forclosure: Is it better to just simply walk away from your home?
- 01/04/10 04:21 PM
Just playing devils advocate here. But consider this. You have a great, stable job, good credit, and a savings account. You were able to purchase a fun new construction home, with all the updates. You are in a good neighborhood. Your house cost $465,000 near the peak of the real estate bubble. You have just found out the foreclosure down the street, a comparable to yours just sold for $246,000. You do some research and find out that the neighborhood value on average has dropped by 40 to 50 percent. Now one of your most important investments is worth less than … (4 comments)
forclosure: Why is it a buyers market?
- 01/03/10 04:50 PM
Roughly 40 percent of all home sales this year were foreclosures or short sales, meaning the property sold for less than the mortgage. In some markets, like Las Vegas and Phoenix, they've hit more than 50 percent. Appraisers determine the value of a property by looking at recent sales of comparable homes. They take an apples-to-apples approach, excluding or making adjustments for certain features, such as a swimming pool or finished basement. And generally, a foreclosure isn't used as a comparison for a standard sale. However it is getting increasingly difficult to find homes that are not Short Sales or Foreclosures … (0 comments)
Just playing devils advocate here. But consider this.
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