If you're interested in purchasing foreclosure property in the Dallas area, you have your work cut out for you. After all, the city has been labeled one of the most stable economically in the country. However, if you do choose to use the Internet to find possible properties and to net a good deal on your own Texas home, know the different terms you're likely to encounter.

When you look at the Dallas foreclosure listings, you're likely to find different terms, such as ?short sell? or ?pre-foreclosure.? These terms mean that the property is in the midst of a foreclosure but the owner wants to get out from under the mortgage before the property is sold through an auction. You can make an offer to pay off the existing mortgage and take ownership of the property. This is a good way to help the borrower and to get a good deal on the house without having to deal with an auction.

Another term you might see is ?bank-owned.? This is very common because many homes are simply not selling at auction. When that happens, the bank retains ownership of the property and begins to search for a seller with the help of Dallas foreclosure listings and other sources.