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Frisco TX Foreclosures: So You Wanna Buy A Good Deal?
Learn the Real Scoop When Buying a "Good" Deal

Part 4:  Special Diamond In The Rough

If you have missed any parts of this Frisco TX Foreclosure series, be sure to read them. It is important to know the

Part 1: Laying Down the Ground Work
Part 2: What to Expect When Buying Foreclosures
Part 3: Inherent Risks to Buying Foreclosures


So, low and behold - This is the BONUS Chapter of the Series.

Special Diamond In The Rough: New Foreclosure Properties in greater Frisco TX areas

 

Homeowners go into foreclosure whenever they cannot meet their obligations to pay the house payment. Just like regular homeowners, builders also obtain construction loans for financing their homes. In this slow economy, some builders cannot continue to stay in business. Hence, these companies go into bankruptcy and foreclosures.

In the greater Frisco TX areas, some builders went into foreclosures and bankruptcies. Hence, banks need to re-possess these properties. Some are completely built while some are taken back in the middle of the construction process. No builders (large and small), tract homes or custom homes were spared. Hence, it is very possible to find newly constructed homes in these areas if a new home is your preference and in various price ranges too.

Only one word of advice: Some of these constructed homes were not completed when the banks take them back. Hence, some banks hire local contractors to finish them while others are sold as-is. If you choose to purchase what claims to be "newly constructed", do make sure you select a reputable and experienced home inspector. Some missing items in the property are not noted until you begin living in the house. For example: The home security system is not completely wired until the home alarm company needs to activate it or the media room surround sound wire drop not completed upon construction. All these are not items checked by the City Inspectors to issue the Certificate of Occupancy.

Many home buyers are drawn to "new homes". However, whenever you build a new home, you would never compare the "equity values" built into other pre-existing, foreclosure and short sales. This is one of the best combinations out there... New Homes acquired through Lender Foreclosures.

 

Fill out the form below if you are ready to purchase a foreclosure or would like someone to get back to you with more information:

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View some pre-foreclosures/ short sales and banked-owned properties in Frisco, Plano and McKinney:

 

 

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Loreena Yeo - Realtor(R) in Frisco TX | Broker
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Loreena Yeo is the broker of record of
3:16 team REALTY to practice real estate in Frisco & surrounding cities (State of Texas). Texas Real Estate Broker License Number #0507884.

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Read about what our satisfied clients have to say:

When she arrived for our appointment, we went through the normal preliminary procedures and all was fine. Then she surprised us. She had already done most of the work and only needed to take a few pictures of the inside and determine the price that we would be comfortable asking. She also spent a great deal of time explaining to us how the whole sales process work and what we could expect.

Eric & Tomoko Quere, Plano TX

 

Ultimately, Loreena introduced us to the house we bought--it was not one we found from our own hours of searching web listings--based on the the comments we had made while we visited these different homes. This is a testimony to her ability to listen well and to work proactively on our behalf.

Jenn & Glen Miller, Denton TX

We were completely impressed with Loreena. She helped us find and buy a home in Frisco. We have very high expectations from a realtor and she surpassed them. Knows her market extremely well, not just the technical market pricing data, but the nuances of all the neighborhoods as well. One of the most responsive and professional persons I've met in my entire business career.

Ruth & Jerry Meek, Frisco TX

I just want to thank you again for your help in selling our house. In this tough economy and market, I really didn't expect to get an offer. But you counseled me so well in pricing the house to sell and yet not letting me accept an offer that was too low. I believe we got the best deal we could have. I was so pleased and surprised with what we walked away with.

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