Taylor is correct about the foreclosure. However, be very cautious in your foreclosure hunt if you are unexperienced in this type of real estate game.
The value of the home is probably not $417,000, that is just the Travis Country Appraisal District's value, and is highly likely to be way off!
Therefor, your immediate equity in the property may not be what you imagined.
"True Market Value" is where your equity will be determined, and as a foreclosure, it's possible that the home has features that will play a significant role in a lower "market value".
For example, buyers are very picky right now, simply because there aren't that many buyers for the amount of inventory available right now, so they get to pick and choose. This particular home is actually the largest floorplan in it's area, whereas the average home is only $2500 sq.ft.
Having the largest home in the neighborhood is not good for resale value and that would play a significant role in your projected equity returns (in any market, especially this one).
Additionally, the LOT that it sits on is larger than most, however it's only larger in the front yard as it sits on a bend in the street, giving the backyard a possible odd feeling. Again, impacting your resale value.
Many other factors will play a role in the market value of this home, and therefore your "true equity" when buying this home, so again, if you are not a seasoned investor.... be cautious!
If you'd like to team up with me on your home search, I'd be happy to show you the ins and outs. I make a living by showing Clients like yourself higher returns and greater pride in their home ownership. Not only does it not cost you any money to have a relationship with me, but it actually puts money directly into your pocket when you "Buy Right" and "Sell High".
Feel free to call me or email me for any general discussions any time. And be careful out there!
The $173,400 shown on your link only refers to the original loan amount. It does not take into consideration any other liens that might exist on the property...such as tax liens, refinancing liens, mechanic's lien, hoa lien, etc.
I don't know if this is the property for the link you provided. At this time this property is not actively marketed for sale on our Realtor database.
The property is located in Village Park of Travis Country in SW Austin just off Southwest Parkway and MoPac So./290W. It is an established neighborhood. Designated schools for the area show to be AISD, Oak Hill Elementary, O'Henry Middle School and Austin HS.
Let me know if I can be of further assistance to you.
At these auctions, you must pay cash (well, cashier's check) for the full amount of the home sales price. It will be starting at around $173,000. But . . . it's worth around $417,000. So it' s a great buy as far as equity. Remember, always research the liens on the property if you buy it at a foreclosure auction, because you don't want to get stuck with someone else's balance because it survives foreclosure.
Email me at TaylorShults@Gmail.com, I will email you back the information of the attorney that is handling this home if you are seriously interested in it.
I also attend every foreclosure auction, so if it does not get bought again, I can always try to contact the bank that holds the note on this house and see if we can get you a loan for the property? Just an idea as well.
Hope this has been helpful, good luck Val! Feel free to contact me with any questions, I'd be happy to help!
Taylor Shults, Realtor, GRI
With that said, if you are not already working with a realtor, I would be glad to help you locate a home.
Cody B. Julian, RealtorÂ®
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