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Five Secrets To Buying Foreclosures

Monday, September 16, 2013   /   by George Chiriboga

Five Secrets To Buying Foreclosures

Probably you have heard about all the buzz about buying foreclosures in Houston but you do not know how to start or what approach to use or perhaps you have already been looking to some properties or even perhaps you have placed an offer on one. Here I will give you five secrets about buying foreclosures in Houston, Texas.

First, you can bid lower than the asking price, and you should start lower. How much lower it depends on the desirability of the property, the days on market, whether or not there are offers already, and, of course, the comparable sales in the area. Your Houston REALTOR® should provide the latter before an offer is placed.

Second, Houston foreclosures advertise that they sell the house AS IS as they do not intend to repair the property. Just think about it, the bank's employee who is managing this asset is sitting somewhere in an office in another state -other than Texas- and the last thing he wants to hear is your request for repairs. He will argue that you saw the condition of the property before you placed an offer, and that you should have taken that into account. However, if after receiving the inspection report you found some serious problems that were not visible to the naked eye, you can request the bank to account for those repairs. How much you get the bank to take care of that depends on the bank and the skill negotiations of your Hosuton REALTOR®.

Third, not all foreclosures are created equal. Not every Houston foreclosure is necessarily a good deal. Some foreclosures are sold for values close to the regular sales. There is a way to identify the best deals in your area of interest and receive only those directly to your email address so you only focus on the best ones.

Fourth, the Houston Real Estate foreclosure's listing broker pays the commission of the buyer's agent. Therefore your REALTOR® will be compensated only when you close on your house.

Fifth, start your search on Monday or Tuesday as Real Estate buyers are usually out during the last part of the week, and you maybe lucky to get your offer accepted before the weekend comes when most of the activity happens.

If you have more questions, please do not hesitate to Email us or contact us at 713-589-3234 for more information.