Home Real Estate in Austin, Texas – Travis County

Does anyone know if the the bank would deal foreclosure properties for half of its market value, if so where and how can I find these properties. Also do I need all cash to pay for these properties up front or can I finance it like any other real estate purchase.

The price is totally up to the bank. If they really want to get rid of it they will often sell it for what is owed on it (which can be half the market value I suppose). You can finance foreclosures, but they are pretty strict about the minimum 10% down payment. There are few ways around that. There are MANY websites that show foreclosed properties…but most of them require a paid subscription. An agent can also help you with this, but they aren’t wild about it because there is little if any money to be made.

Mom passed away 2yrs ago.Not very responsible bro lived/ing in house.Has not worked in 21/2 yrs-38,made me do all lawyer/bill work/I had to be administator-There were VERY large medical bills and only asset in estate 2 cars(bro wants both)house now in horrid condition assessed at 70-90k(big,could be fixed says my knowledgable husband, but bro won’t even clean.I let things linger to give my bro time for this &that,stall,couldn’t be bothered to wake up for atty meeting or to answer my calls etc-don’t want to kick him out, as lawyer said sell house-pay debts split leftover if any-this was all before we did the assessment and saw how devalued house is.-Now probate-in other state where she died is done . Attorney in that state says to deed the house asap and let him know when we do that(says once deeded to bro and/or me& bro, house is outside realm of probate) My husb. doesn’t want our name attatched to anything with my brother especially not real estate. I understand ,but I won’t sell &kick him out (even though NJ lawyer always pushed for us to just sell property & split proceeds) I can see how my brother could be negligent & not pay insurance /get sued etc & we’d get sued too. Actually I’ve told him to reinsure the house as my Mom’s policy just lapsed (they let it continue for a few months after we notified them of her death–Yes 2 yrs later- -as I never realized they were taking money from a bank acct my Mom had on auto pay all this time) I know he’ll never do it not so much because of the money but because he is just too lazy to make the phone call or do any kind of stuff like that He just consolidated the cable/phone/net and I noticed on my caller id when he called that he still left it under my father’s name who died in 2002! He just can’t be bothered to do anything but play video games and sleep. He never paid a speeding ticket 2 yrs ago and so his license is suspended so my Mom’s 2 cars just sit idle in the backyard until he decides he’s ready for me to take him to fix everything. Meanwhile I have to drive him everywhere, take him food shopping, etc. So my brother does have some greedy tendencies as well as this lazy gene- and hey I know we all get lazy sometimes . and I wonder if I don’t put my name on the deed that he will sell it and keep everything- I guess if that happens then so be it, I’ll be more upset that he could do that to me- the only family we have left is eachother but I’m really starting to resent him and his behavior and the fact that I get in fights with my husband for making excuses for him all the time. At one point he wanted me to just give up claim to my half of 401k that was our deceased Dad’s, and the house, so he could sell it and buy himself a townhouse in Fl-said he would pay me back every time he could. My brother is living off that now (I have never touched the half I received) and seems mad he has to pay house taxes but that’s still less than rent anywhere else. I could have forced sale of house but I didn’t so he could stay rent-free, unfortunately that means he must pay the quarterly bill. I think he feels I should pay half if it’s oOUR house but I work hard as a wife and mom of 2 small kids and I get up everyday for NO money so how could I anyway, and why should I if I don’t stay there and I don’t even want the house anyway? Sorry so long but very complicated and time running out and I need to know if there are any options for me to let him stay, not put myself on deed with him and still be able to lay claim to what would be mine if we sold house now. He also said something about it not being fair if he fixes house w/his money and sold it for more, then he should get all that money(I think that makes sense but my husband says no because I am"allowing him to reside there by not forcing sale and collecting my inheritance" Husband says if he were at least a little responsible and didn’t sleep all the time etc he would not have a problem with any of this and would help him again but he knows, and I suspect no work will ever get done anyway. My mom used to send him $ all the time and asked my husband to do some work on the house and fix it up w/bro but after2-3 times, bro would not even get up or come out of room and didn’t do anything at all on his own time after husband left(My husband has/had full time job as well and bro did not–again- he’s 38 yrs old–You get the picture of what I’m contending with . Laziness/irresponsibility are his problems and I just don’t know what to do. I can’t shake him out of it, my husband gets aggravated w/me making excuses for him; and now I think I’m about done making excuses and I’m aggravated too. So what would you do? Would you take a chance sharing house title with someone like that or would you take a chance giving him full title and hoping he’d do the right thing when he sells it(and he does want to do that eventually he says-always wanted to "flip it" ) If not for the fighting with my husband saying I’m

It is time for you to become disentangled from your brother and you need to do it now. Your brother has been enabled by your parents and has never grown up. It’s time to let your brother start being a grownup adult. While I understand and applaud your wish to keep peace in the family, you have no peace now! Tell your brother ( or have the attorney tell him) the estate is going to be divided NOW. Your "doctor" (me- LOL) has told you that the stress of all of this upset is not healthy for you. Take a car and whatever personal property from the house that you want (as long as it’s not more than half).
He has lived in the house rent free so all of the expenses of the house are his responsibility. If brother wants the house, he can:

1. Get a mortgage and buy you out now! or
2. Use his 401(k) proceeds to buy you out now!

If he doesn’t want the house, he can:

1. Move out within 30 days and
2. The house goes on the market.

Either way, he needs to give you $40K for your half. He has 30 days to complete the buy out or the house is going on the market and he moves out. Then you can quit claim the deed but not before you get your money. If you quit claim it now, you will never get a cent.

Do not give up anything in return for his "promises", you already know what those are worth. In the meantime, speak with the attorney for the estate or get your own attorney, if necessary, and ask about filing an "Action of Partition" on the property. A Partition, which is granted by the Judge in Court, will force the sale of the property or force your brother to pay you the value of your portion. It is a judgment which will force him to get up off his lazy butt and get you the money that you are owed for the house. If he ignores the judgment, the Sheriffs will come and put him out and the property goes up for sale. If brother gets really persnickety, he may wind up in jail for contempt. Which would be fitting because he is treating you with contempt right now and has been since this ordeal began.
Do not share title with your brother and do not give him full title until you have a certified check (although in this cash, I would rather have real cash) in your hand. I agree with your husband that you do not want ANYTHING of value tied to your brother. If he gets sued and you share property with him, they will come after you also.

What do i need to know?
I should add that i only learnt the word today so i know absolutely nothing as yet. Except on the outside it looks like a cheaper way to buy property.

Foreclosure is when a person who is buying a home stops making the payments on their promissory note to the bank. The bank then forecloses and takes the house. The bank then sells the house in order to make back the money. They usually sell the home for the price of the note, which can be considerably less than market value.

My fiance and I are in the process of moving out a townhome into a house. Our townhome is up for sale and we don’t plan on seriously looking for our new place until we have a contract.. But, here’s the deal.

He owes 95,000 on the townhome, we are asking 215,000. We are hoping to get 208000 for it. Now the townhome is in his name only. He had it before we met, so that money is his. He will have between 95,000 and 105,000 down payment on something new.

I make 41,000 as a legal secretary (and I’m up for a raise come january) and the only debt I have is my car payment and fixed things like car insurance, and phone bill.

He is a union electrician, but he is laid off. He is collecting about $45,000 per year under unemployment and has about $20,000.00 in a savings account. (he saw the economy going down and planned for it… he’s really good with his money (*cough* cheap *cough*)) and has no debt (not even a car payment) outside of his mortgage, which he has already paid up through the end of the year. When he is working he makes about $75,000.00 per year, but we both agree in its best to get something we can afford while he is laid off anyway as you never know what the future holds. .

We are looking at homes that are asking around 289,000. Do you think we can get a loan or will we be resigned to living with his mother until he is working again?
Additionally, should we wait until our house is under contract before we try and get a loan? Or is it ok to go to a loan officer now and we what we are working with?

It’s definitely worth applying with a lender or two. Have you looked at any mortgage calculators to see if you can afford that payment? Assuming that your fiance is out of work for longer than expected and that you have to make all payments on your salary alone, you’ll want to do a "worst case scenario" budget using just your salary. Also, it sounds like you may be using a lot of your liquid cash reserves as down payment, so you’ll need to know how you’ll pay for it if you have any big repairs come up in the first few years.

Another thing you need to be careful of is that you may not have enough credit to have an excellent rating. If you haven’t already, it’s worth going to annualcreditreport.com (the government’s website where you can get one free report each year) and pulling your credit reports to see what’s reporting. You can then, if you choose, pay to get your scores from the three credit reporting agencies. It may be useful to each have one credit card that you use once a month and then pay off in its entirety every month. The available credit and on-time payment history will report to the credit reporting agencies and help improve your scores.

Other than that, your situation sounds very doable. I’d definitely do a little more budgeting/planning and then start talking to a lender or two.

There are pay sites out there but I want free ones. Anyone knows? thanx!

There are 4 free places I’ll suggest:

1. Ebay, Craigslist, or other local newspaper classified sites
Search for the terms "foreclosure", "REO", and "distressed".

2. Local MLS sites. Just search Free LA MLS and you’ll find plenty. Search for the same terms as above.

3. County courthouse(s)
This is where the foreclosures are on record and where the sales are confirmed. You’ll have to do a little work to find out who is listing it, but if you find something you like, it’s worth the extra work.

4. Local Realtor
This is by far your best and easiest solution. They will find all the good deals and do all the work for you. Just make sure you find a good one that will work for the 4% (negotiated) commission!

How do I find out what codes mean what for flood zones? I’ve done google searches and came out empty handed.

It has to do with the flood zone

I live in Maryland and I don’t want to use a realtor to sell my home.

I am going to be blunt…

If you don’t want to use a REALTOR to sell your home, why would you want to use the MLS system?

You have to ask yourself why you don’t want to use a REALTOR and if one of the answers is that you feel the service is not worth the money then the MLS service is part of that service offered by REALTORS.

The MLS service is in place because REALTORS pay to have it there.

It is the Multiple "Listing" Service not the Multiple "For Sale By Owner" Service.

The reason you pay for a REALTOR’s service is because the system is in place to get you the most for your home, it is advertised and available to the largest number of potential Buyers through advertising vehicles like the MLS service which advertises your home not only to all the REALTORS in your area but to Buyers from all over the world over the internet.

But if you don’t feel a REALTOR is worth the money then you should also not value the MLS service, a service paid for by the REALTORS.

There are other vehicles available to advertise your home as a "For Sale By Owner". You have complete access to those.

But I have to ask – Why undersell your house? Why not sell your home to the largest number of Buyers that are looking for a home? You get top dollar for your home when it is available to the largest number of Buyers.

Sorry to sound harsh but I felt it needed to be stated.

Basically I’ve gotten to a place career and financial wise where I can buy a house. I haven’t the slightest idea what goes into buying a house though. So say I’ve looked at a realtors website and found 5 or 6 houses I’m interested in. What would I do then? What would be the process from seeing these houses to buying them? Remember I’m completely clueless about this so all the details you can think of would really be helpful. Thanks

The first thing you do is sign up with a Buyer’s Agent. This person works with you and will guide you through the processes. The first thing they will have you do is prequalify so they know what range you can afford and show you those houses. Some owners will not even let an agent show the house if you are not prequalified.

The Buyer’s agent is paid for by the seller at closing so do NOT sign a contract stating you will pay anything.

Good luck

Svetlana Stolyarova
Phone: 440-247-5388
Email: Realty@Local-n-Global.com

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