Property Q&A in Houston>Question Details

Daniel, Other/Just Looking in Houston, TX

How much is this home going for? $273dollars, it was on a list of foreclosed homes and if its true i will buy

Asked by Daniel, Houston, TX Wed Jan 7, 2009

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Rule # 1

"If it looks too good to be true it probably is........................"

This is obviously an error.
0 votes Thank Flag Link Wed Jan 7, 2009
Daviel, I work in this area. This house is not currently listed in MLS. It has been sold and another listing expired, and those are the only listings in MLS. The last asking price was $799,000. I have no idea where other people are getting their information about $749,000 and that it is listed. If you like this house, you will find comparable listings in the area. This is a large home that is almost 4000 sq.ft. I doubt seriously that there is a house under $300,000 comparable to this one in 77006 or 77098, which is a zip code only 2 blocks to the west.
0 votes Thank Flag Link Wed Jan 7, 2009

This house is not a foreclosure. The list price is 749,000.00 as of today. If you are looking to stay under the 300,000.00 price range there are five other homes listed in the 77006 zip code ranging from 259,000.00 to 295,000.00.

I'd be happy to discuss this area with you further.

Lacinda Homfeld
H & Co. Real Estate
First Imperial Mortgage
0 votes Thank Flag Link Wed Jan 7, 2009
If this home was listed in Nov of 2008, it would not reflect yet that it was bank owned on the tax records. That information does not change that fast. Only looking it up personally will show fast and you have to wait for the month after the change.
Now as to the price, I take it you or the person inputting the data meant 273,000. This probably reflect the remaining balance on the first mortgage, if so the lender will purchase the home and resell it at a higher price. This means it will not be on the market for some time.
Many times the properties you see on the foreclosure sited are not available at the time they are posted, they are just going into foreclosure- it depends on how the lender treats it if it is going to be available soon.
They have different ways they can treat the properties and nothing says they have to do one or the other.
And yes I would buy it too for that price, I lived in that area of town in the early 50's as a child and the lot would have cost more then as well Chris. LOL
0 votes Thank Flag Link Wed Jan 7, 2009
The MLS listing on this home expired in September of 2008. They were asking $799,000. The listing and tax information do not imply or show it to be bank-owned.
0 votes Thank Flag Link Wed Jan 7, 2009
Hi Daniel,

I'm not from the Houston MLS so I can't answer this question for you, however I can tell you that, in real estate, as in any other arena in life, you get what you pay for. I'm certain that this home isn't $273 because even the lot would be worth more than that. They won't give it away. Even foreclosures tend to be sold for about 80-90% of market value. If they were giving homes away for this there would be a long line of people waiting, including Realtors, as anyone could pick it up for rental property.

Hopefully you will find a great home in good time and get a good price on it!
0 votes Thank Flag Link Wed Jan 7, 2009
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