Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Paul asks…

Where can I find a public listing of bank foreclosure homes in Austin, TX.?

I would prefer sites that are free and provide complete information.

Your Questions About Foreclosures

The Expert answers:

In the austin american statesman newspaper – under public notices.

Your Questions About Foreclosures

Donald asks…

Foreclosure homes in Austin, TX? Best way to find them?

Your Questions About Foreclosures

The Expert answers:

Contact a real estate agent. I can refer you to someone at Keller Williams in your area. Www.BuyAndSellJaxHomes.com

Your Questions About Foreclosures

Richard asks…

Where can I find a listing of pre foreclosure homes? I want to be able to take over the payments for someone.?

I want to take over the payments for someone before their credit is runied. I am looking for something in Austin Texas Travis County. So any help from all the real estate moguals out there?

Your Questions About Foreclosures

The Expert answers:

You can’t just take over someone elses loan, assumable loans are very rare, and the ones that are out there are at least 15-20 years old. Those are not the people in foreclosure.

Your Questions About Foreclosures

William asks…

Do the big cities in Texas have a lot of foreclosure homes?

Austin
Houston
Dallas/Fort worth/Arlington
San Antonio
For under 100 K please and free listings links would be much appreciated

Your Questions About Foreclosures

The Expert answers:

A year ago when I sold a house in Austin, it was actually a rising market. They didn’t have the huge appreciation in house prices that the coasts had, so they haven’t been affected as much by the meltdown. So I wouldn’t be counting on a lot of foreclosures.

On the other hand, the house prices are not terribly outrageous, either.

Your Questions About Foreclosures

Nancy asks…

Put an offer on a foreclosure home – now a multiple offer situation?

My husband and I just put in an offer on a foreclosed home – it’s move-in ready, from the looks of it. It’s a GREAT property, not at all what you’d picture a foreclosure to look like. The house isn’t trashed, it’s not in a bad side of town, so the asking price is a steal! (We live in the Austin, TX area if that helps).

The list price is $86,900. My husband and I did NOT want to lowball at all since we really want the house, so we did offer $86,900. It was appraised last year at $100,500.

Anyway, our realtor told us today that multiple offers had already been received, and now they’re accepting buyers’ “highest and best offers” until this Sunday at 5 PM.

I was under the impression that you’re not supposed to overbid on a house. However, I can’t imagine why it’d go into a multiple offer situation unless if other buyers did also offer list price.

What should we do here… overbid, probably, but by how much? I don’t want to pay way more than the second highest bidder offered, because then we’re out more money than we could have been, but I don’t know how much higher others are willing to bid.

Given the figures, what would be a reasonable offer this time around?

Realtors, investors, homeowners, any advice? I appreciate it!

Your Questions About Foreclosures

The Expert answers:

This is not uncommon with lenders that have multiple offers on the home. It is very likely that all the other offers, lowball or otherwise, received notice to bring their best offer to the table.

If you were my client and you really wanted the house, I would suggest a slight bid over asking price and a very clean offer (not a lot of contingencies). Of course, you should have a contingency that you get to approve a home inspection. I would suggest a price of $87,400, a few hundred over asking.

I hate bidding wars. Stressful! Good luck to you.

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Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures

Your Questions About Foreclosures

Your Questions About Foreclosures