Numbers recently released by a leading foreclosure listing agency show that foreclosures in Houston are up by 25 percent in October, 2008, as compared to the same time last year. At the same time, another report shows that single family homes? median price in Houston has fallen by 2.7 percent this October as compared with the same time last year.
While this is not a good time for home owners going through or under the threat of foreclosure, home buyers are viewing this as a good time to buy amidst Houston foreclosure homes. Foreclosure homes are becoming the preferred choice of many home buyers because of the discounts they are associated with.
A foreclosure home can be bought either during preforeclosure, or at the home's foreclosure auction sale, or through the lender, once it has been foreclosed upon. To buy a pre foreclosure home you would normally get to deal with the existing homeowner; whereas with buying a foreclosed home you would normally deal with the lender. At foreclosure auctions, the home generally goes to the person with the highest bid.
While secondary liens and unpaid property taxes must be looked into while buying a pre foreclosure home or a home at a foreclosure auction, you do not have to worry about this when buying a foreclosed home through a lender as they normally take care of any arrear that is attached to the foreclosed house.
It is highly imperative that you inspect the house you intend to buy. It is always better to know up front the money you would be required to spend to get the house in the condition you want it in. Excessive repairs can turn seemingly great deals sour. In dealing with foreclosure homes, a little caution goes a long way.