Foreclosures are still a large part of our market in 2011, with another spike expected when banks release the next round.

Buyers all over are definitely taking advantage of these properties in financial crisis.

In the Pearland, Friendswood & Clear Lake Areas of Houston alone there are currently:
135+ Active Foreclosure Properties
55+ Pending Foreclosure Properties
150+ Sold Foreclosures in the Last Quarter of 2010

In addition, there are 80+ short sale homes actively for sale in these areas.  These are pre-foreclosure homes and an indicator of things to come.

So, what should an average or even first time home buyer know before making an offer on one of these properties?

DEFINITELY view the property before buying, hire an inspector and think deeper than what is on the surface. The more neglected items you see, the worse off the big ticket items (plumbing/electric/HVAC/roof) may be.

Hire an agent to represent you and your best interests.

Click Here for the Full List of Pointers.