Pros And Cons Of Seller Financing For The Buyer Purchaser Houston Foreclosures Websites Compared

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Houston Foreclosures Websites Compared

When I first started out as a “newbie” real estate investor in 2002, I was confused by all the websites that claimed to provide listings of Houston foreclosures. I wasn’t sure which provided the most leads, which provided the highest quality leads, which provided the most bang for my buck, and so on. It was a maze there, and I got lost.

After many years in the business, it is all too clear. Here’s what I know now. In short, there are three categories of Houston foreclosure websites: 1) those that offer actual foreclosures, 2) those that offer pre-foreclosures, and 3) those that offer “ex ante” foreclosures. Each category of foreclosure has pros and cons, and a category that works for one person may not work for another. It all depends on what your goals are. Let me explain the three categories in detail.

Category 1 – Actual Foreclosure: Foreclosures are properties that have already been foreclosed on. They are usually owned by banks or governments. They are best for people looking for a home to live in, not investors. You’ll get a small discount – maybe 10-15% off retail – but the whole process is easy. Look through the listings, find something you like, and ask your realtor to show it to you. And then make that offer to the realtor and handle the negotiations. very easy. There are probably fifty websites that feature real foreclosures, but three of the most popular are currentforeclosures.com, foreclosure.com, and realtytrac.com. These are national websites, but they are full of Houston foreclosures.

Category 2 – Pre-Foreclosure: Pre-foreclosures are properties that go up for auction in one to three months. A notice has been filed in court. They are perfect for real estate investors who are willing to do some work or spend some money trying to get a big discount. After you meet with a few sellers and make a few offers, you will find a property that you can buy for around 30% off. At least that’s what you should be shooting for. If you choose to mail to these lists, you will spend hundreds of dollars in postage. If you choose to knock on sellers’ doors, you’ll likely spend dozens of your own man-hours. If you want the discount bad enough, these issues are bearable. When I was first starting out and desperately needed money, I pursued pre-foreclosures, but they are too much of a problem for me these days. I’ll let the new batch of “new biz” follow them! Quality pre-foreclosure websites in Houston are foreclosehouston.com and realdata.net. They are both locals.

Category 3 – “Pre-Exit” Foreclosures: “Pre-foreclosure” websites list properties that did not hit official pre-foreclosure listings or actual foreclosure listings. They are perfect for investors who want a discount of 30% or more but don’t want to spend all that money on postage or man-hours knocking on doors. The advantage is spending less money and less time. The downside is that there are usually fewer properties to choose from, so you’ll likely have to drive outside of your immediate zip code to find the one that offers the profits you want. Popular “pre ex” foreclosure websites are myhousedeals.com and propertyleadsnow.com.

The category of Houston foreclosures that you choose to pursue is up to you. It just depends on whether you are an investor or an owner-occupier, and it depends on how much time or money you are willing to spend. I have bought 41 houses, and 60% to 70% of them were “pre-foreclosure”.

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