED The grace period after the "Notice of
Default" has been filed, where the owner can negotiate with the bank to pay off the remaining
debt is called "pre-foreclosure." If the owner can demonstrate to the bank that he has a
qualified and willing buyer, the lender might agree to sell at a lower price than what is
currently owed without ruining the borrower's credit. This is called a "short sale."
STAGE THREE: AUCTION Once the lender has foreclosed on a property, the asset goes to
public auction. If no one bids on the property at auction, then it usually reverts back to the
lender.
STAGE FOUR: REO When a property becomes an REO, ownership of the property has
reverted back to the lender. The buyer negotiates a deal with the lender instead of dealing
with a distressed owner.
The important thing is to decide at what phase of the distress cycle you want to participate in.
Each phase has its advantages and disadvantages. Your preference is a matter of personal
choice and financial wherewithal.
Why choose HouseHunters when buying Foreclosures?
•Our firm specializes in Texas foreclosure properties.
•Our agents are foreclosure experts.
•Our foreclosure focus experience helps us to keep you from potential penalties.
•Our foreclosure expertise ensures a smooth process for our buyers.
•Our experience in working with foreclosures helps you avoid any unforeseen penalties.
•We can make you aware of foreclosures before they go on the market.
•HHDFW buyer's agents represent the buyer, not the seller.
•We offer a market analysis to assist with negotiations.
•We have connections with lenders and mortgage who know foreclosures best.
•We work with foreclosures on a daily basis, so we know when a "hot deal" comes up.
•We offer foreclosures throughout North Texas.
•We have connections with lender and mortgage providers with hands-on experience working
with foreclosures.
If you are interested in investing in Texas Foreclosures & HUD Homes in Dallas/ Fort Worth
and surrounding suburbs, Amarillo and the Texas Panhandle area, this page provides you
with the insight you need into the four stages of foreclosure. Each stage in the Home
Foreclosure process provides a different investment opportunity.
Texas Foreclosure Homes, Bank-owned properties, Government-owned real estate,
HUD Homes, REO Foreclosures & REO Houses for Sale, Distressed Property, Homes
in Pre-Foreclosure, ...
The Four Stages of Foreclosure
Great deals can be found in all four stages of the foreclosure process. Where you begin
really depends on where you feel the most comfortable.
•Stage 1 - Before Legal Action Begins
•Stage 2 - After Legal Notices Filed
•Stage 3 - Foreclosure Auction
•Stage 4 - REO
STAGE ONE: BEFORE LEGAL ACTION BEGINS If you can help someone pay off their
mortgage before legal action begins, you can help them avoid having their credit ruined.
STAGE TWO: AFTER LEGAL NOTICES ARE FILED The grace period after the "Notice of
Default" has been filed, where the owner can negotiate with the bank to pay off the remaining
debt is called "pre-foreclosure." If the owner can demonstrate to the bank that he has a
qualified and willing buyer, the lender might agree to sell at a lower price than what is
currently owed without ruining the borrower's credit. This is called a "short sale."
STAGE THREE: AUCTION Once the lender has foreclosed on a property, the asset goes to
public auction. If no one bids on the property at auction, then it usually reverts back to the
lender.
STAGE FOUR: REO When a property becomes an REO, ownership of the property has
reverted back to the lender. The buyer negotiates a deal with the lender instead of dealing
with a distressed owner.
The important thing is to decide at what phase of the distress cycle you want to participate in.
Each phase has its advantages and disadvantages. Your preference is a matter of personal
choice and financial wherewithal.
Why choose HouseHunters when buying Foreclosures?
•Our firm specializes in Texas foreclosure properties.
•Our agents are foreclosure experts.
•Our foreclosure focus experience helps us to keep you from potential penalties.
•Our foreclosure expertise ensures a smooth process for our buyers.
•Our experience in working with foreclosures helps you avoid any unforeseen penalties.
•We can make you aware of foreclosures before they go on the market.
•HHDFW buyer's agents represent the buyer, not the seller.
•We offer a market analysis to assist with negotiations.
•We have connections with lenders and mortgage who know foreclosures best.
•We work with foreclosures on a daily basis, so we know when a "hot deal" comes up.
•We offer foreclosures throughout North Texas.
•We have connections with lender and mortgage providers with hands-on experience working
with foreclosures.
