John Duncan's Clear Lake foreclosure List for this week! Clear Lake Texas Real Estate

 John Duncan's Bank Owned Inventory Homes List

July 16, 2009

 

Temp: What can I say, it's HOT!

 

 

Click below to see the latest foreclosure listings in the Clear Lake area.

 

 

Last 7 days

http://harlistings.marketlinx.com/SearchDetail/Scripts/PrtBuy4/PrtBuy4.asp?emailGUID=16fd361e-2c42-402d-9220-f72dec5d5dbe&AgentId=DUNCANJO

 

All Foreclosures

http://harlistings.marketlinx.com/SearchDetail/Scripts/PrtBuy4/PrtBuy4.asp?emailGUID=27bb5799-8ce8-496b-8869-e581ad31c8dc&AgentId=DUNCANJO

 

***NOTE*** If you're looking for a home in a really cool area with a large

lot, be sure and check out 1202 Verdun in Friendswood. It is in one of the

prettiest areas of town loaded with trees.  Great price too.

 

Buying a foreclosure can be exciting, and challenging all at the same time.

There are some differences between purchasing a foreclosed home and a

"normal" transaction between a buyer and a homeowner.

 

It is not uncommon for example to be in a multiple offer situation where one

home can have as many as 8 or 10 offers.  In addition, the banks can take

some time just to find out if they've accepted your offer.  Sometimes it can

take up to a week.

 

Foreclosed homes are sold "as-is."  The banks do NOT make repairs.  You've

heard the expression, "what you see, is what you get."  It's never been more

true than in this case.  You can have inspections done and you have the

option to either (a) move forward, or (b) terminate the contract and receive

your earnest money back.

 

While we're talking about earnest money, although I don't see it often, I'd

say that about 20% of the time, the banks are now requiring 3% as earnest

money.  Quite a bit different than the typical $1,000 you might see.  This

means on a $150,000 home, $4,500 would be required for earnest money. Budget

accordingly.  It's critical to close on time as well.  The banks often will

charge a per diem penalty for not closing on time; generally .1% of the

price.

 

I want to buy a foreclosure- but one in GREAT condition.  Remember how we

got here.  If a homeowner could not make the payments and the bank took the

property back, they didn't have the money to make repairs, or do normal

maintenance.  Like anything else, some homes are in better condition than

others.

 

You MUST have an approval letter from a reputable lender.  Another little

requirement for some banks (Wells Fargo is a good example) is that they

are now requiring not only an approval letter, but an approval letter from

the same bank that owns the property.

 

Now this one IRKS me! 

 

It seems it should be illegal.  But, it's the way they're playing the game. 

In some cases, they won't even LOOK at your offer until they have that letter.

 

They "claim" that you do not have to use them for your mortgage and that it

is just so that they can feel comfortable taking the house off the market

while you get your loan etc.  But I promise you, they want to "encourage"

you to use them as the lender.

 

Don't get me started...

 

Here's the thing.  I should have been an educator because I believe that

many of the horror stories you hear about someone buying a home, really did

not have to be that way.  It's about managing expectations.  As a homebuyer

whether you're buying a foreclosure, or a home from a homeowner, you MUST

be knowlegable.  And, you need to know BEFORE you get into the home buying

process; before you get caught up in the emotional part of purchasing a

home.

 

That's it for this week.  Stay tuned.  More to come...

 

Till next Thursday,

 

John

281-336-3175

www.BayAreaPropertiesSearch.com

homes@searchclearlake.com Contact John today for all your real estate needs!

 

 

 

 

 

 

kheinrich@firstam.com www.fatcohouston.com

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