There will always be foreclosed homes in Little Elm TX and everywhere in North Texas; that’s the reality of homeownership.  Unemployment, divorce and other personal catastrophes can make it difficult for some people to meet their financial obligations every month.  While losing their homes through foreclosure is unfortunate for the original homeowners, it presents a great opportunity for new homeowners to get into the housing market for less money.  If you’re looking at foreclosed homes in Little Elm TX, be aware that though you can get a great deal on a home, there are some things to think about and watch out for:

Budget for repairs. Your foreclosure may come with a bargain basement price tag; but it will undoubtedly need work.  Often homeowners in danger of foreclosure may take their anger out on the lender by vandalizing the inside of the home or removing fixtures, copper pipes and even cabinets to sell.  Even without deliberate damage, it’s unlikely that the home will be exactly the way you want it so be prepared with a budget that covers not only the purchase price but repairs and renovations.

Look at the home before you buy it.  Reality TV shows that show investors buying foreclosures sight unseen might make you think the only way you can secure a home in a bidding war is to grab it without taking the time to see it.  While this might work for investors with deep pockets for whom a completely trashed home is no big deal, it will be a big deal for you.  Even if it means you might lose the home, you must look inside it before you bid on it.

Look at the neighborhood.This goes along with checking out the home you’re thinking of buying.  The home may be acceptable but is the neighborhood?  No matter how much work you do to make your home perfect, you can’t change the neighborhood it’s in.  Remember, location isn’t just important when you’re looking at new homes, it’s also important when you’re looking at foreclosed homes in Little Elm TX.

Find out how long the home you want has been empty.In most cases, the longer a house has been empty, the more damage there is inside and out.  This isn’t just due to the damage from vandalism that plagues empty homes but is also due to the fact that the longer homes are empty, the more likely it is that plumbing seals have dried out, sewer gases have backed up and pests have invaded the home.  In addition, if the home wasn’t properly winterized, pipes may have cracked, which can result in small or large leaks when the water is turned back on.
Get a home inspection. Even if your lender doesn’t make a home inspection a condition of your loan, you should hire a home inspector to find every deficiency in the home.  Even though you may be expecting problems, you still don’t want major ones to be a complete surprise that breaks your budget.

If you’re ready to shop for foreclosed homes in Little Elm TX, call the realtor who knows North Texas and has experience with foreclosures, Iryna Mitchell, at 903-439-5454  You can also visit irynamitchell to get started with your home search.

Credit: Deposit Photos/ Feverpitch