San Antonio, Texas, currently ranked the 8th largest city in the United States, is visited by 20 million tourists each year. It is famous for its Riverwalk, the Alamo, the Tower of The Americas, and the three-time NBA Champion Spurs basketball team. SBC Communications, Tesoro Petroleum Corp, and Clear Channel Communications are all headquartered in San Antonio, providing many residents with jobs.
If you are looking for a great real estate value, you can save big by purchasing one of the San Antonio foreclosures.
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| Population 1,144,646 | Median Age 31.7 yrs | Household Size: 2.77 |
| Avg Home Value: $68,800 | July High: 94.6°F | January Low: 39.0°F |
San Antonio Foreclosures
Sometimes you can find great bargains by looking at foreclosed properties. Some research and care is required when purchasing foreclosures, however. There is a lot of information to be aware of.
Although you may sometimes save 30 to 40 percent, there are times when you may only be saving around 5 percent when purchasing a foreclosure. This is still a significant amount, of course, and can make all of the research worthwhile. Those savings might be much higher, though, if the property is being purchased from the lender who holds a mortgage that is in default. They might be willing to waive some costs to make the sale, and that pays off for you. They may offer to waive closing costs, or to give a big break on interest or down payments. This means you could still save a big percentage over the face amount of the discount on the price.
When you are buying San Antonio foreclosures, there may be an abundance or repairs that need to be taken care of. If a property has been foreclosed, there is a possibility that some repairs have not been done, and you will be spending extra on those maintenance items. Sometimes the only repairs needed might just be very dirty carpets or old paint. But other times more major repairs might be needed, such as repairs on the roof or structural issues. Be sure to have the home thoroughly inspected before committing to purchase.
If you are buying a San Antonio foreclosure and the home is going to be used as a rental, the bank might only ask for a 10 percent down payment. However, if your credit is very good, then you will probably be financed for the full amount. The condition of the home and the amount of repairs needed may directly affect the amount of loan you qualify for.
Overall, you can get a great deal when looking to purchase one of the San Antonio foreclosures. If you find a foreclosed home be sure to do your homework. It is worth the effort to get the home inspected in order to know exactly what you’re getting in to.
Brenda Smith
A REALTOR® is a real estate professional who is a member of the National Association of REALTORS®