January 31st, 2011 3:04 PM by AllenBrothers Realtors
BY JOSH FOSTER (713) 822-8407
There are a number of reasons why you can benefit enormously from purchasing a house that is foreclosed or selling short, especially in upscale Houston districts such as River Oaks or Boulevard Oaks. If you are investing in property in the multi-million dollar market, a foreclosure presents an opportunity to purchase a property for hundreds of thousands of dollars less than the fair market value.
In the current economic climate, a multi-million dollar houston home that forecloses will not be inferior to any of the houses surrounding it. Many homeowners in this market range are simply falling behind on property taxes, or have tapped any or all available equity in their homes.
A $2.8 million bank-owned house in Boulevard Oaks was recently sold for 78% of market value, giving the investor an automatic gain in equity of $616,000.
A $1.35 million bank-owned house in Oak Estates adjacent to River Oaks sold for 81% of its fair market value, resulting in a savings of $256,500.
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