That’s why you’re here anyway – whether you’re an investor or someone who wants to purchase a home for their family…

Problem is, who has cash-in-hand like that? I mean, most people don’t have access to that kind of money immediately to bring down to the auction in a suitcase, do they?

Another problem is people are having a tough time getting home mortgages with bad credit.

Yes, you can use a mortgage to purchase an auction home – you can purchase an auction home “traditionally”. If you’re the winner, the contract must be executed on the Monday morning following the Sunday evening round robin phone auction.

Pre-approval letters for mortgages will play a part in determining the best bid that wins.

The thing with having bad credit, though, is the fact that if you had a lot of money, you probably wouldn’t have bad credit, right? That means, a deposit may be stopping you from being able to get financed for a loan.

AdvantageHomeRates.com is a website many of our buyers have been checking into because instead of the conventional 10% you often need to obtain a home mortgage, they specialize in bad credit loans and can find a way to give you a 3% Low Down Payment Mortgage.

If you’re worried about these newer types of loans, they have a solution for you too.

They provide Fixed Rate Mortgages, which are the most common type of mortgage around. So, in this instance a person’s credit score at the time they’re approved for the mortgage correlates to the interest rate they get on the loan.

Just wanted to provide you with a few useful options that will keep you in the bidding for an auction home.

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I hope this was a helpful Auction Home Resource on Buy DFW Auction Homes! Until next time…

Happy Bidding,

Kimberly Edwards

P.S. Be sure to Subscribe to Buy DFW Auction Homes!

Technorati Tags: auction homes, DFW homes, DFW auction homes, round robin auction, bad credit mortgages, low down payment mortgage, fixed rate mortgage for bad credit

If you want to know how to buy a home that you love at an a price that you choose, then you’ll love this 7 step article for how to buy a round robin auction home.

Why?

Buying a home has it’s challenges. Not only do you have to find a home that you love, you have to find it at a price that you can afford, in the right location, and that makes sense for you.

Because you are on this page, we know that you are looking for Dallas TX homes for sale.

So, now we just need to find a house you love at a price that is affordable for you.

Why Buying A Dallas, TX Auction Home is a great choice.

First I am not referring to regular auctions as you probably know it. Where a person stands behind a podium and starts to call of numbers as fast as they can waiting for people to raise their card to say that they would like to take the bid.

I am referring to a private Round Robin phone auction.

How Does This Work?

1. You find a house that is being auction to the highest bidder on Sunday night.

2. Then you visit the house, sign in, and go through the packet about the house and a separate packet that explains the round robin auction format in detail. You can inspect the property and ask all the questions you want about the house during the times usually of 12-5 on Saturday and Sunday.

3. After inspecting the house (which should be in great shape, beautiful, and move in ready), you can put in your initial bid on the bid sheet at the house.

4. There should be a mortgage broker on site that. They will work with you on getting qualified to by the home you are bidding on if you haven’t found a broker/loan officer that you want to work with yet.

5. You will then receive a call later letting you know that the auction has begun. You will have a chance to up your bid. To stay in to the next round of bidding you just have to up your bid to the next increment. The bidding increments are usually $500 for houses below $300,000 and $1,000 for houses over $300k. Once the bidding is over and you are the winner you will schedule a time to meet and sign the contract, usually the next day. At that time you will just need to have your earnest money ready to secure the winning bid and go over the purchase contract. This should only take 15 minutes or so total. The process from here on out is handled like a regular house purchase.

6. You will then be put into contact with the mortgage broker that was at the event if you haven’t found one that you would prefer to work with, it’s your choice. Once the loan is approved and ready to be closed, you will receive a call from the title company to schedule a closing day and time for you to come in and sign the documents.

7. You are now the proud owner of a new home. You will receive your keys and welcome home package and start enjoying your new home.

This is how you buy a Dallas, TX auction home. It seems pretty easy huh? Well it is. This format works great for everyone because the home owner gets a fast home sell and you get your new home at a price that you wanted to pay. It’s a win win for everyone.

Thanks for reading this how to buy a Dallas TX home for sale article.

If you would like to know when an auction is being run so that you can attend to buy or just get your feet wet checking it out, then or give us a call at 214-859-8944, and ask for Kenney or Kim.

That’s great – that just means you are on the ball and serious about buying a home.

You will then need to look for Appraisal Management Companies to perform this appraisal, or if you’re a serious investor, appraisals.

We don’t mind, because we only sell properties that are worthy of auction – meaning, they are in good shape, look pretty, and we can sell them to you in an auction format.

Before you even move forward, you should always check your real estate for it’s current appraisal in that home’s Appraisal District.

That way, you can get a relative determiner of what the property appraised for the previous year.

Since homes appreciate in value, you can rest assured that the home you are looking at for purchase will be either the same in value or higher, which is great for you!

Also, now you have a good idea of what an Appraisal Management Company might give you as an appraisal, and you are more knowledgeable when dealing with them in regards to specific properties.

Even if you’re not in Texas, as long as you’re in the 50 states of the USA, KStreet Appraisal provides Nationwide Real Estate Appraisal Services. Just an idea for you, in case you’re not sure where to start.

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I hope you found this to be a helpful Auction Home Resources on Buy DFW Auction Homes! Until next time…

Happy Bidding,

Kimberly Edwards

P.S. Please be sure to Subscribe to this Blog.

Technorati Tags: appraisal management companies, appraisal district, appraisal management company, Dallas appraisals, Dallas home appraisals, KStreet Appraisals

Depending upon the amount of your bid, your down payment, how quickly you can close, just to name a few, may make your bid more attractive to accept.

Pre-qualification letters from your mortgage company also help to prove your ability to pay for the home.

Traditionally speaking, you probably think you have to have a good credit score to get a home mortgage loan, but we know that there are many mortgage companies out there willing to fund you for a home.

Also, there are many auction homes we put up that you would be able to get into yourself, even if you have any of these problems.

You may need a low down payment mortgage, for instance. There are still places you can go to to be funded.

If you happen to fall into the low-income bracket, you may still be able to acquire a VA or FHA Mortgage to fund your purchase.

Even if you do have a good down payment, and a reasonable or good credit score, you may be self-employed and be unable to provide adequate information to a mortgage company or bank to make them comfortable to provide you with funding.

No need to wrench your brain…There are places that provide Self-Employed Mortgages too!

I say all of this to re-emphasize the fact that having a pre-qualification letter from your bank or mortgage company makes your bid more attractive to us, and gives you a better chance of being the one chosen to award the auction home to!

* Remember: We provide “The Home You Never Thought You Could Afford, At The Price You Want To Pay”!

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I hope you find these Auction Home Resources helpful on Buy DFW Auction Homes! Until next time…

Be Prepared…Be Pre-Qualified,

Kimberly Edwards

P.S. Please be sure to Subscribe to this Blog.

Technorati Tags: prequalified mortgages, mortgages, prequalification letters, prequalification, bad credit mortgages, low income mortgage, self employed mortgage, FHA mortgage

You will get a substantial discount on these great auction homes, as they are being auctioned off in Round Robin Auction Format.

Auction homes aren’t just for investors or people looking to re-sell the properties.

We love putting people into their dream home…A home they didn’t think they could afford, is now affordable!

They’re available for view and inspection on Saturdays and Sundays from 12 pm-5 pm. After 6 pm, the bidding begins.

The best bid/offer is accepted and closed as soon as possible.

You will be kept in the loop, as this is not a silent auction. Phone calls will be made to bidders still in the running with the option of improving their bid.

Be sure to know what you can afford for a down payment, for a total price, and when you think you can close the sale.

Then, have fun shopping for your potential home. We hope you get the house you want, at the price you can deal with.

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I hope you found this Auction Home Resource helpful on Buy DFW Auction Homes! Until next time…

Yes…You Can,

Kimberly Edwards

P.S. Please be sure to Subscribe to this Blog.

Technorati Tags: round robin auction format, auction homes, DFW real estate, auction format, house auction format

The only thing to getting it inspected is to be sure you have your inspector ready to go when the open house doors open up.

The only access to the home will be during the open house, so have your Building inspections completed at this time.

Homes are available for view from Saturday-Sunday from 12 pm – 5 pm.

You have full access to the property to be sure it’s the house you want to put a bid on to purchase.

There are times that the home will already have, for instance, Pest inspections and other things completed. In these instances, the information will be available to you to peruse.

If you don’t feel you want to hire an inspector to check out the house, be sure you have a good look around, so that you can determine an appropriate bid for the auction.

Be confident in your bidding position by covering all of your bases and being prepared! Feel free to inspect the homes we are auctioning off.

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I hope this information About DFW Auction Homes is helpful on Buy DFW Auction Homes! Until next time…

Happy House Shopping,

Kimberly Edwards

P.S. Please be sure to Subscribe to this Blog.

Technorati Tags: building inspections, pest inspections, home inspections, house inspections, auction homes