If you are looking for real estate short sales, there is no shortage in Dallas, TX. In fact, Dallas offers some of the best investment opportunities right now. A short sale property is where the seller still owns the property, but they are upside down on their mortgage, and they cannot sell the home to pay off their mortgage because the property value has declined. So in order to get out of their mortgage, they need their lender’s approval to sell the home for less than they owe. The lender requires that the seller substantiate their financial hardship. So before you get involved with a short sale, make sure the seller has talked to their lender to find out if they qualify. Otherwise you will be wasting your time.
Why Purchase a Short Sale?
Short sales are good investments in the Dallas area right now because they are sold at substantial discounts. The only caveat is that you may have to wait a long time to find out if the seller’s lender has approved the sale. The average short sale takes at least 3 months. If you have the time, it’s worth waiting for because you get to purchase a property with built in equity in a Dallas neighborhood that you may not have been able to afford a few years ago such as Preston Hollow, Oak Lawn, North Dallas, Far north Dallas and Lakewood, Five Mile Creek, Historic District, Pleasant Grove and Forest Hills. You should be able to find pretty much something in all price ranges in any of these neighborhoods.
Finding Opportunities
The best source for finding a short sale is a Realtor. Driving around the neighborhood of your choice is also a good way to find your short sale property if you reside close by. Look for signs that say short sale. The local Realtor can help you find a short sale property quickly because there are a number of them listed in the local MLS. This will save you quite a bit of time because the Realtor can search by your criteria and neighborhood. Some short sale sales may be pre-approved because previous buyers got tired of waiting and cancelled the contract. If the short sale has been pre-approved, then you know what to offer and that you will be able to close relatively quickly probably within 30-45 days or sooner. The Internet is another place to find short sale opportunities. If you are dealing with a Dallas for sale by owner short sale, then make sure they have an attorney or short sale company handling the short sale. Short sales are complicated to negotiate and most sellers are not familiar or qualified to negotiate them.
Why Dallas?
Dallas is a perfect place to live and own real estate. Dallas is an urban and budding city. The Dallas Ft-Worth metro area individually have more residents than the entire state of Arizona. So there are many personal investment and business opportunities in Dallas. A diverse industry of companies are headquartered in Dallas such as Texas Instruments, TXU Energy and Southwest Airlines. The population growth in Dallas is one of the fastest growing metropolitan cities. It’s known for its low cost and stable living. Forbes named Dallas as one of the best cities to live in. TCNBC voted Texas as the number one state for doing business. Texas is the number one export state. Half of all the jobs created in the United States last year were in Texas. The weather is great. This means more real estate opportunity for buyers and investors, more jobs and unlimited potential. Now is the best time to purchase Dallas and surrounding area short sales and other investment opportunities. There is no place better to own real estate in the entire country than Dallas.
