I'm looking to buy a 1296 sq. foot home in Sugar Land Texas. The asking price is almost 44 thousand dollars. I don't know how many bed or bathrooms. Or what kind of condition the home is in. It was buil in 1974 and homes in the area are priced at around 100 thousand. I have never purchased a home, only rented, and am wondering what I need to know or do. I don't even know how big 1296 sq feet is.Please help!
2007-07-13 07:28:58 · 9 answers · asked by misslaney 2 in Business & Finance ➔ Renting & Real Estate
if its cheap enough, you can probably do work to bring it up to your standards. The one thing that would be a concern to me is possible toxic issues, radon, lead paint, etc. While they too can be corrected, it is much more expensive than just painting a room, as well as being a possible health risk. Make sure you know what the situation is before moving in.
2007-07-13 07:39:05 · answer #1 · answered by redwine 6 · 0⤊ 0⤋
1296 sq ft, is probably a small(ish) two bedroom house with a single living room and 1 or 1.5 bathrooms. The rooms won't be big, but they probably aren't shoe-box sized either.
As for buying a foreclosed home, it's often a pain in the but because you have multiple banks looking at your finances. If it's already foreclosed, that makes it a little easier.
Buying a 1974 house sight unseen is a gamble, but if you can check the place out, do so. Foreclosed houses are a good deal if they're in decent shape, and sometimes even when they're not.
Get a buying agent and have them show you inside and make an offer based on what the list price is, what you can afford, and how much you like the house. Take advantage of any first time home buyer incentives Texas offers.
2007-07-13 07:36:05 · answer #2 · answered by J P 4 · 1⤊ 0⤋
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2016-05-16 16:14:36 · answer #3 · answered by Pamala 3 · 0⤊ 0⤋
This Site Might Help You.
RE:
Is buying a foreclosed home a good idea?
I'm looking to buy a 1296 sq. foot home in Sugar Land Texas. The asking price is almost 44 thousand dollars. I don't know how many bed or bathrooms. Or what kind of condition the home is in. It was buil in 1974 and homes in the area are priced at around 100 thousand. I have never purchased...
2015-08-20 15:34:39 · answer #4 · answered by Thomasena 1 · 0⤊ 0⤋
Do NOT buy without a thorough inspection of the property beforehand, preferably by a qualified professional home inspector.
When the asking price is THAT much below the surrounding properties, there is a reason. Banks are not prone to give these properties away for less than market value.
You won't be thrilled if you discover after purchasing that the house needs $60K of repairs and updates to bring it up to par.
I've seen some pretty bad foreclosures in my days, including those where just about anything removable was taken by the former owners, including plumbing fixtures, kitchen cabinets, patio doors, garage doors, lighting fixtures and worse.
Know what you are buying before you buy. It might be a great deal, and then it might not be.
I even encountered on where the owners stripped out whatever copper plumbing they could get their hands on, assumably to sell the copper for pennies on the pound.
2007-07-13 08:05:24 · answer #5 · answered by acermill 7 · 0⤊ 0⤋
I would say that is about 2-3 bedrooms, good enough for a wife and 2 kids! So if you dont have that then it will be plenty of room for you. You will need to get a home inspection, to make sure the property is liveable. Also keep in mind that some foreclosures (not all) can be really tore up and not liveable. If you get the home inspected and look at it yourself im sure you will get a good deal. found some good home buying tips online http://www.stevemarowitz.com/PageManager/Default.aspx/PageID=2001414
good luck
2007-07-13 09:35:47 · answer #6 · answered by Pure Genius 3 · 0⤊ 0⤋
You don't say how you're buying the foreclosure. There are 3 ways to buy and each has it's own risks.
Pre-foreclosure (a.k.a. working directly with the seller before the courthouse step auction) - primary risk- existing leins... MAKE SURE TO DO A TITLE SEARCH! Benefit is you can negotiate anything (including a time to inspect the house)
On the courthouse steps (at the auction) primary risk- don't know the condition of the house nor will they let you inspect it. Benefit- junior leins fall off (but not senior leins or IRS leins (I don't recall, but I think in Texas there is a period after which the IRS lein does drop off... check with a lawyer!!))... you will need cash on hand though to buy at the steps...
REO (a.k.a. bank owned or post-foreclosure) Generally at this point the bank just puts it on the market with an agent and gets close to retail for it (depending on market conditions)
2007-07-13 08:23:55 · answer #7 · answered by biblicalfive 2 · 0⤊ 0⤋
That's a tricky question
2016-08-24 08:32:52 · answer #8 · answered by Anonymous · 0⤊ 0⤋
if you know the market prices yes
here you have an interesting article. Good luck!
http://www.foreclosureinfousa.net
2007-07-13 07:45:09 · answer #9 · answered by Anonymous · 0⤊ 0⤋