Texas Foreclosure Listings: Build your equity- By: John Smith
If you are planning to buy a house that is listed under the Texas Foreclosure Listings, then you are sure to appreciate your decision after a few years. The property rates are going high everyday and so as the need to buy one. However, if you have been waiting to buy till now because of a financial constrain then you might be able to over come this problem with the help of the Texas Foreclosure Listings.
There are a lot of reasons why people like to go for properties that are listed in the listings of Texas Foreclosures. However, the main reason for doing so is the price that you can get them at. You can buy these properties at almost half the market price which is a great way of saving a lot of money. Since these properties either go back in the hands of the banks you offered the home owner to buy them or in the hands of the government due to non payment of taxes, they are termed as nothing but as a bad debt by them. In order to overcome the loss that they had to suffer due to these properties, they sell them in the market so that they can fetch money that they have termed as a loss in their books.
A lot of people make use of these properties to build their equity. For example, if you are buying a property worth $100,000 and taking $80,000 from the bank that you agree to pay in installments over a period of time, then your equity at the time of buying the property is 20%.
On the other hand, when you buy a property from Texas Foreclosure Listings, you might be buying the property that is worth $100,000 in the market, you are getting it for $50,000 and getting $40,000 from the bank, now in this case ideally your share in buying the property is 20%, but your equity in the property will be for 60% since you are taking 40% of the cost as per the market value in the bank. In nut shell you have paid $10,000 from your pocket as of now, but your share in the property is 60%.
Article Source :
Author Resource :
Original Post: Texas Foreclosure Listings: Built your equity on ForeclosureDataBank.com.