First Time Home Buyer - Too good to be true?

Question

Greetings!I found a cheap home in Texas is in a neighborhood where the median home price is $331,350 avg. The house was build in 2010 and seems to be a foreclosure but I cant find it on the county foreclosure website. The description says that its "Priced to Sell". It has cosmetic issues that don't look alarming (Paint scratches and stained carpet). It is priced at 100K, is this too good to be true, or did i stumble upon a mini investors gold mine?

Wale Lawal · Answer

@Sydney Rae

I agree with others, please get in touch with an experienced agent as they understand the process and know the local market.

This will shorten your learning curve and save you a lot of headaches.Good luck!

Kaci Hunter · Answer

Everyone here suggesting a good realtor is giving you the best advice.  So last month, my realtor sent me a property well below market value in a great location and I got excited. And then she sent the inspection report that had already been done (given by the seller). From the pictures, it mostly seemed like cosmetic easy fixes (roof, garage door, painting, flooring, etc.)  However, the inspection report revealed so many things that I didn't see. It didn't stop me from making an offer, I just made it a lot lower than I initially thought I would. A good realtor will help you get the info you needa, analyze the deal, and make an offer that's right for you.

Joseph Beilke · Answer

@Sydney Rae

I have NFCU personally and have started to shy away as they have grow to a size where you are just a number there.  It pains me to say this, but most NFCU agents are only in the network to get leads.  Most that I have come across do not have your best intention in mind because they are giving back a large amount of the commission they would normally keep.  So many times their not full engaged because of that.  Also the listing agent is unresponsive because he or she focuses on foreclosure homes and they pretty much only push the paperwork.   Get online and find an agent that works for you!

Theresa Harris · Answer

I agree with Greg-talk to your realtor.  I'd put an offer in though with contingencies (inspection, financing) to lock it in.  If it is a steal, better you get it than someone else.

Joseph Beilke · Answer

@Sydney Rae

First off where did you see this listing, was it a legitimate website?  Secondly, have your Realtor reach out and get the skinny on it.  They are much better and seeing through the scams and BS.  Lastly, many foreclosure end up on court house steps and 100K is the opening bid.  Don't try a save a few bucks my going at this alone.  If you do it could cost you much more that a Realtors commission.

Good Luck and hopefully you found a deal!

Sydney Rae · Answer

@Joseph Beilke Hello, thanks for the response!

I found the house on Zillow initially ,and thereafter on HAR.com and other real estate websites. I am not working w/ the realtor that listed the property (He is pretty unresponsive), rather I am working with a Realtor I found via Navy Federals Realty Plus program.

I did try and talk with the listing agent to get the scoop on current offers and property incident history and things of that sort but he is seemingly unreachable according to his office assistant.. I would be able to work this a lot better If I was in Texas but I am stationed in Hawaii.

Any advise ? How can I make sure this is not a auction house at least?

First Time Home Buyer - Too good to be true?

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