Austin foreclosures can be a tremendous value for buyers.
According to a September 2010 article published in the Austin Business Journal, one out of every 536 homes in Austin, Texas was in danger of foreclosure as of August, which is a 27 percent increase from the same time the prior year. When inventory is plentiful, foreclosures are a bargain.
Finding an Agent
All Austin bank foreclosures require real estate agent involvement in the transaction unless a buyer is purchasing the property at a foreclosure auction. Real estate agents can utilize the Multiple Listing Service to help buyers locate foreclosures in their chosen area, simplifying the search process.
When selecting a real estate agent, a buyer can select their own buyer's agent or use the services of the agent that has the property listed for sale. Buyer representation is free, as the seller--regardless of the buyer's selection--compensates the real estate agent.
Transaction
A foreclosure home transaction is similar to a retail transaction inasmuch as the initial documentation submitted with an offer is largely the same. The key differences are that the buyer will be negotiating price and other information directly with the bank as opposed to a private seller, and that the bank might require addenda to the contract to close the transaction. This will vary from bank to bank.
Considerations
Foreclosed properties are not always eligible for all types of loans. Some foreclosures are eligible for a cash-only purchase agreement and not eligible for any type of financing. A real estate agent will be able to find the types of funding available in a specific foreclosure purchase before previewing the property.
Tags: estate agent, real estate agent, real estate, Austin Texas
