Buying a foreclosure property for a home takes research and perseverance. The Greater Houston Metropolitan area is constantly changing with foreclosure properties becoming available in all areas. The key to making the best deal is to know market prices and submit offers quickly when that one in a lifetime deal comes on the market.
Houston has always had low housing costs compared to the rest of the nation. Houstonians have been blessed with an abundance of low priced flat land and few geographical boundaries. As Houston continues to grow, the map is constantly changing. Even with foreclosures driving the prices of homes down there are large new subdivisions such as Springwoods Village being started. People are moving to Houston in droves and homes and are being sold.
Real Estate investment in Houston has always been the financial way to success. Property inside the innerloop has skyrocketed with its close location to downtown Houston. Even in down times foreclosure properties are rare in innerloop Houston because of the land value. Buyers in highly sought after inner loop neighborhoods can buy foreclosures below lot value. This gives them a place to live now and future profits when they sell.
Do your research
The number one reason buyers make money on foreclosures is because they do their research and work with an experienced Realtor. If you do your homework you will know when a home is a great buy. Just because the home is at a great price does not make it a great buy. That is why working with a foreclosure specialist is important. Homes can literally be money pits which will eat up your savings quickly. The general rule I have for my clients is if the home needs anything other than minor sheetrock work, carpet, paint and appliances let it go. There are plenty of foreclosures in good condition for sale out there, unless you are in the contracting business stay away from the home requiring major repairs. An experienced Realtor buy your side is like having a home inspector for free. The realtor will point out problems; let you know what needs to be done. And even give you a good ballpark estimate of repairs as you look at the home together.
Look for other clues besides the condition of the home. Are there a lot homes for sale in the neighborhood? Are the only home sold foreclosures? Do the neighbors look like people; you would like to socialize with? Once you have done this then check so what flood zone the home is in, and what schools the home is zoned to. Value for your money and a safe place to live convenient to shopping and work are the goals of every homebuyer.
Perseverance in your quest for homeownership
Buying a home can be nerve wracking and extremely stressful. The Mortgage crisis has brought on strict guidelines for mortgage applications. No longer is there any gray area or the ability of a lender to do stated income loans. Those who preserve will be rewarded with a new home. There are still first time homebuyer programs and mortgage assistance programs out there for buyers. With low interest rates and foreclosure properties this is a great time to be a homebuyer.
Purchasing a home whether it is your first or last is one of the biggest decisions you will make. My team and I will be there to assist you in understanding the home buying process. We have a Homebuyer Guide which will provide a great resource for you in the home buying process.
How to Buy a Home…
- Find out how much Mortgage you can afford
- Create your wish list
- Mortgages & home Buying Programs
- Mortgages Assistance Programs
- Shopping for a Home
- Building a Home
- Negotiate and Finalize Contract
- 3 I’s, Inspection, Insurance, Closing
- Settlement or Closing
Call Bill Edge at 713-240-2949 to see Houston homes in 24 hours or less.