Clear Lake Foreclosures – Is a Foreclosure Right For Me?

Topics: Clear Lake, Newsroom Posted on December 10th, 2009

Today I previewed one of the Clear Lake foreclosures in the Meadowgreen subdivision.  This home is listed for $145,000, is a little over 1,900 square feet and includes a pool.  A lot of people are excited about the possiblity of buying a foreclosed home.  Maybe you’re one of them.  Everybody’s looking for the best deal, aren’t they? 

One thing to keep in mind about a foreclosed home is, if the homeowner couldn’t make the payments, then they weren’t able to maintain the property either.  Frankly, some deals are good.  Some aren’t so hot.  The one today?  Well, it ain’t on top of my list for the Better Homes and Gardens Get it Sold show.

This one needs all flooring replaced, completely painted in and out, most of the siding on the garage needs to be replaced as well as the garage door.   The pool pump and motor have seen their day and will likely have to be replaced too.  In addition, the range top in the kitchen has been removed and the oven is original.  The home has the original yukky wallpaper that was popular in those days.  The roof has been replaced at some point, however it appears there may be some water stains on the ceiling in some areas.

Homes in Meadowgreen sell between $125,000 and $170,000.  Recently one sold that was in excellent condition, included a pool and a roof that had been replaced just last year.  It sold for $147,500.  Again it was in move-in condition and even the flooring had been replaced this year.

Look at your budget.  Is the purchase of a home draining your cash?  If so, you might want to consider something that has all the work done so that you don’t have to spend your weekends running back and forth to Lowes.  On the other hand, if you have the cash, it can be a great way to purchase a home and have it look like YOU want it to when you’re done.

Consider financing.  In this new world of mortgage lending, getting a loan is tougher than ever.  And it’s changing on a daily basis.  For example, legislation has been introduced that would increase the current 3.5% down payment on FHA loans to 5%.  Now that might not sound like much but on a $150,000 home, that’s an increase of $2,250 in upfront costs.  This may come about as early as next month.

Search ALL Clear Lake Foreclosures

This entry was posted on Thursday, December 10th, 2009 at 6:39 pm and is filed under Clear Lake, Newsroom. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply