All Forum Posts by: Greg H.

In Texas the process in simple.  It is the same as a regular eviction except you are just bringing suit for possession as opposed to possession and rent.  Why have you let this go on for 5 months?

So this is a HUD reverse mortgage. HUD will eventually foreclose and then the property will be subject to Hud guidline 24 CFR 206.125. HUD used to take possession and sell through FNMA but lately have sold some themselves. In can take months to years for the property to hit the market and by law must be sold for at least 95% of appraised for the first 90 days on the market.

 Any additions/new construction would cause the property to be reassessed at current value in Texas so the cap would not help you in this case 

Yes you can be eligible for FHA as there is not a limit on the number of owner occupant loans one can have as long as you satisfy the occupancy requirements on each which is usually one year(some exceptions)

I would want an agreement with the other spouse before closing

 So what would the purchase price be vs the appraised value?  2022 Taxes are already out and the seller would be responsible thru the date of closing.  2023 Appraisals will come out in the Spring and will need to be protested by May 15th(Most cases).  If/when the protest is successful, that value would be used for all of 2023 so in reality the buyer would not be affected at all by the current value.  FYI- The Appraisal District is not going to to just "come to reality".  It will take someone to be proactive.  A 450% would be unusual but I assume there is an answer in the details as not all counties reassess yearly.  I have also had AD drop my value 200+% when I could justify 

Purchase the property for less than the appraised value and protest next spring and the problem is solve.  The issue has nothing to do with any "greedy folks who jacked up prices".  

Additionally, the Tax appraisal value in Texas is no indicator of market value, list price nor sales price

@Daniel Lopez

Send me a PM as I have a name or 2 

The answers here must have missed that you are asking about a duplex as opposed to a single family.  You are correct that since you are not occupying both sides that one side(50% if both units are identical) would be subject to capital gains on any profit made.  Profit on the occupied side is exempt up to the 250/500k maximum.  If the square footage is different then a percentage of the entire property would be subject to capital gains

As far as what to do next, that is just a personal decision based on your families wants and needs.  Most people would desire a single family especially if a yard is a priority

 Intermediary is the term for Texas.  Dual Agency is permitted in all but 6-8 states.  Most of the others that prohibit DA refer to it as a transactional broker

So again Texas is a non disclosure state and sales prices are not published. Zillow does not publish all sales from the MLS. Any sales comps that may show up are those shared by the homeowner themselves. So when searching for comps would you like to see less than 5% of the data available?

So now to the specific area on Gonzales that @Joe S. was asking about. It is a small community of less than 10K that could/is served by several different MLS services as Texas has close to 30 different MLS systems. Wanting info on a specific address is surely not an indicator of lack of knowledge in an area nor indicative of a lack of real estate knowledge overall. Personally, I have done deals in 24 states and do not process to be knowledgeable of all area. When I need to know I find out which also appears to be the case here