Should I buy a REO, Short sale, a property on the court house steps?
This website is a real estate resource for buying or
selling investment property in Austin. Paul is a specialist in buying
HUD, REO, VA and investment properties. He can provide a wealth of
information on the different sub-markets in the single family and
duplex rental market. Here a summary way one would want to buy a REO instead of buying on the court house steps in Austin, TX.
Short Sale:
- Banks are slow
- Owners still live there
Buying on the Court house steps:
- Must pay cash
- No inspection
- Might have other liens
- No warranty deed
- No title insurance
- Foreclosure owner can buy it back at the auction price for upto a year
- That's why most court house steps auctions are SOLD to the bank.
- The bank will bid up to the fair market value and then turn around a sell it as a REO.
REO:
- Can get financing
- Can get inspection
- Can get warranty deed with title insurance
- No occupants
- I don't think original owner could buy it back, since the bank probably bid over the value to prevent this.
Some REO's are listed on http://www.firstpreston.com others are listed on the mls. If you need more information please contact me at paul@jagodik.com.
Click here to view
HUD and foreclosure properties. Please contact me if your interested in viewing a property.
The best site to search for properties is directly on the Austin Board of Realtors site:
http://www.austinhomesearch.com/Static/homeset.aspxHere's my vendor's list:
Carpet Install: 512-923-6401
Handyman: Phil 512-659-7656
Loans: Amy
Painter: Randy 512-689-7134
Property inspector: Paul Wingert 512-218-0928
Property Protest: Dennis Sposato 512-246-6161
Roofer: Mario 512-775-1508
Trim: 512-470-1434