Financing in 77068>Question Details

N.tarasyuk, Home Buyer in Houston, TX

I like to buy a house that is at Been Vis, Houston,TX 77068, $52,643. What should I do?

Asked by N.tarasyuk, Houston, TX Sat Nov 9, 2013

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Judging from both the unusual figure and the lack of an actual address, it appears as if you found this property in the foreclosure information section, most likely posted by RealtyTrac. Here's some information you may find useful ...

This is not a listing, but a foreclosure notice from RealtyTrac, which is only a reporting service, not a real estate firm. Such information is of no value when looking for a home.

As for that enticing number … no, it’s not the price, but the amount in default. It has no relation whatsoever to the property’s value. If it were possible to purchase such a house for that money, it would be gone in minutes.

Infomercials aside, it’s a myth that anyone can just pick up a foreclosure for pennies on the dollar. If it were that simple, we’d all be buying them. While they may be aggressively priced at first, most end up selling for well over list and close to actual value. Nobody’s giving away houses these days.

Just about all of these places are beyond “fixer-uppers.” Simply put, they’re best suited for investors with deep pockets. I work with several and see what they spend … it ain’t cheap. Further, a Seller’s Disclosure isn’t required, so you’d have no information about the property … has it ever flooded, been infested with termites, caught fire, been the scene of illegal activity or violent crime … all of this (and more) can dramatically affect its worth.

The terms should suffice to drive all but seasoned buyers away … “as-is, where-is, with all faults.” Bottom line: it’s yours as it sits. Most contracts include the option to inspect the property and void the transaction … and since these homes are usually in rough shape, it’s imperative to have them checked, roof to slab. The cost (well over $1000 if done right) is on the buyer and not reimbursable, even if the sale falls through.

Ironically, you can likely purchase a great property in better condition for about the same money … possibly less, given what it would cost to get most foreclosures into shape. I’ll be happy to work with you toward finding your new home. 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.

Regards …

Al Geffon
Trend Setter Realty
(713) 213-6350
Web Reference:
2 votes Thank Flag Link Sat Nov 9, 2013
I was unable to locate the property with the address given. However, I am an Independent Realtor and I have been in the business more than 12 years and I would be willing to work with you in locating a comparable property. Give me a call on my cell phone (713) 854-1638 or send me an email at I look forward to working with you. Lestine Lakes, Realtor-Associate, Coleman & Co. Realtors
0 votes Thank Flag Link Sat Nov 9, 2013
Call 832-573-3367 for your immediate real estate needs
0 votes Thank Flag Link Sat Nov 9, 2013
I recommend working with a Realtor that can help you throughout the process and show you the houses that you would like to see and guide you through the purchasing and the negotiation process. I would be more than happy to help and answer all your questions.

Just let me know, good luck!

Robert Kandiyoti
RE/MAX Real Estate Associates
0 votes Thank Flag Link Sat Nov 9, 2013
Look for a realtor that you feel confortable with, and asking him to make an offer, I guess you already has the finance ready, if not asking him He will contact a good lender for you.
0 votes Thank Flag Link Sat Nov 9, 2013
First thing to do, if you are not paying cash, is to contract a mortgage lender and get pre approved. Second, unless you are familiar with real estate contracts, contact a realtor to guide you through the process. The seller pays the real estate commission, so basically it is a free to you.

Good luck!
0 votes Thank Flag Link Sat Nov 9, 2013
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