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The Texas foreclosure prevention task force announced in March, that by the end of 2008, 150,000 home owners in Texas would be part of foreclosure homes, with 14,000 home owners being part of San Antonio foreclosures.
With an increasing number of foreclosure homes, prices of properties have continued their downward spiral. But with not many people being able to afford buying a new house (despite the lower rates as compared to before), neighborhoods are witnessing the numbers of empty properties grow.
The housing bill passed last week is seen by many to change this to some extent. People wanting to buy their first home are set to receive up to $7,500 as part of the bill. This is in the form of tax credits and has a repayment time period of fifteen years. The first payment would need to be made only two years after the loan is given. Having $7,500 as money to pay up front, people who have previously failed to qualify for homes loans now might.
Considering that foreclosure homes are known to sell at prices lower than what they are valued at, making a foreclosure home a person’s first home seems to make more fiscal sense.
A foreclosure home can be bought at different stages of the foreclosure process. A short-sale, where the homeowner is delinquent on the loan, at auctions, or when the title of the property has been transferred to the lender.
A typical short-sale would involve the buyer getting in touch with the home owner facing foreclosure. There have been instances where short-sale homes have sold for 20 – 50% lesser than what they are valued at. However, one should check for any arrears in property taxes or second liens taken out on the property. Banks normally encourage home owners facing foreclosure interested in selling their homes, because foreclosing on the property involves bearing huge costs.
Bank owned properties are considered to be a relatively safer bet. The bank, after foreclosure on the property, takes care of unpaid taxes or second loans on the home. With a continued cost of maintaining the home while it is empty prompts many lenders to sell it as soon as they can, even if they do at a price lower than expected. Bargaining over the final price with banks is common practice.
HUD Fair Housing Equal Opportunity