The situation in Dallas County is getting worse day by day. The houses which were once occupied by happy families now have the tag of resale / foreclosure posted on them. The foreclosure tragedy is spreading its wings all over the county of Dallas. Around 16500 houses comprising a massive locality are under the gloom of foreclosure.

Banks occupying large portions of the locality, even if it is just one house in the area, affects the whole neighborhood harshly. On just a single block of Desoto there are around seven to eight foreclosures. This scene has made the neighbors whose houses are safe restless, because of the constant insecurity surrounding them all the time.

The rising dues of the homes in the area put the integrity of a neighboring owner at stake. It also affects the realty value of the neighborhood dramatically. Those who can afford make a shift. The rest of the people, who cannot move, find it very difficult to avoid or to see houses being taken away from their owners, many of them your neighbors.

Three years ago, in 2004, the situation was still under control though it was far from okay. In Places like Desoto, Duncanville, Garland, Irving, Mesquite, and Cedar Hill there were 561 cases of foreclosures in the month of August alone. But in August 2007, there are 863 cases of foreclosure in similar cities.

These vacant foreclosed houses make the neighborhood unappealing. The area deteriorates when there is junk mail, broken fences, unattended gardens etc. In such cases, homeowner’s associations have to take the responsibility of cleaning up the neighborhood. But the point is – how to keep the homeowners association going? City managers have to provide them with incentives to do so. Currently, they are made to pay twice, first to develop the general locality i.e. parking area, gardens, entry gate etc., and then again to keep the foreclosed area clean.

There are still some families who come to stay in areas which are hit badly by foreclosures. It’s a tradeoff that they take. They believe that their invested money will add up to their profits in spite of the empty foreclosed houses surrounding them. Plus they are assertive that the financial crisis leading to foreclosures will end soon. Otherwise, people will not be left with any other option, because if people keep on running from foreclosure, then eventually there will be no place left to live.

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However, this can also mean difficulty in locating repossessed properties since many mortgage buyers refuse to reveal that they are selling repossessed properties. This is because they want to be seen as friendly, not evil.

The best way to locate repossessed properties is through your local realtor or mortgage lender. And even though the lender may not want it advertised, they do want to make money and will welcome your curiosity.

Keep in mind though, that repossessed properties are usually not in the best of shape either out of neglect or the former owner may have inflicted damage to the house and/or property before leaving as a form of revenge.

Also, check out the location—neighborhood, etc. There may be a reason why the original owner lost the house. Perhaps they did try to sell but the house was too close to the airport, or in a bad neighborhood, or a race track is being built next door. All are important factors in deciding whether or not to purchase such a home either to reside in or to resell.

When buying repossessed properties at auction several things should be kept in mind. Besides being a good buy, which they certainly are, the purchasing process is totally different. When you bid on the repossessed properties, you have legally committed yourself to a sale. A final bid acceptance becomes a contract and you cannot pull out. In the same turn, the vendor cannot pull out of the sale either. Thus, once your bid is accepted you must have the finances available to complete the transaction, usually within 30 days. You must also have a deposit ready the day of the sale and is typically 10% of the total purchase price. So, if you are outbid, you must let it go if you cannot afford to pay more.

The best approach to a first time auction buyer is to go to one and simply watch and listen. Afterwards you can ask the auctioneer any questions you like.

In closing, before you bid on any repossessed properties, do the research. Talk to the Realtor or mortgage lender and have them do a title search if possible; have an inspection done if possible; check for any special conditions of sale; and thoroughly view the property.

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