All that shines is not gold: Finding a foreclosure deal in Houston

ForeclosureFriday is a new weekly column we’re starting at ErionHouston.com to bring to our readers a mixture of sound advice on pursuing foreclosure properties and actual deals on Houston Foreclosures we uncovered during that week in our research.

During the current economic crisis, “foreclosure” has turned into somewhat of a buzzword. The majority of home buyers who would have never considered these properties before, is now open to the idea of purchasing a home that might need some repairs if it’s going to land them a sweet deal. But even though the deals in the bank foreclosure landscape are available, they are not quite as plentiful as most think. Contrary to what most people believe, only 10-15% of REO homes (another term for “bank owned”) are sold below market value enough to constitute a good deal. The good news is banks are bringing properties on the Houston real estate market at a rate of 80-90 new foreclosures per week which puts the number of good deals from 8-10 each week. Identifying those deals takes us hours and hours of research daily. You, on the other hand, can simply sort through the good stuff on our Houston Foreclosures page.