The Five Secrets of Buying a Katy Foreclosure From a Certified Foreclosure/Short Sale Specialist

Cinco Ranch Foreclosure --$224,900

Westfield Foreclosure-$115,900

Foreclosed and foreclosing properties dominate many of today’s U.S. real estate markets–more than four years after the sharpest observers saw the market shift coming, and more than two years after the reality hit home for millions of American home owners.

While Katy is not suffering like other areas of the country, the number of foreclosures in our hometown has grown substantially. (Pictured above are two foreclosures  currently on the market.)

First-time home buyers make up almost half of all buyers of bank-owned foreclosures and soon-to-be foreclosed short sale properties. They’re followed closely by investors seeking rental properties, and a third important group—homeowners who find they can move up to a bigger or better home they previously could not afford.

The truth is: These markets demand most of the same things an ordinary market demands of buyers–only more intensely and pointedly:

  • Money: Buyers must be financially qualified and ready to buy. The best properties go quickly. Buyers must look to strong lenders.
  • Motivation: Buyers must be motivated to compete successfully. I urge my buyers in this market to be clear about both their “motivating why” and their criteria for the property itself (size, location, condition, floor plan, etc.)
  • Location: Contrary to the rumors, prime buying opportunities exist in almost every neighborhood and price range.
  • Condition: Buyers should understand that repair costs are not necessarily large. The Keller Williams Distressed Property Buying Survey shows the average cost to repair to be $5,000—that’s less than 3 percent of the median purchase price in the U.S. today.
  • Expert Help: Finally, smart buyers know they need to be even smarter—they become a team with a local expert agent who knows local property, pricing, and lenders.

So, bottom line—if you think you want to buy, have a talk with yourself first, check your financial readiness, and get with a foreclosure expert and learn everything you need to know, in order to get what you want in this market.

I am Certified by the National Association of Realtors as a Foreclosure/Short Sale Specialist, a designation held only by an elite group of agents. Please contact me to pursue this lucrative market at 713-818-2404 or via email at [email protected]

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