Bob Martin, a Houston CPA, in an interview with My Fox, Houston, spoke of the benefits that the recently passed housing bill would have on Houston Foreclosures.
He said that with a provision being made for first time homeowners to get $7500 in tax credits, a fair amount of money would be flowing into the market. He went on to say that paying back this $7500 would be spread across fifteen years, bringing it to $500 per year, besides the fact that the payments would have to be made starting two years after the loan was passed; and with $7500 to pay upfront, people who were unable to qualify for loans previously, now stood a chance.
This in turn would benefit sellers too, because people approaching them for making offers would have an extra $7500, he added.
He also mentioned that the bill provides for state bonds for loans in the sub-prime market, passed between 2002 and 2007 with a variable rate of interest, to refinance existing loans into new ones.
With a fair amount of choices in the Houston area, prospective buyers should take time to do a good amount of research before buying a house. Banks and real estate agents have lists of foreclosed homes as well as homes facing foreclosure. Newspapers and a host of internet sites also carry area specific listings the same.
Notices for Auctions of foreclosed homes are usually put in local newspapers and the county courthouse.
For buying a HUD property, one would need to get in touch with HUD approved estate agent. The only way to buy a HUD home is through a sealed offer. With HUD homes usually being sold on an as-is basis, it makes it imperative that the property be thoroughly inspected before the offer is made.
If choosing to buy directly from a home owner facing foreclosure, or buying foreclosed homes through banks or real estate agents, do keep in mind that the initial offer made by the seller would, more often than not, leave room for negotiation.
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Written by Alex Rolim.
