Over the past 6 months the low end market for private investors has been drying up in North Houston. HUD homes are priced higher and there are fewer available. Other types of REO properties have tighter margins between the workable entry price and the after repair value. The undercurrents causing this shift could be the work of larger investors. CNBC’s Diana Olick sheds light on this possibility in her recent posts at Realty Check
Bing.com Birdseye View:
Google Earth Overhead View:
2526 Bisbane Drive, Houston, TX 77014
When a Federally Insured Mortgage goes into foreclosure, the lender can collect on the mortgage insurance and transfer ownership of the foreclosed property to the Department of Housing and Urban Development. The Department is commonly referred to as “HUD,” and the foreclosures now owned by the US Government are called “HUD Homes.” HUD Homes are sold on an “as-is” basis. If there are any defects in these properties, HUD will not make repairs.
Most HUD homes are offered exclusively to Owner-Occupants, Nonprofits & Government Agencies during the first 30 days on the market. If an acceptable bid is not received during the first 30 days, daily bidding is extended and opened to all bidders.
Bids must be placed by a HUD Approved Broker. Four Steps are required before your bid can be submitted to HUD:
WHAT IS EARNEST MONEY?
Earnest money is money put down to demonstrate your seriousness about buying a home. It must be substantial enough to demonstrate good faith and is usually 1-5% of the purchase price. [HUD will specify how much earnest money is required for each HUD home bid.] If your bid is accepted, the earnest money becomes part of your down payment or closing costs. If your bid is rejected, the earnest money will be returned to you. If you back out of a deal [after a contract has been executed], you may forfeit the entire amount. – HUD.gov “100 Questions”
A large HUD foreclosure listed in The Thicket at Cypresswood needs some TLC but has strong potential. It has 4 bedrooms 3.5 baths and a 2-car detached garage. The living space (not including the garage) is nearly 4,000 square feet.
18826 MOUNTAIN SHADE DR, SPRING, TX 77388-5168
