Should you need assistance in buying a home in Houston or elsewhere I can help you.
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With our best wishes.
Harrison K. Long, Explore Group Properties, Coldwell Banker Previews.
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No the amount owed does not necessarily mean this is the asking price. The asking price may be higher, the same, or even lower than the amount owed. If it is lower, we call this a short sale. In a short sale the price is usually set by the owner and agent, not the bank, but the bank will have to approve the priceand loss in order for you to comsumate a sale. This proces can take some time so be patient. I've included some links to our Orange County short sale tutorial as well as some of the latest updates with the success of these sales.
You will be dealing with the owner as far as getting your offer signed but then it will be submitted to the bank for approval. It has been my experience that most owners don't care what the house sells for since they won't see any profits but beware because your offers will need to be crafted well enough for the bank to approve them, not just the current owner in default. Hope this helps. Let us know if you have other questions.
Our California situation on REO properties and default is unique. If an owner is entering default, this usually means a notice of default has been filed and recorded by one of the lenders. That would start the foreclosure process in California, which would end later with the actual trustee sale and completion of foreclosure.
Harrison K. Long, Realtor agent and broker, Coldwell Banker Previews, Irvine, CA
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