citykid09 Posted January 13, 2009 Share Posted January 13, 2009 Cheap Foreclosured Properties, So whats the catch?So I was looking on Yahoo! at some foreclosed properties in Houston and Los Angeles.I found many homes listed for under $10,000.Is this legit? Or whats the catch? HoustonLos Angeles Quote Link to comment Share on other sites More sharing options...
TexasVines Posted January 13, 2009 Share Posted January 13, 2009 most of those are probably opening bidssecond I believe with foreclosures in Texas the original owner has a chance to purchase the property back for price paid + improvements within a 3 year period Quote Link to comment Share on other sites More sharing options...
citykid09 Posted January 14, 2009 Author Share Posted January 14, 2009 So tell me is this real? http://realestate.yahoo.com/Texas/Houston/...J6jUd1Anydn47Qs 907 Bayou Pky Houston, TX 77077 Bed(s):4Bath(s):4.5Type:Single Family HomeSq/Ft:5,732MLS Number:7024907Age (years):-Date listed on Yahoo!:December 22, 2008 Quote Link to comment Share on other sites More sharing options...
barracuda Posted January 14, 2009 Share Posted January 14, 2009 So tell me is this real?http://realestate.yahoo.com/Texas/Houston/...J6jUd1Anydn47Qs 907 Bayou Pky Houston, TX 77077 Bed(s):4Bath(s):4.5Type:Single Family HomeSq/Ft:5,732MLS Number:7024907Age (years):-Date listed on Yahoo!:December 22, 2008 The description says it's a rental. I wonder if the $5000 is the monthly rental cost. Quote Link to comment Share on other sites More sharing options...
citykid09 Posted January 14, 2009 Author Share Posted January 14, 2009 The description says it's a rental. I wonder if the $5000 is the monthly rental cost. Didin't see that part. Here is another: Cutler Ridge Ln Houston, TX 77044 $5,949Bed(s):4Bath(s):2Foreclosure Status:Notice of Foreclosure SaleSq/Ft:2,402Age (years):-Date listed on Yahoo!:October 25, 2008 Quote Link to comment Share on other sites More sharing options...
Mr. Chenevert Posted January 14, 2009 Share Posted January 14, 2009 Without seeing the property, its hard to say.I remember years ago, they were selling foreclosed condo's on DeSoto for like $10,000.00.Thinking it was too good to be true, and being new to the area, I drove down to take a look. I thought I was going to die driving a brand new Lexus through there...They have since condemned the property and tore it down. That would have been a bad investment even at 10k... Quote Link to comment Share on other sites More sharing options...
TJones Posted January 14, 2009 Share Posted January 14, 2009 Didin't see that part. Here is another: Cutler Ridge Ln Houston, TX 77044 $5,949Bed(s):4Bath(s):2Foreclosure Status:Notice of Foreclosure SaleSq/Ft:2,402Age (years):-Date listed on Yahoo!:October 25, 2008 Very possible, and there are probably some back taxes and HOA fees associated on top of the asking price. Quote Link to comment Share on other sites More sharing options...
rbarz Posted January 29, 2009 Share Posted January 29, 2009 most of those are probably opening bidssecond I believe with foreclosures in Texas the original owner has a chance to purchase the property back for price paid + improvements within a 3 year periodOnly tax foreclosures have a right of redemption. 2 years if it was your homestead otherwise you only have 6 months. You don't have to pay for improvements, but you do have to pay interest on the tax amount paid. Quote Link to comment Share on other sites More sharing options...
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