You might find a distressed property.  Thankfully, Tyler and East Texas weren’t involved as heavily in the predatory lending and speculative buying that caused a lot of the foreclosures in other parts of the country.  Tyler and East Texas did have a few freewheeling lenders who are no longer in business but we are left with their fallout – an above average number of foreclosures.

After a REO (foreclosed property owned by the Bank) property has been on the market for about 30 days, we have discovered that they are much more negotiable on price!  But is it really a bargain?  Several months ago I did an article about the pros and cons of buying a foreclosure. All those reasons still stand; the greatest being latent defects from deferred maintenance, purposeful damage from the previous owners, or from just sitting with no utilities on, so systems aren’t running.

If you have good rehab or remodeling skills, are a bit of a gambler and risk taker, and can put up with your family and friends saying “I told you so!” any time you start to describe the latest glitch you have discovered, then you could very well take advantage of the distressed property sales and create your own value driven dream home right here in the Tyler – East Texas area!

This entry was posted on Monday, November 7th, 2011 at 11:59 am and is filed under Buyers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.