Category Archives: Foreclosed Homes

How Do You Know If You Are Getting a Good Deal on a New Home?

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When shopping for a new home, you naturally want to get the best deal you can for the money. After all, buying a home is one of the biggest investments you’ll probably ever make.  But sometimes what may seem like a good deal at first, can wind up costing you more in the long run.

How many times have you bought an item “on sale” only to find out the price was actually marked up before the store decided to lower the price? So, what seemed like a bargain at the time really wasn’t – since the “sale” price was actually higher than the normal price of the same item at another store.

Unfortunately, some home builders and contractors use this same tactic.  They will lowball you to get the job and then come up with every opportunity they can to charge you extra, so you wind up paying much more than if you had gone with someone else.

You may also come across two homes with the same square footage and same number of bedrooms and baths in two adjoining neighborhoods. However, one is more expensive than the other. Does that automatically mean the cheaper home is the best value?  Not necessarily.

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Buyer Beware: Perils and Pitfalls of Short Sales & Foreclosures

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10 Reasons Why Not to Buy a Short Sale or Foreclosure Home

Buying a short sale or foreclosure may be tempting if you’re in the market for a new home. After all, the low prices are very attractive.  And you can get a great “deal” if it works out.  But that’s a big IF.  There are a lot of challenges, frustrations and difficulties that can occur during the buying process. 

Landon Homes, one of the most respected and successful home builders in Dallas, has put together a list of 10 reasons why you should think twice about buying this type of home:

  1. Lengthy Buying Process. The bank has to approve the sale and many of them are backlogged 6 – 9 months on approvals. In addition, some lenders can renegotiate the terms of a short sale at the last minute.
  2. “As Is” Condition. You will be required to take the property “as is.” If no one is taking care of the home, it can go downhill fast and sustain damage.
  3. Costly Repairs Needed. Foreclosure homes are often gutted by the previous owner and can have serious damage, requiring additional costs for repair.
  4. Need for Temporary Housing. During the waiting process for approval, the buyer may have to find alternate or temporary housing if the buyer’s home has already sold or rented.
  5. No Guaranteed Closing. Multiple buyers may compete for one short sale and there is no guarantee you won’t get outbid. Plus, a lender may decide to foreclose on a short sale and put it up for auction even after an offer has been made.
  6. Title Problems. It may be difficult to get a clear title, since it could be tagged with judgments for an unpaid second mortgage or home improvement loan. The judgments could also include late fees and other fines.
  7. Evictions. As a buyer, you have to determine if the homeowner or tenants are out of the property or double-check to see if the homeowner still has personal property, like furniture on the premises.
  8. Pay Extra Commission. Lenders may want to pay reduced commissions to real estate agents involved in the transaction. If you agreed to pay your agent a certain percentage under a buyer broker agreement, you could be liable for the difference between what the lender will pay and what your contract stipulates.
  9. Pay Extra Costs. If you want specific inspections performed, you will probably have to pay for them yourself. You may also have to pay standard seller closing costs such as transfer taxes because some lenders will refuse to pay them.
  10. Sellers Disappear! Sellers who have little to lose and feel hopeless about their situation have been known to disappear – so the sale cannot be completed. If the buyer’s deposit is in escrow, it can be tough to get it back. There is a process, but it takes time and can be very frustrating.

All new Landon homes come with a clean title, are fully warranted, and any small repairs can be handled immediately.  In addition, the energy-saving features in a Landon home enable you to save money on utility costs compared to comparable homes in the area. For more information, visit LandonHomesUSA.com or call 214-707-0347.

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Dallas Foreclosure Homes versus New Homes

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Is a Foreclosure Home Really a Better Deal.

Take a close look…..a foreclosure home may actually cost you more than a brand new home

On the surface, homes in foreclosure can seem like a real bargain.  And, in today’s economy, we all want to save a little…or a lot…of money.  But will a foreclosed home really save you money?  Many unsuspecting buyers of foreclosed homes often discover too late that the true cost of a distressed property often doesn’t end with the sales price.  As a matter of fact, when you take a closer look, you’ll find that buying a new home can actually save you money.

Most prospective buyers don’t understand the risks that come with a foreclosed home. In an effort to educate home buyers on the realities of purchasing a foreclosed home, Landon Homes, one of the most respected and successful home builder in Dallas, has put together a comparison chart so buyers know what to look for and the questions to ask when comparing foreclosed homes with new homes in the Dallas area.  Here are a few examples:

                  Foreclosure Homes                 Builder Homes

Cost The repairs may be costly or you may need loan assistance to pay for them. A Home Equity Loan should not be the first thing you do.
 Save time and money up front. You may even come out in front when buying a new home once you add up the cost of repairs.
Warranty AS IS means AS IS who will you turn to when something doesn’t work or breaks? Nobody stands behind the work. Not even the bank.
 Fully warranted by Landon Homes.
Damage The extent of the damage to the home may not be unveiled until you move in it can be expensive and time-consuming to fix.
 Your Landon Home is guaranteed and any small repairs can be handled immediately.
Liens The surprise of possible liens and/or judgments against the property is not what you intentionally signed up for. All new Landon homes come with a clean title.

The cost for repairs, legal fees and clean-up can quickly turn that bargain foreclosure into something you quickly regret. Learn more about the cost advantages of buying a new home at foreclosed pricing over buying a foreclosed home.

One of the biggest un-seen advantages of buying a new home is the latest energy saving and construction techniques incorporated in new homes that save buyers money on their utility bills and their insurance premiums.

Visionary builders like Landon Homes in Dallas build homes that respect both the environment and your budget. At Landon, energy experts work hand-in-hand with architects to create a home that is both beautiful and eco-friendly and conserves energy resources thereby minimizing your monthly utility expenses while maximizing design impact and flex space. 

For more information about how a new home can save you money on new homes in Dallas and Frisco ISD at foreclosure prices, go to:  www.LandonHomesUSA.com or call 1-866-898-3603.

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