Are Houston Foreclosures Still a Good Deal?

Houston Real Estate Podcast with Dale Ross

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Every so often, we have foreclosed homes that come onto our market, and there are always many different kinds of buyers looking to purchase them. A lot of them are wholesale buyers, looking to purchase a property, rent it out, and sell it. Then we also have the families, the everyday buyers, who are looking for a good deal and want to move into the property right away.

If you are a homebuyer looking at a foreclosure, it’s true that these homes will often be marketed at a discounted rate if they are in need of some improvements or other work. Some, if not most, of these foreclosures, wind up in a bidding process.

By the time the price gets bid up to an actual sales price, typically it’s not a good buy anymore because of all the time and effort that’s needed to make the home suitable for you to live in. However, people still flock to these properties because they are labeled as “foreclosures.” Usually, regular homes are every bit as good of a purchase. Foreclosures are essentially a mixed-bag, and you rarely know what you’re going to get.

If you have any questions about foreclosures, feel free to give me a call or send me a quick email. We look forward to hearing from you!