What you saw was not a listing, but a foreclosure notice from RealtyTrac, a reporting service for financially distressed properties. They donâ€™t list or sell houses, but only compile data from public sources. Youâ€™d have to subscribe to learn more, but such information is useless when looking for a home.
As for that enticing number â€¦ no, itâ€™s not the price (as RealtyTrac would like you to assume), but the amount in default. It has no relation whatsoever to the propertyâ€™s value. If it were possible to purchase such a house for that money, it would be gone in an hour.
Infomercials aside, itâ€™s a myth that anyone can just pick up a foreclosure for pennies on the dollar. While they may be aggressively priced at first, the strategy is to raise the stakes through a â€œbidding war.â€ Most end up selling for more than the asking price and close to actual value. Nobodyâ€™s giving away houses these days.
Just about all of these places need work beyond cosmetic updates. Simply put, theyâ€™re best suited for investors with deep pockets. I work with several, and see what it takes to bring such homes to livable condition â€¦ it ainâ€™t cheap.
The terms should suffice to drive all but seasoned buyers away â€¦ â€œas-is, where-is, with all faults.â€ Bottom line: itâ€™s yours as it sits â€¦ although most contracts include an opportunity to inspect the property and void the transaction. These homes are usually in rough shape, so itâ€™s imperative to have them checked thoroughly â€¦ roof to slab. The cost is on the buyer and not reimbursable, even if the sale doesnâ€™t close. The lien holder/seller will make no allowance for repairs â€¦ â€œas-is, where-isâ€ sums it up.
Ironically, you can likely purchase a great home in better condition for about the same money â€¦ possibly less, given what it would cost to get most foreclosures into shape. It will be my pleasure to work with you toward finding that special place which best suits your familyâ€™s needs. There is no cost to you as a buyer. If I may be of assistance, please feel free to contact me. I look forward to hearing from you.
Trend Setter Realty
Junior, it is a possibility that in either a short sale or a deed in lieu that you'll be held responsible for the difference in the selling price and your debt. Many times the lender will not come after you for the difference, however, because they realize that you have financial issues and that it would be difficult and time consuming to collect on the balance.
Here is a good web site regarding deed in lieu and some of the frequently asked questions: http://www.debtkid.com/short-sale-vs-deed-in-lieu-what%E2%80%99s-your-best-choice
The Texas Constitution provides for homestead exemptions that let a homeowner pay lower taxes on a property. The exemptions that may apply include: school taxes (up to $15,000), county taxes for flood control or infrastructure (up to $3,000), general homestead exemption (up to $15,000), and disability exemption (up to $10,000).
To file a homestead, the owner must use the property as his or her principal residence of January 1st of the tax year. Once filed, a homeowner will not have to file again. The homestead will remain on the property until the owner sells the home and moves the homestead exemption(s) to another principal residence.
If you've purchased this year, you will file your homestead pn or after January 1st, 2010.... more