Sellers Who Are In The Know Can Compete Against Dallas Foreclosures

Dallas Foreclosures Aren't Usually the Great Bargain Many Buyers Expect:

Unlike what so many home buyers think banks are not giving properties away or selling them for half price.  Despite the commercials and advertisements you see about stealing for pennies on the dollar.  Many banks will price a foreclosure property near the true appraised value, unless the property is in need of substantial repairs.  With these Dallas foreclosures properties priced at little or no discount to market value, sellers of non-foreclosure can make their properties look very enticing by having them in move-in ready condition and at little or no premium to foreclosure properties owned by the banks. 

It Can Take a Long Time to Close a Foreclosure Property:

You would think common sense would say that these banks would be in a hurry to get these foreclosed properties off their books, but this rarely the case. These banks can take many weeks instead of days to respond to offers and counter offers. Getting responses from these banks can take almost forever.  Many astute home sellers know that their home is going to fare well in competition with these foreclosures because buyers will be able to close and move in on a realistic time schedule.  Even with nearby getting a foreclosed property to close in a timely manner is a challenge to say the least. 

Disclosure of Defects / Not With Foreclosures:

Banks will not disclose anything about the condition of the foreclosure property because they have no knowledge of problems with the property. Most state laws exempt Banks from disclosure requirement. Sellers will fare well much better in competition against theses foreclosed homes with a full disclosure, plus correction of what can be fixed prior to listing. Buyers will be comparing an unknown quantity with a full disclosure and condition report.  

Repairs on Foreclosure Property Can be Scary:

The bank will not want to do any pre-closing repairs, offering the property "as-is." The buyer(s) will do an inspection, and it is likely that the list of repairs could be very extensive. The buyer's lender will want some or all of the problems corrected before closing. This causes a huge dilemma for the buyer and which will usually cause them to walk away from the property. A smart Dallas home seller will have done their own pre-listing inspection and corrective repairs. They will be offering the alternative of a move-in ready home, with proof of all repairs they've done to bring it to that condition. 

Professional Realtors Need to Educate Their Sellers:

As a professional Dallas Realtor being consulted about listing a home, it is best that you educate your sellers about the pitfalls of Dallas foreclosures. They may be entering the market with the fear of needing to price their home at discount to compete with local foreclosure properties. Let them know all the facts first. Show them the advantages they have over the bank foreclosures. Advise then to make the appropriate improvements and repairs in order to come on the market with all of their competitive advantages in place.