Nov
15
What is earnest money, where is it kept, can I lose it, and how much is required to put down on a Sugar Land home? These are questions that I often hear from buyers when they are getting ready to place an offer on a home.
So what is earnest money anyway? According to the Dictionary of Real Estate Terms 6th edition “Earnest Money ~ a deposit made by a purchaser of real estate to evidence of good faith.” In the State of Texas earnest money is not required for a contract to be binding. However, it is traditional in the Sugar Land area that a buyer put down earnest money on a real estate contract. The buyer is showing the seller that they are serious about the offer they are making and that they are willing to give up some of their money to prove this. Bottom line is if the buyer wants the seller to take the offer seriously then the buyer needs to put down earnest money.
So where is the earnest money kept and can a buyer loose it? In Texas, the earnest money check is made out to the title company. The title company acts as a 3rd party to the transaction and keep the money in an escrow account (an escrow account is a non-interest bearing account). When the contract closes this money is typically applied to the down payment of the home and/or any closing cost the buyer might have.
The buyer does run the risk of losing the earnest money if they are in breach of contract. In the contracts we use in Sugar Land Texas, there are several places for a buyer to get out of a contract without breaching the contract (the option period being one area). See my blog post on Please define what Option Money is when buying a home in Sugar Land.
So how much earnest money does a buyer have to put down when they are writing an offer in Sugar Land? The rule of thumb is 1% of the purchase price. However, like most things on the contract this is negotiable between the buyer and seller. The contract in Texas also will allow a buyer to put down a certain amount when making the offer and then after so many days put down additional earnest money. One example of this would be if a buyer doesn’t want to put down a large amount a first until inspections are done. They if they are willing to move forward, they may want to continue to show good faith by putting down more earnest money.
When buying a home in Sugar Land, there are several steps that every buyer should do before they even go and look at their first house. Having some money saved up to put down as earnest money is one of them. For more information visit www.tonyabyrd.com. If you are getting ready to buy or sell in Sugar Land, TX call me at 281-865-5489 or email me at tonya@tonyabyrd.com. I’ll be glad to go through all of the steps to help you get started.
Thank you for reading my Home Sweet Sugar Land Real Estate Blog.
Posted By: Tonya Byrd ~ Sugar Land Real Estate Agent ~ specializing in Fort Bend County areaTonya Byrd is affiliated with Keller Williams Realty in Sugar Land, TX ~ 281-865-5489
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Nov
3
October 2010 Sugar Land Market Report
Posted by tbbyrd under For Buyers, For Realty Professionals, For Sellers, Marketing Reports, Sugar Land
(Photo Credit: David Sledge, Old Imperial Sugar Factory – Sugar Land, TX, May 2009, http://www.flickr.com/photos/dsledge/3525712314/)
Sugar Land is one of the more popular areas in the greater Houston area. It is located in the southwest part of the greater Houston area and is conveniently located near major highways such as highway 59 and highway 6. Sugar Land has convenient shopping areas as well as restaurants. The best part of Sugar Land is that you get the small town feel with the luxury of big city living only 30 minutes away.
Sugar Land Area Information:
- East: Dulles Ave.
- West: Highway 99 (Grand Parkway)
- North: West Belford
- South: Commonwealth Blvd.
Sugar Land is:
- Close to Brazos River
- 25 to 30 minutes to the Galleria in Houston
- Home to Imperial Sugar Company
- Home to Minute Maid
- A favorite place for community activities
- A part of the Fort Bend ISD and First Colony HOA
Sugar Land Real Estate Information
Sugar Land has a wide variety of home from the cozy historic homes of the sugar factory built in the 1920′s, to the homes located in First Colony built in the 1970′s to 1990′s, to the brand new homes in Riverstone and Telfair. The price range in Sugar Land starts out around 100,000 and goes all the way up to 3.5 million. The majority of the houses are built with brick and hardy plank or stucco. Most of the houses have great architectural details to them with arches, tray ceilings, art niches, columns and much more. The average number of square feet is 2700 with 4 bedrooms and 2 full baths. The majority of the homes are single family; however, there are some wonderful townhomes as well as condos in the area. The low cost of living, the convenience of shopping and affordable housing makes Sugar Land a desirable place to call home.
Sugar Land Real Estate Market Information:
Active Homes for Sale in Sugar Land
- Number of homes for sale: 792
- Average list price: $367,505
- Median list price: $274,900
Sold Homes in Sugar Land for October 2010:
- Number of homes sold: 103
- Median sold price: $245,000
- Average list price: $286,543
- Average sold price: $274,522
- Average sold price/list price ratio: 96%
- Average days on market: 77.5
- Average cumulative days on market: 117.6
Conclusion: Sugar Land is a diverse community with excellent schools, job growth and steady housing market. There is a great sense of community involvement with plenty of things to see and do.
For more information on Sugar Land or other areas in Fort Bend County, please contact Tonya Byrd at Keller Williams Realty Southwest: 281-865-5489 or tonya@tonyabyrd.com.
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Sep
8
Top 5 Most Expensive Homes in Sugar Land – July 2010
Posted by tbbyrd under For Buyers, For Sellers, Marketing Reports, Sugar Land
Here are the statistics for the top 5 most expensive homes that sold in Sugar Land for July 2010.
- Max Sold Price: $1,300,000
- Average Sold Price: $979,900
- Medium Sold Price: $925,000
- Minimum Sold Price: $788,000
- Average Days on Market: 369
- Average Sales Price/List price Ratio: 94%
- Average Sales Price Per Square Foot: $172.55
- Average Square Footage: 5679
Based on information from the Houston Realtors Information Services or its MLS for the period of 7/1/10 through 7/31/10
4 out of the 5 homes that sold for July were in Avalon – Waters of Avalon. The fifth home sold was located in Cypress Glen neighborhood. Cypress Glen is located in the master planned community of First Colony.
These homes are either semi custom homes or fully customized homes. The areas that these beautiful homes are located in the following neighborhoods:
Avalon: Avalon is a master planned community located near University Blvd. and Commonwealth Blvd. It is easily accessible to hwy. 59 as well as all of the shopping and dining that Sugar Land has to offer. Avalon has five subdivisions within the neighborhood community and features semi-custom homes. The price range for Avalon is $330,000 up to over a million dollars. There is a community center with an infinity pool that overlooks one of the many lakes located in Avalon as well as walking/ jogging trails and tennis courts. Homes in Avalon are zoned to Fort Bend ISD.
Cypress Glen: Cypress Glen is one of the many subdivisions located in the greater First Colony Community Association. Cypress Glenn homes are located on the Sweetwater Country Club golf course which is one of the premier private golf courses in the area. First Colony Community Association is a master planned community comprised of many residential neighborhoods and business that adhere to specific architectural guidelines. First Colony Community is located in both Sugar Land and Missouri City and has many beautifully maintained streets, parks, walking trails, lakes and swimming pools for their residents to enjoy. First Colony is located in the Fort Bend Independent School District. When people think of Sugar Land they think of First Colony.
If you are looking for one of the many areas in Sugar Land that offers semi-custom to custom homes give me a call today. I am familiar with the areas in Sugarland, Richmond, Katy and Missouri City that have many semi-customs to custom builders.
Thank you for reading my Home Sweet Sugar Land Real Estate Blog.
Posted By: Tonya Byrd – Sugar Land Real Estate Agent – specializing in Fort Bend County area
Tonya Byrd is affiliated with Keller Williams Realty in Sugar Land, TX
281-865-5489
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Jul
8
Top 5 Most Expensive Homes Sales in Sugar Land – June 2010
Posted by tbbyrd under For Buyers, For Sellers, Marketing Reports, Sugar Land
Here are the statistics for the top 5 most expensive homes that sold in Sugar Land for June 2010.
- Max Sold Price: $1,150,000
- Average Sold Price: $830,104
- Medium Sold Price: $750,000
- Minimum Sold Price: $698,500
- Average Days on Market: 173
- Average Sales Price/List price Ratio: 94%
- Average Sales Price Per Square Foot: $171.83
- Average Square Footage: 4831
Based on information from the Houston Realtors Information Services or its MLS for the period of 6/1/10 through 6/30/10
These homes are either semi custom homes or fully customized homes. The areas that these beautiful homes are located in the following neighborhoods:
Riverstone: Riverstone is a master planned community located just right off of highway 6. It stretches from Sugar Land to Missouri City and has homes that range from the lower $200,000 all the way up to the Millions. Riverstone residents enjoy the convenient shopping found on highway 6 as well as lakes, parks, playgrounds, miles of walking trails, swimming pool facilities, tennis courts, fishing pier and a dog park. Riverstone has a variety of builders from production builders, to semi custom builders to custom builders. So no matter what your style is Riverstone has plenty to offer. Schools in Riverstone are zone to Fort Bend ISD. Because of the wonderful location and great schools Riverstone is one of the highly sought after communities in the Sugar Land area.
Lake Pointe: Lake Pointe is one of the many neighborhoods located in First Colony. The concept behind Lake Pointe is urban living in the suburbs. It is conveniently located at the crossroads of hwy. 59 and hwy. 6. There is a walking trail throughout the residential and commercial community for easy access to shopping, dining and wellness. There are relaxing parks, waterways, boardwalks and bridges for residents use and pleasure. The semi-custom to custom residential area is consists of urban studios, brownstones, condos, townhomes, garden homes, villas patio homes. Homes in Lake Pointe are zoned to Fort Bend ISD.
Avalon: Avalon is a master planned community located near University Blvd. and Commonwealth Blvd. It is easily accessible to hwy. 59 as well as all of the shopping and dining that Sugar Land has to offer. Avalon has five subdivisions within the neighborhood community and features semi-custom homes. The price range for Avalon is $330,000 up to over a million dollars. There is a community center with an infinity pool that overlooks one of the many lakes located in Avalon as well as walking/ jogging trails and tennis courts. Homes in Avalon are zoned to Fort Bend ISD.
Greatwood: Greatwood is located at hwy 59 and hwy. 99 / Crabb River Road. Greatwood is a masterplanned community with homes starting at $170,000 to over a million dollars. In the heart of Greatwood, is a beautiful public golf course. Some of the other amities in Greatwood are 3 swimming pools, tennis courts and tons of walking trails. The wonderful thing about Greatwood is the location. It is easy to go northeast on 59 to Sugar Land or you can go southwest towards Rosenberg. Both areas feature great shopping and dining. Home in Greatwood are zoned to the Lamar CISD.
If you are looking for one of the many areas in Sugar Land that offers semi-custom to custom homes give me a call today. I am familiar with the areas in Sugar Land, Richmond, Katy and Missouri City that allow customization homes as well as the many semi-custom to custom builders that build in the Fort Bend area.
5 Responses to “Top 5 Most Expensive Homes Sales in Sugar Land – June 2010”
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Jun
22
Please define what Option Money is when buying a home in Sugar Land
Posted by tbbyrd under For Buyers, General Information
Option Money is money that a buyer will give a seller to have the unrestricted right to terminate a real estate contract during a certain amount of time. The amount of money and the amount of time is negotiable. Normally in Sugar Land, option periods are for about 10 days on average. The amount of money on average is anywhere from $100 to $500 dollars.
Option Money is given directly to the seller. So if the buyer wants to write a personal check or money order then they must make it out to the seller’s name. If the buyer decides for any reason to get out of the contract then the seller gets to keep the option money. If the buyer decides to go through with the sale of the home in Sugar Land, then the buyer can have it negotiated to where the seller gives the option money back to the buyer at closing.
Most of the time, inspections are done during the option period so that the buyer can find any repair issues that needs to be negotiated with the seller.
Also read: For Your Protection, Get a Home Inspection in Sugar Land
Please contact me if you or anyone you know needs help with buying, selling or investing in real estate in Sugar Land, TX.
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Jun
17
A home warranty (sometimes called residential service contract) is usually purchased when a buyer buys a re-sale home in Sugar Land. A home warranty is a service contract that covers such things as heating, ventilation, and air conditioning (HVAC), plumbing, electrical, appliances, etc. Each home warranty provider is different and coverage can vary from company to company. Most companies have a standard coverage and additional coverage that can be added to the standard coverage. Also it is to be noted that a home warranty company may cover some but not all costs that pertain to a particular repair. Each company will have what is called a “trade call” that you will need to pay for the service provider to come to your house to make a repair. This is why it is very important for a buyer or seller to ask for brochures and read the fine print before deciding which home warranty you want to use. Home warranty companies are not insurance companies and they do not cover such things as a roofing repair, foundation or slab repair, drywall repair or any repairs that would be considered structural in nature. Who pays for the home warranty when selling or buying a home in Sugar Land? In our real estate contracts in Texas, it is a negotiable item. However, traditionally in Sugar Land it is the seller who will pay for the home warranty for the buyer. The seller may pay for only standard coverage or they may pay for standard service plus add on services. It all depends on what the two parties agree upon when negotiating the contract.
Can a seller have coverage during the listing period? Yes, most home warranty companies will have a seller’s coverage during the listing period. Why is it beneficial to the seller? First, the seller can take some added stress off of selling their home knowing that if something breaks they can call one number to get a service provider out to their house to make the repair. Also this may help them defer some of the cost in making the repair. Finally it can be used as an incentive for buyers because they know they will be protected after the sale.
Also a note for a buyer who has a new home warranty. If during the inspection period, there is a repair item found and the seller does not fix it, then you will need to get it fixed ASAP and keep the receipt. Most home warranty companies will not pay for any existing known repair issues and they may even ask for your inspection report.
The bottom line for buyer or seller in Sugar Land, is that home warranties will help relieve some of the stress associated with buying or selling a home as well as help defer some of the repair costs should a repair item pop up. They are affordable and give the consumer peace of mind.
Please visit the following home warranty companies that are offered in Sugar Land:
Allied Home Warranty Buyers Protection Group First American Home Buyers Protection Old Republic Home Warranty Protection American Home Shield HWA – Home Warranty of AmericaAlso see HWA’s “Ollie” video on the purpose of a home warranty.
Also see:
For your Protection Get a Home Inspections in Sugar Land
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Jun
12
Should I sell my house myself in Sugar Land?
Posted by tbbyrd under For Sellers, General Information
A seller’s number one goal is to get the most money possible for the sale of their house in Sugar Land. One of the areas they believe they can save money is by cutting the commission down by using a discount broker or cutting the commission out completely by selling their home themselves. After all how hard can it really be and of course the Internet will give you all of the answers to everything real estate.
Here is a list of questions from a legal
liability standpoint to ponder before you decided to become a for sale by owner in Sugar Land:
Are you prepared for full disclosure?
In the state of Texas you must disclose, disclose, disclose about the property you are about to sell. If you knowingly withhold information about the condition of your property you could get sued. The Texas Real Estate Commission (TREC) has a 3 page form OP-H Seller's Disclosure of Property Condition that helps you disclose. But there is a big warning at the top of the TREC website that states the following:
"Notice Regarding Contract Forms. As public records, the contract forms adopted by Texas Real Estate Commission are available to any person. However, TREC contract forms are intended for use only by licensed real estate brokers or salespersons who are trained in their correct use. Mistakes in the use of a form may result in financial loss or a contract which is unenforceable. If you are obtaining the forms for possible use in real estate transaction, you should contact a real estate licensee or an attorney for assistance. TREC cannot provide legal advice to the public on private contractual matters. TREC does not promulgate listing or buyer representation agreements, property management contracts forms for commercial property, or residential leases (other than temporary residential leases used in connection with a sale) Contact your attorney or trade association for such forms."
The Texas Association of Realtors ® (TAR) has a 6 page form that is much more detailed but it can only be accessed by a real estate agent who is a member of TAR.
Do you have the proper legal description for your property?
Your street address is not your legal description. When you buy or sell property you are doing so by a legal description and not street address. Most homes in Sugar Land are in Subdivisions so a legal description consist of things like the neighborhood name, lot, block and section numbers. In Sugar Land the legal description can be found by doing a simple search of your property at the Fort Bend County Appraisal Districts web site.
Are you familiar with Federal Fair Housing Regulations such as RESPA and Fair Housing Act?
The Federal Government is really up front about real estate transactions being fair and not taking advantage of anyone. Under the Fair Housing Act not just real estate agent but owners cannot discriminate based on the protected classes.
The RESPA laws deal mainly with the lenders, title companies, and real estate agents not giving or receiving undisclosed kick backs to inflate the cost of real estate transactions or receiving kickbacks for services not preformed. At closing most real estate transactions will have a HUD-1 settlement statement. The HUD-1 is filled out by a title company located in Sugar Land. Even though it is the title company who fills out the statement, you as an owner should review it to be sure there isn't any mistakes that could cost you money.
Do you have adequate liability insurance?
If you are going to be letting people come in to your home without any means of identifying who they are, then you need to check with your insurance company to make sure you are adequately covered. You never know who might just drive by and see your sign, claim they are a buyer, when they really are a thief scoping out your home.
As a listing agent in Sugar Land I use the Supra Box on all of my listings. This is a electronic lock box that records the buyer agent's supra key and posts that information on my Supra member website. This lets me know who has showed the property. Also most buyer agents will have interviewed their prospective clients to know if they are even qualified to purchase a particular home. Thus saves my sellers from unnecessary showings to unqualified buyers.
Have you prepared your home to avoid accidents?
Do you have carpet that needs stretching or are there any potential trip hazards in your home? Is the clutter cleaned up so there is adequate walking room? The Money Pit has some excellent list of potential fall and trip hazards in the home. Also check out www.mysafehome.net for other hazards found in the home.
Do you have access to appliance warranties?
Do you know which appliances stay and which appliances go? Every state is different in their real estate practices. Even different cities or counties in the state can do things a bit differently. One area it might be total acceptable to leave the refrigerator and in other areas the seller will take it with them. In Sugar Land, the seller usually will take the refrigerator, washer and dryer with them. These three items as well as any other personal property can be negotiated in the contract. All other appliances are considered attached to the property thus they are considered real property which means they stay with the property.
Do you have a legal contract available should a qualified buyer want to purchase a home?
First of all, a qualified buyer should have a pre-approval letter from a reputable lender. I want to caution you on the difference between pre-qualification and pre-approval. Pre-qualification means that the buyer has spoken to the lender and given them information on their assets and liabilities. At this point the lender has not verified any of the information and they have not pull the buyer's credit. Pre-approval means that the buyer's credit has been pulled. As a seller, you only want to deal with pre-approved buyers.
See my blog post on: Why must I get pre-approved before looking for my Sugar Land home?
As for the legal contract, TREC has a form called 20-8 One to Four Family Residential Contract (Resale) for homes and form 30-7 Residential Condominium Contract (Resale) for condos.
Are you familiar with environmental disclosures?
There are 2 TREC forms that concern the environment. One is the Lead Based Paint Addendum and the other one is the Environmental Assessment Addendum. In areas such as Sugar Land, the likely hood of using the Environmental Assessment Addendum is slim because most houses in Sugar Land reside in established neighborhoods. The Lead Based Paint Addendum must be used by all houses build on or before 1978 according to Federal law.
These are just a few questions to think about from a legal liability standpoint and are by no means a guideline to be used by for sale by owner. There are many pit falls that can occur during a real estate transaction. Because every transaction is different, even real estate agents carry special insurance called Errors & Omissions insurance.
This list didn't even begin to cover things like how to show your property, to pricing your property right (contrary to popular belief the county appraisal district and zillow does not know what the market value of your home is. The appraisal value for the county is for tax purposes only and should not be used when pricing your home for sale) or even how to market your property. All of these things, which are also important in order to find a buyer for your property.
I have seen many for sale by owners actually lose money or pay for things that is normally a buyer's expense all because they thought they could do it themselves without a professional real estate agent. Some investors will even target for sale by owners because they know they can get a deal.
I am a full time professional real estate agent who is constantly reviewing the Sugar Land Real Estate Market as well as constantly taking classes to stay on top of the latest real estate trends. Call me at 281-865-5489 or email me at tonya@tonyabyrd.com if you need help in selling, buying or investing in real estate.
4 Responses to “Should I sell my house myself in Sugar Land?”
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Your site is filled with useful content; can’t bellieve I just found it.. really full of usefull information. I’ll grab the RSS feed and will stay tuned for more. Oh, and I threw you a StumbleUpon vote
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Great blog! I like how everything is well written. I will be back to check for new posts. Thanks!!
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Thank you Eduardo, I am thankful for your comment. Please share my blog with others and let me know if there is any thing I can do to help you or your friends in your next real estate transaction.
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Jun
10
The very first thing any buyer should do when getting ready to buy real estate in Sugar Land is find a good mortgage loan officer and get pre-approved. Getting pre-approved has a twofold purpose. First you will identify any potential credit issues that might need to be corrected or cleaned up. Second you will be able to know how much you can afford so that you can properly budget for the purchase of your Sugar Land home.
Since the credit market crash in the fall of 2008, the mortgage industry is in a constant state of change. Loan guidelines and requirements can change on a daily basis. And of course, you should always ask your Sugar Land loan officer what is required to move forward with the loan approval process. However, there are 10 rules or commandments that a buyer should follow once you have started the loan process. If any of these commandments are broken, it can delay or jeopardize all together the entire loan process.
Here are the 10 commandment when applying for a real estate loan in Sugar Land:
- Thou shall not change jobs, become self-employed or quit your job.
- Thou shall not buy a car, truck or van (or you may be living in it!)
- Thou shall not use charge cards excessively or let your accounts fall behind.
- Thou shall not spend money you have set aside for closing.
- Thou shall not omit debts or liabilities from your loan application.
- Thou shall not buy furniture.
- Thou shall not originate any inquires to your credit.
- Thou shall not make large deposit without first checking with your loan officer.
- Thou shall not change bank accounts
- Thou shall not co-sign a loan for anyone.
It would be awful to have your contract terminate over financing thus missing out on the opportunity to get your dream home, just because of a little bitty mistake. This is why it is so important to choose a good real estate agent and good loan officer. They will work with you as a team guiding you in the right direction, helping you avoid any potential pitfalls and getting through the entire process as stress free as possible. Once you have closed and funded on your Sugar Land dream home then you can celebrate with new furniture or get that new car or switch jobs.
For more information, also see:
Top 10 Reasons to Use a REALTOR in Sugar Land, TX
Why must I get pre-approved before looking for my Sugar Land home?
For a great mortgage person to add to your real estate team see:
If you or someone you know is in the market for buying, selling or investing in real estate email me at tonya@tonyabyrd.com or call me at 281-865-5489
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Jun
8
School Rankings for Sugar Land TX
Posted by tbbyrd under Area Information, For Buyers, General Information
Whether you have children or not, the school system can have a great impact on how well real estate market performs. We are fortunate in Sugar Land to have such a great school system for educating our youth. Fort Bend Independent School District is the school system that services all of Sugar Land and Missouri City.
Here are some facts about Fort Bend ISD from the Fast Facts Book:
- The Texas Education Agency (TEA) awarded Fort Bend ISD a $4.5 million grant as a part of the District Awards for Teaching Excellence program
- National Center for Education Achievement Selected 18 Fort Bend ISD schools as 2008 “Just for the Kids” Higher performing Schools in Texas
- Fort Bend ISD receive a 6th consecutive ranking of “Superior Achievement” under Texas’ Schools FIRST financial accountability rating system
- Two of Fort Bend ISD high schools listed among Top Ten in the Houston area based on Children at Risk Report – four others listed in Top Tier
- Five Fort Bend ISD High Schools Ranked in Top 6 Percent of Schools in the Nation according to Newsweek Magazine
- Fort Bend ISD has over 59 National Merit Scholarship Semi-finalist for 2009
- The 2009 Fort Bend ISD graduation class receive academic and athletic scholarships offers totaling over $53 million.
Fort Bend ISD is ranked as over all as Academically Acceptable with 22 of its schools ranking as Exemplary, 24 schools ranking as Recognized and 22 ranking as Academically Acceptable.
To see more information on how the State of Texas ranks their schools see: Division of Performance Reporting
To see how individual schools are ranked in Fort Bend ISD please see my website
When you are looking to buy a home in Sugar Land and you want to know which schools are zoned to a particular address then the visit: School Zone Finder
For more information for relocating to Sugar Land or more information on Fort Bend ISD schools please contact me at 281-865-5489 or tonya@tonyabyrd.com
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Jun
5
What to Expect When Buying a Foreclosure in Sugar Land
Posted by tbbyrd under For Buyers, Investor Information, Market Reports, Marketing Reports, Sugar Land
Foreclosures are really a great way to get a good deal in Sugar Land. Most home are priced below the market value. In most cases, all the buyer needs to do is take care of a few repair items that will bring it back up to market value. The only exception to this is if the home is already in great condition and move in ready. Most homes like this will sell at or very near to market value.
One thing that that I caution buyers in Sugar Land about is bidding wars. This can happen when more than one buyer wants the house and then this in itself can drive up the price of the foreclosed home. Sometimes the home actually sells above the list price.
One other thing I caution buyers about is that we are dealing with a bank. Dealing with a bank is much different than dealing with a regular seller. Sometimes they will take several days to a week before they will respond to an offer. And of course this varies from bank to bank. Most banks are also very adamant about selling “as is” unless it is a lender required repair.
In foreclosed properties, there isn’t an option period that gives the buyer the right to back out for any reason. However, you can ask the bank for an inspection period which allows you to inspect the property to make sure there isn’t any issues that you feel would be too much to take on as a new homeowner. Please see my blog post: For Your Protection, Get A Home Inspection in Sugar Land
Here are May 2010 statistics on foreclosures in Sugar Land.
- Active Foreclosed Homes in Sugar Land: 18 properties are currently on the market
- List Price Range: $59,900 – $939,900
- Average List Price: $240,005
- Medium List Price: $164,400
- Sold Foreclosed Homes in Sugar Land: There were 14 foreclosed home in May 2010
- Sold Price Range: $63,900 – $280,081
- Average Sold Price: $148,081
- Medium Sold Price: $131,200
- Average List Price / Sold Price Ratio: 100%
- Days on Market Range: 5 – 146
- Average Days on Market: 42
Based on information from the Houston Realtors ® Information Services or its MLS for the period of 5/1/10 through 5/31/10
Contact me today for a personal web site that updates you on foreclosed homes in Sugar Land
If you are thinking about investing in real estate in Sugar Land as one of the ways to increase your portfolio and want to consider buying a foreclosure then call me at 281-865-5489 or email me at tonya@tonyabyrd.com. I have tools to help you either flip a house or rent out a house.
If you are a buyer interested in purchasing a foreclosure in Sugar Land as your primary residence and do not mind dealing with repairs prior to moving in then contact me at 281-865-5489 or tonya@tonyabyrd.com. I have helped several DYI’s buy a foreclosed home.
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