If you’re looking for a lucrative investment that will give you a great ROI over the long run, real estate is a great way to go. And if you’re searching for the best deal – whether you’re trying to flip the property or use it as a long-term investment – foreclosed condos for sale in Dallas, TX could be your best choice.

1. Should You Buy a Foreclosed Condo in Dallas?
If you’re looking for a lucrative investment that will give you a great ROI
over the long run, real estate is a great way to go. And if you’re
searching for the best deal – whether you’re trying to flip the property
or use it as a long-term investment – foreclosed condos for sale in
Dallas, TX could be your best choice.
Why do so many investors look for foreclosure homes in Dallas? While
a lot of foreclosures suffer from damage and/or neglect, they can still
be a great deal. Mortgage companies are simply trying to recoup as
much of their losses as possible and move on. They will often accept
prices far below market value on foreclosed condos for sale in Dallas,
TX. And a savvy buyer can make repairs and rent it out, seeing a return
on their investment almost immediately.
Watch Out for Outstanding Liens or Additional Mortgages
That said, you should always be wary when buying foreclosure homes
in Dallas, Fort Worth, or really anywhere at all. Damage to the property
isn’t your only concern. If you purchase a foreclosed property, either
from the mortgage company or at auction, you will assume all liens on
the property.
You can imagine how terrible it would be to purchase a house or condo
at an amazing price...only to find out the previous owner had a large
outstanding debt tied up with the property. Suddenly, your investment
could easily reach more than market value, and seeing a positive ROI
might take a much longer time than you’d originally anticipated, if it
ever happened at all.
Inspect the Property and HOA Records
If you’re interested in a particular property, schedule a viewing to see it
in person. If you don’t see any severe damage or any reasons not to

2. move forward, call a professional home inspector and schedule an
inspection. Get a clear assessment of damages and the costs to repair
them. Then contact the tax assessor’s office for that area and check
records and data on the sales in that complex and/or that area.
We highly recommend hiring a real estate agent at this point. They will
know exactly whom to contact about sales data, and they’ll be able to
analyze that data for you and give you a better idea of whether or not
this is a good deal. Even if the condo in question has a great price, you
could be in for a surprise if the area is dying and no one wants to rent
there.
You should also inspect (or have your accountant inspect) the
homeowners’ association’s financial records. This should help you
determine the financial stability of the complex as a whole. Then, finally,
ensure that the HOA will allow you to rent the unit you’re purchasing. If
they have a cap on renters, you could have a problem on your hands
unless you want to sell the property quickly.
Keep these things in mind and you can get a great deal and avoid a lot
of problems down the road.