Property Q&A in Westchase>Question Details

Donna Kelley, Renter in Houston, TX

Is this property still available?

Asked by Donna Kelley, Houston, TX Thu Dec 27, 2012

This question was asked from this property:…

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Unfortunately this foreclosure property is currently under contract. If you are looking to purchase a home, it's best to work with a local agent that can help you find exactly what you want.

The first step before looking for a home is getting pre-approved for a mortgage loan. An agent can also refer you to a professional mortgage banker or broker that can help you.
0 votes Thank Flag Link Sat Jan 5, 2013
The link that you provided is to a posting by RealtyTrac that is really a come-on to get you to sign up for their subscription reporting service. RealtyTrac is not a real estate company. RealtyTrac does not sell houses. RealtyTrac is a reporting service. They take information from public records about foreclosures, notices of default, lis pendens and other such filings and report them to their subscribers. Information from RealtyTrac can have value for those who understand what they are getting and how to use the information but RealtyTrac postings on are abbreviated versions and are misunderstood by many who think the postings are showing properties that are for sale at very low prices.

For information on how to buy a bank owned property, check with a local Realtor who can explain the process and give you valuable assistance.
0 votes Thank Flag Link Thu Dec 27, 2012
Donna ...

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 … and Happy New Year!

Al Geffon
(713) 213-6350
Web Reference:
0 votes Thank Flag Link Thu Dec 27, 2012
Hello Ms Kelly:
Hope your having a good night. Sorry to say that this property is not available. However, There are 5 property available in that subdiv

61928481 19 A Single-Family 11514 MANORHOUSE ROYAL OAKS C 3279 $495,000 489X 4 2 172*
2 6318144 32 A Single-Family 11610 MANORHOUSE ROYAL OAKS C 4392 $523,000 489X 4 3 30
3 6046214 32 A Single-Family 11518 Manorhouse Royal Oaks C 3852 $650,000 489X

4 61824964 13 A Single-Family 11625 MANORHOUSE ROYAL OAKS C 4917 $850,000 489x

None are foreclosures. Would you like a foreclose list of the area?
Please feel free to contact me at any time.
0 votes Thank Flag Link Thu Dec 27, 2012
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