Do not buy my Houston house with a mortgage if you’ve not planned for the future. Some decisions in life can’t be made in haste. So many times We Buy Fast Houston Houses has been forced to help homeowners who are about to lose their homes to banks not because they didn’t have the financial backing, but because they got to the game without a proper plan.
To be clear, banks don’t like foreclosing on homes. They really don’t. But, they also have to stay afloat, and that’s not going to be possible if their clients keep defaulting. So now you know why lenders in Houston, Texas always refer to foreclosure as a lose-lose situation.
But today we’re not going to talk about how you can save my home from foreclosure. This article will be addressing those who want to buy foreclosed bank-owned houses in Houston, Texas. Even though this is an incredible tactic for anyone looking to buy cheap, we can’t fail to acknowledge the cons.
Pros of buying a foreclosed Houston house in Texas
- Low price
The below market price has to be the number one reason why so many people are always interested in investing in foreclosed Houston homes. After all, who would want to miss the opportunity to buy real estate cheap? These properties are often so affordable because the lenders will want to get back what they are owed fast, and close the mortgage books.
In the past, you could get a good Houston foreclosed home at a huge discount. But things quickly changed after the mortgage crisis. Right now, most property owners are kind of upside-down on their mortgage. What does that mean? In simple words, borrowers nowadays owe banks more than what their homes are worth. So banks are forced to put the property back on the market at top-dollar so as not to make losses.
- Clean title
Anybody looking to invest in a foreclosed property already knows it’s an REO. Therefore, there won’t be any reason to worry about liens or back taxes. You will also be allowed to inspect the house buying signing any papers. The banks won’t be open to making repairs but at least you’ll know what you’ll be getting yourself into before closing the deal.
Cons of buying a foreclosed home in Houston, Texas
- Disgruntled owner
There’s no way around this. Foreclose is not something that anyone is proud of. So chances are you’ll have to deal with an angry owner. And we’ve heard stories of homeowners destroying homes just to retaliate.
- As-is condition
You can request an inspection but just know that if you don’t close in time a different buyer will hijack the deal. Also, you cannot ask the seller to make repairs seeing as most foreclosed properties are categorized as distressed properties.
If you’re looking for a good home in Texas, you can talk to real estate investment companies like We Buy Fast Houston Houses. You don’t have to buy something that you don’t like just because it’s cheap.