Property Q&A in Austin>Question Details

Tracey Zhou, Home Buyer in 78748

I found this house is not for a foreclosure house at all. People is living in it. Can you tell me how I buy a house like this? is the information out?

Asked by Tracey Zhou, 78748 Sat Oct 17, 2009

Tanaqua Ln, Austin TX 78739
3 ba | 2,982 sqft

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This question is about this property: http://www.trulia.com/foreclosure/2007267377--Tanaqua-Ln-Aus…

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6
Purchase any property steps need to take place:

a) Contact a mortgage broker who can qualify you based on your financial income, 2 years employment, debt ratio, credit scores
b) Down payment will require based on qualifications 3.5% or more
c) Have income for inspection, appraisal, escrow, option

Then secure a real estate agent who represents you never purchase a home direct from
Bank,, Builder, FSBO, Listing agent
Have your own agent

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911

http://www.lynn911.com
0 votes Thank Flag Link Sun Oct 18, 2009
I seem to remember this home being posted for foreclosure. Most homes that are posted for foreclosure still have the owners or tenants living in thehome. Keep in mind, the majority of homes that have foreclosure notices posted against them never actually make it to the foreclosure auction, and when they do, it will be many months down the line. If the owner isn't able to work a loan modification, forebearance, deed-in-lieu or short sale with the lender, the home will likely be posted monthly until other avenues have been exhausted between the owner and the lender.

If you're looking for a foreclosure and have the cash available, you can purchase a home at the foreclosure auction at the courthouse steps, but it is risky to buy this way. Other than that, you will either contact the owner directly .

Guy E. Gimenez
Broker / Owner
The PowerHouse Group
512-731-5613
guy@phgbrokers.com
Web Reference: http://www.phgbrokers.com
0 votes Thank Flag Link Sat Oct 17, 2009
Tracey,
Foreclosure postings don't mean to much until they have run their course giving the current owners a chance to work it out with the lender. The best chance you have for getting into a great home at a price you are comfortable with is to select a REALTOR to work with. As a REALTOR in Austin I am very familiar with the homes and area you are talking about. Give me a call and let's put my team to work for you. Forclosure homes are not the only good deals out there.

Have a great day!
Bill Austin ~ 512-709-6343 ~ baustin.realtor@gmail.com ~ call, email, or text me directly for prompt attention
0 votes Thank Flag Link Sat Oct 17, 2009
Tracey.....I am not sure exactly where you got the information, but what we see with lots of the public websites is that the listing agencies post addresses people think are foreclosures when they have been sent notices of default. Lots of these get worked out. I've heard up to75-90pct get worked out before they ever go to auction. That number seems high to me, but I think there are lots of default notices sent and cured. I've seen it with one bank I work with....honestly I don't know how people cure some of the defaults...here they haven't paid the mortgage for months and we send them a notice that we're taking the house to auction and they'll bring a check fro $10,000 to get current. Amazing to me.....but sometimes I guess the letter from the lawyer sent FedEx gets their attention.

So you are right....if you were chasing foreclosures off of some kind of foreclosure list, it can very well be that someone is living in the house and that it never goes to foreclosure. Probably better to pick them up as REOs after they go through the foreclosure process. Otherwise you spend all your time chasing deals that aren't going to happen. Hope this helps.

If you need a good Realtor who works with buyers to buy REO and foreclosed properties in Austin just let me know and good luck with your search.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Sat Oct 17, 2009
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Tracey:

Tanaqua is a street in Circle C, specifically in the Heilscher, which is one of the most upscale portions in Circle C, selling in the $300's. There has been no sale or pending sale in the Heilscher since 10/1/09 on Tanaqua that has 2982 square feet since 10/1/2009 forward.

The area is to die for, that's for sure! However, there are a lot of homes that are priced well under this that can be had for far less money.

Please give me a call if you would like me to help you!

Take care,

Mary Strickler
Prudential
cell: 512.970.9554
0 votes Thank Flag Link Sat Oct 17, 2009
Tracey,

What is the address of the house?

Jessica Dodge
The Dodge Team at Keller Williams Realty
512-799-1976
0 votes Thank Flag Link Sat Oct 17, 2009
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