How much do you know about distressed homes in Houston, Texas? You know, for the past couple of months, We Buy Fast Houston Houses has been talking to various potential clients and we realized not so many real estate investors understand what these properties are all about. According to them, even finding just one distressed home in Houston, Texas, is practically impossible.
However, We Buy Fast Houston Houses thinks that’s because they do not know where to look. The thing is, you need to familiarize yourself with the market before you invest your money. getting to know the ins and outs can be hugely rewarding, and open doors that you never knew existed. Start by learning the distinction between a pre-foreclosure and foreclosure.
What’s does pre-foreclosure mean in Houston, Texas?
Not all property buyers buy homes in cash like We Buy Fast Houston Houses. Most of them rely on mortgages provided by various financial institutions in Texas. Once the mortgage application is approved, you’ll be given the money but it will come with strings attached. The catch is, you have to abide by certain stipulations. One of them being how much you’re supposed to pay every month. Should you default on these payments, you’ll be issued with a notice of default. We thus say that your house is under pre-foreclosure. Meaning, the bank, or lender could reclaim it if nothing’s done to resolve the situation at hand.
What’s a Foreclosure?
The borrower no longer owns a foreclosed house in Houston, Texas. They have already been claimed and are ready to be sold fast so as to pay off the debt. Therefore, if you come across a home that has gone through foreclosure, just know the previous owner could not keep up with the financial obligations, and now the property has been reclaimed. Chances are it’s already on sale. So if you’re looking for a discounted house to buy fast in Houston, Texas, you’ve found one.
So what does this tell you about pre-foreclosure and foreclosure in Houston, Texas? The primary difference is the owner. The borrower will still own the former, while the latter will be in possession of the lender.
Pre-foreclosure vs. foreclosure: the condition
If we have to pick which between the two is in a good condition then We Buy Fast Houston Houses will have to go with the former. The owner will still be living in the house so it won’t look abandoned or worse, in the process of deteriorating. A foreclosed home in Houston, Texas, will never be in top shape considering the process is a lengthy one.
So why’s buying a pre-foreclosure or foreclosure difficult?
It’s hard to buy or even find these properties because they rarely make their way to the MLS. Savvy real estate investors are always ready with cash to buy them whenever they pop up. But fortunately for you, We Buy Fast Houston Houses has some left. So if you’re interested in buying, send a message or fill out an online form.