Buying a foreclosure in the Austin area can be a good way to pick up a bargain on your next property purchase. While the Austin market never tanked the way some markets did, there are still quite a few Austin foreclosures on the market to choose from. Waiting for the right foreclosure to come along in the area you’re interested in just may take a little more time than a typical deal. It does take patience, but the patience can pay off when the right home comes along.
Search Austin Area Foreclosures
To begin searching foreclosures in the Austin area, simply select the "search foreclosrues only" box at the bottom of the main search page. Or, not selecting the search foreclosures only box will show you normal listings as well as foreclosure listings together.
Not Always a Good Deal
Just because a home is a foreclosure doesn’t necessarily mean it’s a good deal. While banks do try to price their foreclosed properties competitively, the property’s true market value can sometimes be overestimated. So, don’t make the mistake of just assuming that because a home is a foreclosure, it must be a bargain. You still need to enlist the services of an experienced Austin Realtor
that knows the local market and can run a free market analysis
for you. This comprehensive analysis can help you determine just how good (or bad) of a deal you’re getting.
"As Is" Condition
Foreclosures are typically purchased in “as is” condition. This means the bank will not do any repairs to the property. You are still free to have the home inspected during the inspection period, but banks do not typically agree to fix any of the repairs found in your inspection. However, you do have the option to back out of the contract if you are not comfortable with the inspection findings.
Good Home Inspector
Because foreclosures are typically in poor condition, and you do not have a seller’s disclosure to state any known problems with the home, it is especially important to use an experienced and thorough home inspector when purchasing an Austin foreclosure.
Need additional assistance with a foreclosure purchase in the Austin area? Please give us a call us at (512) 416.9990 or email us