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Foreclosure in Round Rock : Real Estate Advice

  • All225
  • Local Info18
  • Home Buying67
  • Home Selling15
  • Market Conditions9

Activity 7
Wed Feb 22, 2017
Scott Godzyk answered:
You can if the seller is willing to sell and owes less than the house is worth. The problem is many homes in foreclosure, the seller owes more than the house is worth and some sellers have given up and dont care or want to sell ... more
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Mon May 30, 2011
Karen Andrews Lucas answered:
R,
Sounds like this may have been your first attempt at buying a foreclosed property and not being fully aware of how the game is played. It is not uncommon for foreclosed properties to be in poor shape and require lots of "sweat equity" to get them back in great condition for resale or rental.

The banks will typically price them aggressively due to the condition and the need/desire to get them sold quickly. This usually means LOTS of offers, many of them over list price. I have worked with a buyer that reasoned (incorrectly) that if it was already priced below market value, and (considerably less than tax value) that they would go in even lower with their initial offers. Some of those offers were rejected or got no response and the prospective buyer watched as a savvy buyer of foreclosed buyers won the bid and bought the house. When faced with a response requesting "highest and best offer" it is VERY important to do just that and offer your BEST offer, based on what you are willing to invest.

As mentioned in another response, offers without contingencies and cash offers are very attractive to owners of foreclosed properties. Depending on the condition of the property, you may not be able to obtain traditional financing and can lose a deal when a lender will not lend on a property considered in "poor" condition if their requirements are that they only finance properties in "fair" or better condition. Again, most offers must have a proof of funds or pre-approval letter from the lender or they will not even be considered.

Your best bet is to work with a Realtor you trust and whose opinion you respect. And then, LISTEN to what he or she tells you regarding making an offer on a foreclosed property. Buying foreclosed properties can be rewarding and profitable, so be sure to follow the guidelines "to a T" and work with a Realtor that can guide you through the process! Good Luck on your next purchase!
... more
0 votes 10 answers Share Flag
Wed Sep 15, 2010
Greg Hodge answered:
Hello Brent,

It is an industry joke that nothing is short about a short sale. What the term means is selling short of what you owe in order to prevent foreclosure. If the bank has paid the cost to foreclose then any incentive to sell short is now removed. If this is the kind of property you are looking to purchase, I know for a fact that Ricardo Penagos could provide you a complete list of short sales in the area. He is a great buyer agent.

Greg
... more
0 votes 4 answers Share Flag
Thu Jun 3, 2010
Ricardo Penagos answered:
Michele,

Try this links:

http://www.altisourcehomes.com/
http://www.auction.com/
http://www.subastasentexas.com/
http://www.southwestalliance.com/

REO's, Foreclosures and HUD owned.

My best advice is to contact a Realtor specialized in stressed properties. We do all the leg work for you. The best deals are not around for long, so you need to be prepared.

Good Luck,
... more
0 votes 9 answers Share Flag
Mon Nov 16, 2009
Mark Fleysher answered:
John,

Today, cash is King; however, you'll find many persons purchasing with cash; in fact, based on my own analysis, more than 99% of purchases under $200,000 in Las Vegas are cash purchases.

Being a cash buyer doesn't set you apart from other cash buyers, but it definitely sets you apart from so many people wishing to purchasing investments with conventional mortgages.



The Multiple Listing Service (MLS) is used by over 95% of all agents in Las Vegas, include agents who represent the banks, selling bank-owned properties.

You can access a simple (non-agent/member) version on my website, which will pull live data from the MLS; go to www.markfleysher.com, Property Search, Single Family Residential (Homes, TownHomes, Condo's), enter your criteria and at the bottom of the criteria you will find "Repo/Reo Y/N", choose Yes to view only bank-owned homes.

Here is a link to the Las Vegas Area Map: http://dl.dropbox.com/u/2660020/mls_area_map.pdf


I can help with any of your Las Vegas Real Estate needs or questions.

Sincerely,

Mark Fleysher, MBA, Realtor
Broker-Salesperson
702-291-8186
mfleysher@gmail.com
... more
2 votes 6 answers Share Flag
Tue Jun 16, 2009
George Kiefer answered:
Anything is possible when it comes to short sales. If you can present a strong enough case to your lender as to why you need to do a short sale (ie. hardship, inadequate finances, insufficient market value, etc...); you could probably get your bank to do it (if you can make the case that "short sale" is the only real solution to your dilemma). ... more
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