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The Nichols Network has
provided assistance with Foreclosure Properties for over 20 years.
Our expertise lies in assisting our Clients with REO
disposition of Foreclosed Properties as well as helping Buyers find and
purchase Foreclosure Properties. |
FREQUENTLY
ASKED QUESTIONS:
What
do I need to do FIRST to buy a Foreclosure Property?
The
first thing you
must have in order is your pre-approval letter from your Lender. If you have not yet begun
the pre-approval
process or don’t know where to start, we have provided a list
of Preferred
Lenders. OR
give one of our Buyer
Specialists a call at 469-429-7466 and we can help you get started!
How do I buy a
foreclosure property?
Set
an
appointment with one of our Buyer Specialists to view the property, OR
contact
The Nichols Network and we
will submit a contract to our client for the home
you wish to buy.
Can I submit a Bid on a foreclosure
property
No,
a standard Texas
contract must be
submitted.
Can I make a Cash Purchase of a foreclosure
property?
Yes,
but you must
show proof of funds.
Will Earnest Money be required on a foreclosure
property?
Earnest
money is
generally required, and the amount varies depending on the
client’s wishes.
Are there any special forms required?
Some
clients require additional forms, but they will be
provided by our Team.
Will
the Seller/Client do any repairs on a foreclosure property?
No,
usually
the properties are sold as is.
Can I
have an inspection done on a foreclosure property?
Yes.
Can I get an appraisal of a foreclosure
property?
Values
are established based on market analysis and
bank requirements. You
are free to pay
for your own appraisal, and in most cases your lender will require one.
How long does
this whole process usually take?
Normally
it takes at least 30 days to close, however this
can vary- especially with out of state Sellers/Clients.