Foreclosed Houses in Magnolia Offer Good Opportunities for Bargain Hunters

The divorced mother of three, Rosalia Villarreal was in trouble. Even after tackling multiple jobs she could not manage the mortgage and her house in Clear Creek Forest was nearing foreclosure. At that time she heard that foreclosed reo homes in Magnolia were offering good opportunities for bargain hunters.

Last January she talked to Michele Williams of Keller Williams and took the decision of hunting around for a second house. Finally she sold her first house and bought another one in Lakes of Magnolia region for a very satisfactory price. By doing so she could avoid the ignominy of foreclosure. The second house was approximately $20,000 below the current market price. HUD (Housing and Urban Development) financed the second house that was in foreclosure. It was in the right neighbourhood of her choice. Michele was overjoyed with the deal and says that already the price of the reo house in Magnolia has gone up. Michelle fondly reminiscences on the first time she saw her second house from the windows. When she drove in the doors were locked but she peeped in and decided that this house was the home of her dreams. She always wanted a brick house like this one.

There are many potential house owners like Michelle who are peeping through the windows of recently foreclosed houses and thinking if the recently passed Acts (Emergency Economic Stabilization Act and Housing and Economic Recovery Act) will be of any assistance. Both the acts aim at bringing back sanity to the economy and turn the tide of foreclosures. But the ordinary American does not know how far the Acts would directly benefit them.

Having burnt their fingers lenders are understandably cautious. But if the buyers fit in with the required qualifications, help is forthcoming. As the market responds to the various palliative measures slowly the man in the streets realizes that houses have become affordable.

In Magnolia a new lending programme is making dreams come true. A down payment of $100 is going a long way in helping first time buyers realize the reality of a house of their own. Qualified buyers can buy a HUD house with a loan from Federal Home Administration. The houses are made of brick and located in attractive localities. The buyer however has to be qualified.

To further ease matters a rural housing loan programme is in operation. It is guaranteed by the Department of Agriculture and is becoming popular in Magnolia.

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