Affordability has become a crucial issue in Austin. Increasing numbers of homeowners facing financial pressures—in both the short or long term— that may be pushing them into hard decisions: missing mortgage payments, facing foreclosure, falling behind on property taxes, or considering selling their homes and moving someplace else.
The tight housing market has attracted a number of real estate investors known as “House Flippers.” House flipping is a quick-profit strategy to buy older homes or houses facing foreclosure at a fairly cheap price (sometimes at 70 percent - 50 percent of the current value), make some minor upgrades, and then sell them at a higher price. This can be lucrative for the house flipper, but it is not necessarily a good deal for the homeowner.
To learn more about what you should know about selling your house to an investor, and options to consider to protect your rights and investment, visit the Families Not Flippers website.
There are many factors that affect homeownership, and property taxes are often the most misunderstood. Falling behind on property taxes can have serious consequences, but the good news is that there are ways to get help. Predominantly, property tax exemptions can help lower the taxable value of your property and your tax liability. How does this work? Let's say your tax bill says your home is appraised at $100,000 and you qualify for a $5,000 exemption, this means you will pay taxes on $95,000 of the value of your home.
To learn more about the property tax exemptions for which you are eligible, visit the Paying Property Taxes website.
Having trouble meeting monthly mortgage payments? You may be eligible to refinance or modify your mortgage loan, lowering your payment, or a temporary (or permanent) solution to help you get your finances back on track and avoid foreclosure on the Avoiding Foreclosure page.