Houston is a
place which has a booming realty sector which has got a boost in past years due
to the growing employment opportunities and rapid industrial growth. Already
the most populous city in all over Texas, the city’s realtors are always under
a great pressure to provide the best accommodations to the people.
Also, the city
has a lot of foreclosures happening throughout its length and breadth which
provide enough opportunities for realtors to present new and fully renovated
properties to people needing homes. If we buy houses in Houston which are either in foreclosure or approaching it,
there are several advantages that we may get.
Firstly,
people who are in foreclosure in Houston get merely 120 days (according to
Texas state law) to either repay the outstanding or else lose their homes.
Hence they have very limited time to collect money and save their house. By
buying a house from them, you not only get a good house for a good price but
also get a chance to people in need.
Secondly,
defaulters have very limited options before them and one of the principle
outcomes is to go for a short sale of their property. This involves a defaulter
selling his/her house to pay the outstanding debt. Both debtors and creditors
prefer it because both have to bear fewer costs and to a person already in
arrears, hiring an agent to look for properties would not be conducive since it
involves extra costs. Though the process of a short sale is quite different
from how we buy houses usually as it
often involves auctioning with several other competitors, it can be quite
profitable and a good investment to make.
Thirdly, buying homes in Houston which are
foreclosed allow buyers to go through less competition from other properties.
There are lesser people interested or even familiar with them and one has to go
through less number of agents.
Such
properties can be brought from the banks who have lent the money or from the
lenders themselves. However, there are a few precautions that one must take:
If the
defaulting homeowner is still living in the home when the auction takes place,
the buyer has two potential problems to worry about, i.e. evicting the former
owner, and the potential for vandalism which may be caused by enraged house
owners. Also, buyers have to pay fully in cash, which isn’t an option for many
people. Hence, a safer option is to buy homes from the bank itself. The bank
itself pays the taxes of the property, does its repair, you can bargain with
them and you do not personally have to throw out anyone. However, one should
always be prepared for some extra charges on maintenance.
To get ahead
of the race, you can always contact the owners directly which saves you the fee
of going through an agent. Thus, with the right knowledge and precautions you
can easily avail a good property in Houston within your budget and fulfill your
dream of having a house in the city.