Home Buying in Lakeway>Question Details

Bri, Home Buyer in Lakeway, Lakeway, TX

Are foreclosures dangerous to buy? What are the disadvantages. If we are 6 months from moving and looking for a deal and can afford to wait to close..

Asked by Bri, Lakeway, Lakeway, TX Fri Jan 1, 2010

Help the community by answering this question:


Dear Bri,
The California agent may have this problem in their area, however we do NOT. Real estate is local and the Austin area is still pretty strong. While there are bank owned homes in almost every zip code, some areas are more immune to Foreclosures. As mentioned previously there is only one foreclosure home in this neighborhood right now. If you want local information please contact a local Realtor to help. I wish you luck!
0 votes Thank Flag Link Mon May 14, 2012
Hello Bri,

Bank Owned Homes are decreasing in our inventory of homes. The advantage of buying a bank owned home is the sale can close quickly. Typically, bank owned homes are sold in “as is” condition and banks do not make repairs. Sometimes, banks will consider fixing a health and hazard item in addition to repairs required on an appraisal. Buyers should consider bank owned homes in their home search.

Carol Perdew
Prudential California Realty
(209) 239-7979
DRE 985176
0 votes Thank Flag Link Mon May 14, 2012
If someone is looking for a Lakeway foreclosure there is one right now for a bargain price of $199K. They don't happen often in the Lakeway area, so now is your chance! Its a 4 bed 4 bath single family home on Champions Drive in Lakeway. At this great price they may get multiple offers, so you may have to offer a bit over asking price to actually get it.



Betina Foreman- Realtor, C.N.E.
Austin Home Girls Realty
0 votes Thank Flag Link Mon May 14, 2012
Betina I am cash buyer under $300K wanting Lakeway and bank owned is not an issue prefer townhome/condo maybe /view /garage fireplace etc
just wanting to know since I am making another trip our there where would I detailed listing of what is available do I have to call every bank in Lakeway?
thanks for your help Deborah
Flag Tue Apr 15, 2014
I'm not in Texas so perhaps you can trust this as a honest opinion. There is nothing better out there to buy than foreclosures. Get a good agent, of course, but at the end of the deal you will have a great home free and clear of any problems, and probably the best deal you could have hoped for.
0 votes Thank Flag Link Thu Nov 4, 2010
Dear Bri,
I just wanted to follow up and see if you found what you are looking for. If I can help!
0 votes Thank Flag Link Thu Nov 4, 2010
I represent buyers purchasing foreclosures. The important thing is that your buyers agent fully explains that you are buying the house with no repairs, no disclosures and AS IS. Also, as your agent I will make sure a title insurance policy is purchased to ensure that the title comes clear with no liens.

Call or email me and I will find you a Lakeway foreclosure.
0 votes Thank Flag Link Tue Feb 23, 2010
If you are working with a Realtor, a foreclosure is safe if everything is explained and prepared properly. Most foreclosures = in need of some TLC. Although others are high end that are in great condition. The bank is the seller; therefore, the financing aspect is quite strict. Let me know if I can be of anymore help. Good luck with your search!!

Hillary Bernstein
Dawn Krantz-Private Label Realty
0 votes Thank Flag Link Wed Jan 20, 2010
Foreclosures may not be your best bet. This is definitely a buyers market. Investors are aggressively looking for "good deals". The foreclosure process allows you to bid on property on the court steps and you must have "funds" ready to close. If you find a good deal, bidding at the court house steps can create a bidding frenzy and drive the price up (taking this out of the realm of a good deal). This is not a usual transaction, so do your research to determine if you can "play in this game". You may also want to look at short sales, where the bank is willing to take less than the loan amount to get rid of property that is about to go into foreclosure. This procress s also complicated and can take months to close. Your best bet is to work with a local broker/ agent and take advantage of their expertise. I work in Lakeway if you want to give me a call.
0 votes Thank Flag Link Sat Jan 2, 2010
I am wanting something either condo/townhouse as I am 55 single going to go back work into mortgage business I have cash I can repair remode and can move fast I do want something in the LAKeway area up teo $240 cash thank for any help Deborah in florida
Flag Mon Nov 18, 2013
Are you working with a Realtor? You should be.

Interest rates are slated to increase in March, so if you are serious I'd try to have your rate locked in February...which means that you need to have property in escrow by then, which means you need to start looking today.

Good luck
0 votes Thank Flag Link Sat Jan 2, 2010
Keith Sorem, Real Estate Pro in Glendale, CA
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