The Princess and the Foreclosure

The story begins in a far away place called the 'Northwest Suburbs of Chicago' just down the street from a great cul-de-sac called 'Never never land' (and not Michael Jackson's place).  It's a story about a girl, a Princess actually, trying to buy her first home and having totally unrealistic expectations as to what will occur.  The Princess is just beginning her chosen career and just can't afford too much at this juncture.  But even though her pocketbook is less than full - her expectations are that of Beverly Hills!  The Princess is prequalified by her trustworthy loan officer and she can afford the tidy sum of $90,000 on a purchase price.  That's a mighty modest number for Sherwood Forest but with the Princesses expectations high and 'hey, what about all those foreclosures I've been hearing about'.  Let's get one - she shouted!  

And so the adventure begins.  We load the Princess and her parents into the mighty steed (now called a Chrysler) and off we go to a very nice neighborhood backing to the woods.  This turned out to be a very nice townhome with 2BR's 1.5BA's and a really nice location and fireplace.  Deer are even seen foraging in the woods, how great!

Problems?  Why yes - it was 'icky', 'disgusting' and 'gross'.  Phrases like - 'you can't expect me to take a shower in there with all that crud!' were uttered in abundance.  The parents plead and mention that the home only needs to be cleaned thoroughly that's all.  No problems, we'll paint and clean the place up.  After all it's $60,000 BELOW MARKET.  

Now before I continue with our fairy tale, let me say that in my humble experience, this place is not bad.  Pretty nice place for Sherwood Forest!  Priced great, does need some freshening up with paint, and does need new carpet.  But, it's $60,000 BELOW MARKET.  

The Princess doesn't seem to be listening to the wise 'Realtor' nor her parents on this issue of condition.  The place needs to be perfect and just needing a little work.  (Foot stomping here)  Can't be doing to much work to the property you know!  What if I break a nail!

The one thing that the Princess didn't keep in the forefront of her thoughts was 'I can only afford this area if I buy this foreclosure'.  I cannot afford to truly live here and begin my fairy tale of homeownership without buying this foreclosure.  There is no other way.

Did that sink in?  She could not afford to live there or get this opportunity again if she did not buy this foreclosure.  A once in a lifetime opportunity for her to get in on the ground level in a great neighborhood.

This story does not have a happy ending as I'm sure you can predict.  Too much time was taken up by the Princess and in the meantime, other offers came in above the listing price and 'POOF' it was gone.   Other people saw the opportunity available and also wanted to live in Sherwood Forest.  They saw the value, the opportunity and decided to take action! 

The Princess didn't see that coming either, that others would also be interested in the same property.  Other people are also looking at foreclosures in my price range?  In Sherwood Forest?  

The moral of the story is having too high or unrealistic expectations can limit your future goals.  Learn from the Princess and don't make this mistake.

Oh, and her trusty Realtor is still crying and hitting her head on a tree in Sherwood Forest!

I proudly serve and sell real estate in the Northwest Suburbs of Chicago.  If you are thinking about purchasing or selling your home in the communities of Schaumburg, Elk Grove Village, Hoffman Estates, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Bartlett, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.

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The Princess and the Foreclosure ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com