Houston Texas Foreclosure Real Estate Property
Reader’s Question:
I agreed to buy another foreclosure real state property here in Houston, TX about a week ago. And now, as awful as it sounds, I’ve changed my mind. How do I cancel?
Phil
Houston, TX
Hey there, Phil. Situations like these can be really sticky. The answer is usually not the one you’re expecting. To find the answer to your question, you would have to review your contract (the assumption is there is already a contract). We have to look at the legal side of things. The contract is the legal agreement with the seller. Most contracts have provisions that allow for the cancellation of the sale. Listed there would be the acceptable reasons for the cancellation. If your contract contains these details, then it’s well and good. However, if your reason for canceling the real estate sale is not one of the listed reasons in the contract, there may be consequences. You might need to think things over. Please keep in mind that while you were preparing to close the sale, the seller might have already made changes influenced by the “sale.” The real estate property in question might have been removed from the market already and the seller has decided to enter a contract with a real estate property seller to buy another house. Your cancellation might affect several processes (sales and purchases) that are dependent on the fulfillment of your obligation. Ultimately, you may have to consult an attorney there in Houston, TX, as this may have legal consequences.
Foreclosure Houston Texas Real Estate Rates
Reader’s Question:
Hello everyone. I’m planning to sell my house. How can I find out about the value of my house? The neighboring houses are not comparable to my house so I can’t really base my real estate price on theirs. Does anyone know what the current foreclosure rates are for the area, I hate to think that will happen to me but it could.
Hoover
Houston, TX
Hello there, Hoover. Well, usually, in getting the value of your house, you need to know the general value of the houses in your area, the real estate value of your location. If you think that your house in Houston, TX (you forgot to mention the exact area) is worth more than your neighbor’s house, then you might want to reconsider that. Homes maintain their good value if the neighboring houses are similarly valued, too. You don’t just sell the house; you sell the neighborhood, as well.
To really know the selling value of your house, you may want to consult a realtor, several realtors if possible, in fact. Get their opinions, discuss things and come up with a consensus. I won’t be able to give you any ballpark figure as I don’t exactly know how your neighborhood is or why your house is not comparable to your neighbor’s house. If you have made several improvements to your house over the years and you think it has improved its selling price, again, you still have to consider the overall real estate value of your location.
So, my best advice is: go ask realtors. Their quotations would not really vary too much, and then you’ll have a ballpark figure of the worth of your property.