Aruna Jyothi, Home Buyer in Houston, TX

Good Afternoon, I would like to know more about this house

Asked by Aruna Jyothi, Houston, TX Fri Jan 11, 2013

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Dont dispair Aruna, the homes in this neighborhood sell for 400+k up to 1mil.
But there are other less expensive homes in 77077 for sale.

Check out my website and send me a messege, I would be happy to send you the search I pulled
0 votes Thank Flag Link Wed Jan 16, 2013
Hi Aruna, we get similar questions like this all the time. This is a ReatyTrac announcement of a notice of possible foreclosure. As you would have already guessed, homes like these don't sell for the price they have listed; in fact, it would be almost twice as much depending on the location, square footage etc. etc. There are foreclosures in the market obviously, and you will see discounted listings, but not quite like this unless they are torn apart. If you are working with a realtor already they will be able to explain this very easily. If you have interest in buying in this area, and don't already have a realtor, I will be happy to guide you. You have nothing to lose since you don't pay me any fees for being your representative and everything to gain by using my expertise.

Best wishes
0 votes Thank Flag Link Fri Jan 11, 2013
What you see is a notice posted by RealtyTrac, a reporting service specializing in financially distressed properties. It is not a listing ... in fact, the home probably isn’t even on the market. It could be at some later date, or may have already been sold. This is only a notification of foreclosure ... nothing more.

RealtyTrac doesn’t list or sell property, but simply compiles data from several sources, all public information. To learn more, you’d have to subscribe, although I see no reason to do so. The likelihood of purchasing anything based on a RealtyTrac notice is near zero … and while these postings do serve a purpose for those following market trends, they have no value to anyone shopping for a home.

As for that very enticing number … no, it’s not the price you can buy it for (as RealtyTrac would like for you to assume), but rather the amount in default, which would explain why it’s down to the dollar. There is absolutely no connection between that figure and what the property would sell for if it ever came on the market ... it’s not even close. If it were possible to purchase such a home for so little money, I’d be first in line; and while the attraction to a potential bargain is certainly understandable, if it seems too good to be true ….

Here’s some information I hope will prove useful (Foreclosures 101, if you will):

It’s a common misconception that these properties can be purchased for pennies on the dollar. If such were the case, they’d be gone before they even hit the market. While they may be aggressively priced when first posted for sale, the strategy is to attract attention to the listing, and raise the stakes through a “bidding war.” In so many instances, foreclosures end up selling for more than the original asking price, and closer to market value.

Just about all of them need considerable work, well beyond cosmetic improvements ... sort of fixer-uppers on steroids. In a nutshell, they’re suited primarily for investors with deep pockets. I work with several, and see firsthand what these places go for … and how much it can take to get them into livable condition. Believe me, it’s pretty serious money.

The terms of a foreclosure sale alone should be sufficient to drive all but the most savvy buyers away … “as-is, where-is, with all faults and defects.” Bottom line: it’s yours as it sits, with no recourse. In most cases, there’s an opportunity to inspect the property and get out of the deal, but only after a contract is signed … and since the homes are generally in pretty rough shape, it’s imperative to have all major components checked out by experts: roof; foundation; under-slab plumbing; structural integrity; electrical; HVAC; drainage; insect/rodent activity, etc. The cost of these inspections is totally on the buyer, and none of it is reimbursable, even if the transaction fails to close. Further, in virtually no instance will the lienholder/seller make any allowances for repairs … “as-is, where-is” sums it up.

Ironically, you can likely purchase a great home in much better condition for about the same money … possibly less, considering what you’d have to spend to get most foreclosures into shape. I’ve had several such instances of buyers wanting a bank-owned property, and ending up with a terrific, non-foreclosed home of exceptional value.

It will be my pleasure to work with you toward finding that special place which best suits your family’s needs. My services and expertise come at no cost to you as a buyer. I trust that this helps. If I may be of further assistance, please feel free to contact me. I look forward to hearing from you.

Regards …

Al Geffon
(713) 213-6350
Web Reference:
0 votes Thank Flag Link Fri Jan 11, 2013
Hello Aruna, this home is not currently showing as Active for sale. This information is coming from a site called RealtryTrac which is not always accurate or posts very very premature "what could be foreclosures". Most of the time the information is not accurate. I am very very familiar with this subdivision and area and the prices are much higher than it shows. Great sought after location though and I can find you something close to this price, message me or call me!
0 votes Thank Flag Link Fri Jan 11, 2013
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