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Foreclosure in Houston : Real Estate Advice

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Activity 87
Sat Jun 24, 2017
Trish Bender answered:
Brandon, this should work for you. I believe the sales are held the first tuesday of the month!

Hope this helps!
0 votes 14 answers Share Flag
Wed Feb 20, 2008
Andy Win answered:
Houston market is actually stable compared to the rest of the country. Not to say we don't have our share of pre-foreclosure and REO sales. And you still can find good values if you and your agent do your homework. Email or call me if you need assistance in Houston or Austin. Andy. ... more
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Mon Jan 7, 2008
Don Tepper answered:
I don't know Texas, but I'm a real estate investor (in Virginia) who does lease-options (rent-to-own) and have been told numerous times that Texas has a law that effectively prohibits lease-options. I'd suggest talking to a real estate lawyer and finding out exactly what the limitations are and whether there are any ways to accomplish the same result using a different technique. For example, I know investors in Texas who are using land trusts. To greatly oversimplify, the owner of the property puts his property into a land trust. The owner initially is the sole beneficiary of the trust. Then the investor is added as a beneficiary, if an investor is involved. Then a resident beneficiary is found--a person who wants to lease, then purchase. The resident beneficiary is added as a third beneficiary to the trust.

Meanwhile, in a separate document, the resident beneficiary leases the property from the trust. So the resident beneficiary really has two roles: One as a renter, leasing from a trust. Second as a partial owner of the trust.

After a pre-determined time, the property is brought out of the trust and the tenant-beneficiary is given the right to purchase the property at fair market value. Although he/she is purchasing at fair market value (versus a predetermined price, as generally occurs in a lease option), that purchase price is offset somewhat because the resident beneficiary is already a partial owner of the trust.

During this period, if the trust is structured properly, the resident beneficiary can claim the same tax benefits (interest deduction, etc.) that a homeowner would.

There's a lot more to it, of course, but that's one way that rent-to-owns are being done in Texas.

But find a good real estate lawyer, preferably one who knows and understands these techniques.

Good luck.
... more
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Wed Nov 28, 2007
Allen Hebert answered:
Rice Military area is very close to downtown and the heart of Houstons business centers. Click on this link for additional information on 1408 Birdsall and other available properties in Rice Military This home is in a foreclosure. ... more
0 votes 2 answers Share Flag
Wed May 21, 2008
ian cockburn answered:
Foreclosures is not where you want to start....they require alot of background checking on a variety of issues...from title issues to condition of the property.

Try if you cannot find anything on MLS. ... more
0 votes 6 answers Share Flag
Fri Oct 19, 2007
Iva Jarmon asked:
Wed May 21, 2008
Matt Stanley answered:
I don't see any drawback to expanding your home search. A good realtor can assist you with FSBOs and foreclosures as well has homes listed with a realtor. Although there is not really a drawback, I have found that most foreclosures are in very bad shape and a great deal is hard to come by. Clients of mine that tell me they are interested in foreclosures usually do not end up buying one. ... more
0 votes 11 answers Share Flag
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