- Frequently Asked Questions
of foreclosure listings do you have?
Most listings are from banks, FannieMae, Freddie Mac, or
Is there charge for listing information or
We do not charge for listings or information.
Are foreclosure properties in bad
The condition of these homes range from excellent to
poor. Pricing will normally be adjusted according to the condition.
We can help you find a home that meets your requirements.
How much below market value are these
properties priced at?
Each property is unique. We suggest that you do some
shopping to get a prospective on the market. A Realtor can provide
valuable insights about local market values.
Some of your foreclosure listing are on the
Homepath program, what is that?
Fannie Mae is the world's largest buyer of home
mortgages. Homepath is a Fannie Mae program designed to help sell
their foreclosures. Features include a small down payment, good
selection of homes, no appraisal required, and the option to reserve
repair money with your financing. This is an especially good option
if you are not paying cash.
Click here for more info on
How is the price set for the property?
In most cases there is an asking price. You may make an
offer. Then the seller will accept, decline, or make a counter
offer. In other cases you would make a bid and the highest qualified
bid is awarded a contract to buy.
Can you find me a $250,000 property for
$500 if I give you $79.95?
No, in the unlikely event that we found a quarter million
dollar home available for a few hundred dollars we would keep it!
And we do not charge for listing information.
How long does it take to buy a foreclosed
This can vary depending on the factors involved. Once you
have a contract it typically take 3 to 5 weeks to close.
What is the minimum down payment?
If you select a Homepath property, with very good credit
the minimum down payment is 3% of the sale price if this will be
your primary residence, or 15% if it will be an investment. We can
refer you to a lender for specific information.
If I finance, will I have to pay closing
costs in addition to the down payment?
It may be possible to have the seller or other interested
parties pay your closing costs. Please consult with a licensed loan
officer for specific information.
RETURN TO THE FORECLOSURE HOUSTON HOME PAGE