James Potenza, ABR,EBA

Pearland REO-Watch

Real Estate Owned

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Pearland Area Foreclosures, REOs, and Short Sales.

Sign up for the FREE Foreclosure list below

Banks are not in the business of owning Real Estate.

They are overwhelmed by the current foreclosure market and need to sell their REOs fast.

Many homes are selling way below market value.

Go to the Pearland area Foreclosure REO-Watch sign up form

Your Foreclosure TEAM

Buying an REO is very different than buying a home the traditional way. There are risks associated with buying a property "as-is" and without any disclosures. You need to assemble an experienced team of Real Estate professionals, starting with an experienced Foreclosure Buyer's Agent. Some foreclosures can be a money pit and cost you thousands of dollars after your purchase while some just need a few minor repairs.

Get QUALIFIED

In order to be able to have your offer even considered, you will need to get pre-qualified by a mortgage lender (assuming you will not be paying cash). You will need a pre-qualification letter stating that you are qualified to purchase a home up to or above the offer price on the home. Most times, banks request that you go through their internal pre-qualification process to ensure you can buy the home.

RESEARCH the Property

James Potenza will help you assemble your Real Estate team to find a truly good deal, starting with overseeing the inspection process and doing a complete market analysis. You will also need to know the ARV (After Repair Value). Banks calculate this into their strategy when they put the home on the market. They usually know what repairs are needed and market the price of the home accordingly. Some repairs only include carpet and paint while others are much more involved and costly. You should know what the ARV of a home is BEFORE making any offers. You will also need to consider that your lender will not usually allow you to borrow more money than the house is worth. Unless, of course you can prove to your lender that the ARV is more than your loan amount. Then, your lender could make you sign an affidavit stating you will make the repairs. If there are many structural repairs needed, you might have difficulties getting insurance unless these items are repaired before you close. In some cases, your insurance company will allow you to sign an affidavit stating that you will have the items repaired by a certain date after you close. James can help you determine what structural repairs are required by most lenders and insurance companies.

James does his market analysis the same way a Real Estate appraiser would do. He finds as many comparable homes in the same neighborhood that have recently sold and meticulously compares each aspect of the homes. An average price per square foot is derived from the list of comparable homes sold but it does not stop there. Some homes sell at a higher price per square foot than others. Some homes have been completely updated or have more amenities than others. So, a straight up price per square foot analysis only gives you an average market value. James digs deeper into the actual market value of a home by adjusting for the true marketability of the home by adjusting for home conditions and amenities and other features that can affect the true market value of the home. James also understands the TRUE value in upgrades and repairs. Some home improvements can increase the value of a home while others do not. James can counsel you on each home improvement item that will give you the best bang for your buck.

DELAYS

When Buying an REO, you must be prepared for delays. Banks only do business during the week. The loss mitigation department is usually overwhelmed and their response time can be long. Before you decide to pursue foreclosures, make sure you are in a position to wait a few months or more before taking possession.

Making the OFFER

Be prepared to compete with other offers. The really good deals will have multiple offers to contend with. You need to be extremely prompt and organized when presenting a competing offer. Usually when the banks recognize a multiple offer situation they will ask for the BFO (Best and Final Offer) from all parties. They don't want to take the time to counter any offers. The bank sets a deadline for all offers to be sent in and they choose the most attractive offer. Making an offer more attractive is James' specialty. Sure the price is one of the biggest deciding factors in getting the offer accepted but there are many other tactics to use to make the offer more attractive. Utilizing an experienced and organized Foreclosure Buyer's Agent is critical to getting your offer accepted.

Be the first to grab the good deals. Get on the Pearland REO-Watch list today !

Plus, you will receive the monthly Houston area Market Report, FREE.

James Potenza will be able to show you the homes of interest and guide you every step of the way to buy a Foreclosure in today's Real Estate market.

Also visit Pearland Real Estate and James Potenza Pearland Realtor

Pearland Parks And Recreation

Independence Park

(50Acres)

3919 Liberty Drive
6:00AM - 10:00PM

This park is the centerpiece of Pearland's Parks and Recreation Department.
Independence Park is located at the end of Liberty Drive at the intersection
with John Lizer Road. Among its many offerings are:

Centennial Park (46 acres)

3219 McLean Road

Southdown Park

2150 Country Place Parkway

Pearland's newest park, nestled on the west side of town, is easily accessible from 518 and Hwy 288. Southdown Park is the perfect spot for your whole family, two and four legged alike! Its many offerings include:

Pearland Real Estate

Pearland Real Estate Agent

The Pearland Parkway has recently been extended through Pearland on to Beltway 8. McHard Rd has been connected through hwy 35 and Future plans for The Pearland Parkway include expansion to Dixie Farm Rd.

Pearland Parkway has recently been a real hot spot for new home community developments. Pearland offers great schools, a small town atmosphere, and easy access to downtown Houston.

Below you can see the Pearland Parkway winding it's way from beltway 8 to 518 Broadway in Pearland.

Here you can see the masive development of the Lakes at Highland Glenn.

Below is a nice small community off the Pearland Parkway, very close to 518. Clear Creek Park is a fully developed neighborhood with homes built in the early 2000s. The subdivision borders a wildlife refuge and a nice pond. I have heard that there are trails along Clear Creek for walking and biking. I have been meaning to explore these myself.

Still very close to the Pearland Parkway, these established neighborhoods offer a more relaxed lifestyle, a little closer into Pearland. one of my favorite neighborhoods shown off of Westminister St. is Banbury Crossing. I have a few clients living here and I was amazed at how the price per square foot has held up. Banbury Crossing is a very nice Pearland subdivision with homes built in the 1990s.

Below is a wide view of Pearland Parkway, south of 518. Development plans are in place to extend Pearland Parkway to Dixie Farm Rd. The subdivisions you see here are Clear Creek Park with homes built by Meritage (Texas BIG), The Lakes at Mary's Creek, a new gated community, and Towne Lake Estates, another new gated community. Pearland Highschool is located next to the "Telephone Rd".

For more information on Pearland Homes and Pearland subdivisions, please visit www.BuyerAgentJames.com and Pearland Real Estate

Top 10 Relocation responsibilities for Buyer's Agents.

Here are the a few things I have learned from experience and training that are crucial to the relocation process.

1. Pay attention to the situation. Time lines are too tight for dropping the ball.
2. Keep a close eye on the relocating family. These are stressful and exciting times for them. You are their voice of reason and guiding light.
3. You must be very flexible. Things can change with travel plans very quickly.
4. Make as much information available as possible. They are not familiar with the area and need to know what facts will impact their lifestyle when they move.
5. Keep a good line of communication open with the relocation company, and the transferee's new company. Everyone must be working towards a smooth transaction.
6. Closing timeline. Usually the transferees will have the moving truck on the road before signing the papers. Make this transition as seamless and trouble free as possible.
7. Your relationship with the transferee and their family will most likely be much closer than a local client. They will be in town for several days at a time. You are their tour guide. Take them to lunch and dinner.
8. Move at the transferee's pace. When they want to move fast, move it !
9. Understand that the relocation company is an "interested party" in the transaction.
10. Help the transferee "buy right". Guide them to make the right choice in their situation. They might be relocating in a few years and will need to sell their newly purchased home. Make sure they don't overpay and that the home will be marketable.

To learn more about Exclusive Buyer's Agents and the Houston Real Estate market, please visit BuyerAgentJames.com and PEARLAND REAL ESTATE Sign up to receive new listings and the monthly Houston Real Estate Market Report.

VILLAGES AT MARY'S CREEK

located in the heart of Pearland, The Villages at Mary's Creek is a small gated community with homes built by Wilshire and Meritage. The subdivision amenities include a swimming pool, walking trails, a lake, and several play grounds. Independence Park is located directly next to The Villages At Mary's Creek.

From my experience with Wilshire and Meritage home, they are very well built. They include everything you would expect in a quality home builder including many energy efficient items such as tek-shield and vinyl windows. Both homebuilders are borderline "custom builders". They have spec homes to start with and they can change many aspects of the building to suit your custom needs.

If you are looking for a very nice gated community in Pearland directly off of the Pearland Parkway, take a look at the Villages at Mary's Creek.

There are only a few lots left to build a new home on at this time. I can create a custom search for re-sell homes in the Villages at Mary's Creek or escort you as your representative to the homebuilders to see what they have available.

For more information on all of the gated communities and to search for all homes in Pearland and to download a map of all the subdivisions in Pearland, please visit www.BuyerAgentJames.com and Pearland Real Estate

For a personal consultation about each Pearland Gated Community, call me at 832-372-6388 or send me an email. I would be glad to describe each community in detail. I CAN ALSO PROVIDE YOU AN UP TO DATE SUBDIVISION ANALYSIS.

For more information on all of the gated communities and to search for all homes in Pearland and to download a map of all the subdivisions in Pearland, please visit www.BuyerAgentJames.com and www.MyPearlandMLS.com

For a personal consultation about each Pearland Gated Community, call me at 832-372-6388 or send me an email. I would be glad to describe each community in detail. I CAN ALSO PROVIDE YOU AN UP TO DATE SUBDIVISION ANALYSIS.