Home Buying in 78257>Question Details

Cecilia, Home Buyer in 78257

we´re interseted in a property in sarazen rd. at the dominion; it says Bank Owned... does that mean we could buy directly? or it has to be

Asked by Cecilia, 78257 Wed Feb 9, 2011

auctioned? It gets very confusing to me whether you could just buy them... or its more difficult than that.

Help the community by answering this question:


I've shown the property at 1 Sarazen Court a few times, it has a very unqiue layout and is in need of some work. It currently shows pending, which means that someone has a contract to buy it but the contract has not closed yet.

When a property says that it is "bank owned," that means that it has already gone through the foreclosure process and is now actually owned by the lender. These properties are usually going to be in need of some repairs, and I've found that banks prefer to lower the price rather than do any work to a property.

When a property says "short sale," that means that the property is not yet owned by the bank. The Seller is likely in default on their loan and they are trying to sell the property for less than they owe on it. If they are not able to complete a short sale, the property will be foreclosed on at public auction (first Tuesday of every month) and if it is not purchased there it will become "bank owned" (see above).

--Micah Harper
0 votes Thank Flag Link Thu Feb 17, 2011
To answer your question though... Sometimes you can catch some of these foreclosures on a "Pre-Auction" type of bid. Depends on the property.. but sometimes you can actually grab them before they go to auction. It is a easy process too.

Let me know if I can help.

Jason Campbell
Keller Williams Realty
0 votes Thank Flag Link Thu Feb 10, 2011
I assume you are referring to 1 Sarazen Ct. The home is pending :( Looks like you missed that one unless you are the one that got it under contract! :)

That one was not under an action format, it was being marketed through a Realtor.

Since that one is gone, would you like me to send you a list of all the other properties out there that fit what you are looking for?

Jason C Campbell
Realtor / Mortgage Loan Officer
Keller Williams Realty
0 votes Thank Flag Link Thu Feb 10, 2011
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