Foreclosure-Houston.com - Frequently Asked Questions

What types of foreclosure listings do you have?
Most listings are from banks, FannieMae, Freddie Mac, or HUD.

Is there charge for listing information or other information?
We do not charge for listings or information.

Are foreclosure properties in bad condition?
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 HomePath.

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 property?
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.

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