Transactions involving bank foreclosures come with their own original set of difficulties, and that’s not even counting obstacles created by institutional red tape and incompetence. So it’s only natural that when Buyers are looking to purchase REO foreclosures (assets owned and liquidated by banks), plenty of questions arise. As they should. Given that we love answering questions, it made sense to put together a list of the 10 questions most frequently asked by home buyers and demystifying them with some straight forward, plain speak answers. So, without further ado:
The benefits of purchasing and owning investment real estate are well known or you wouldn’t be here in the first place reading this post. But in order to make that ownership happen, you have to be aware of your financing options and know their pros and cons so you can put them to work within the right investment strategy. One financing options may be a perfect fit for one strategy and Nightmare on Elm Street for another. During our consultation sessions with our clients, this question comes up every single time as it very well should. And we always say, there’s no one-size-fits-all solution – you just have to know your options so you can pick the perfect fit.
The time has come for me to share with you a previously undisclosed Foreclosure Secret. Those that possess The Secret can not only save tons of money but they will be empowered to take action and start making money today. To date, I have not shared The Secret with anyone else, for fear that its power to disturb the balance in the foreclosure real estate market. I learned The Secret after years of experience dealing in the distressed property niche and once it came to me I keep seeing evidence of its power everywhere. I suggest you get pen and paper ready, because what you are about to learn will change your search forever.
If you have done so much as casually browse for Houston Homes lately, you know the current market offers a bank owned property selection the likes of which we have not seen in the recent past. From the ultra affordable neglected, to “I can’t believe this is a foreclosure” recent constructions, there’s a flavor out there for every taste. Say you started seriously looking at making at move at one of these homes, do you know what your offer should be? Is it a good idea to lowball, pay asking or give them even more? I’m pretty sure you want to pay the least amount possible, but don’t want to lose the deal either. In this post, we try to give you an idea on how to strike the right price balance.
During the current economic crisis, “foreclosure” has turned into somewhat of a buzzword. The majority of home buyers who would have never considered these properties before, is now open to the idea of purchasing a home that might need some repairs if it’s going to land them a sweet deal. But even though the deals in the bank foreclosure landscape are available, they are not quite as plentiful as most think. Contrary to what most people believe, only 10-15% of REO homes (another term for “bank owned”) are sold below market value enough to constitute a good deal. The good news is banks are bringing properties on the Houston real estate market at a rate of 80-90 new foreclosures per week which puts the number of good deals from 8-10 each week. Identifying those deals takes us hours and hours of research daily. You, on the other hand, can simply sort through the good stuff on our Houston Foreclosures page.
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