Foreclosures, Foreclosures, Foreclosures

Foreclosures sure aren't what they used to be.  I think they're a lot of work for not that great of a deal, but the media has churnned out that this is the smart way to buy... taking advantage of someone elses problems.  Just like they say the market stinks.  Bottom line, in my opinion, buyers should find a home and neighborhood they like and not just "buy a deal".

An old smart banker once told me "if you knew you were going to lose your house (or car for that matter) how would you take care of it".  He told me of cars with sugar in the gas tanks and homes with bags of cement poured down the toilets... I don't need these problems.

 

Cary in Margate

We have a lot of foreclosures and short sales here in the DC Metro area right now. Some are good, some are bad. Investigate for your clients and try to determine how much they are willing to invest in rehabbing the property. Happy Holidays!

Personally I wouldn't take a foreclosure or short sale if it needed a lot of work.  It isn't worth it to me to go through all this and who knows if the bank will take it over before I have a shot at getting my money back.

 

Patricia Aulson  Hampton NH Real Estate     www.patricia4realestate.com 

Foreclosures are certainly causing a ruckus in the Real Estate Market.  I feel like I have learned more than I ever intended to about them.  There are deals to be found.  I just inform buyers before we shop of the market conditions and what to expect.  Don't forget to check www.firstpreston.com for HUD foreclosures in your area.  they pay up to5% and I have sold a couple of really nice ones that needed basically new carpet and paint.  I worry about what the foreclosures are doing to home values.  They seem to be pulling the the market down.  But I guess we all have to adjust to our adjustments.  I haven't seen any cement down toliets yet?

Susan,

I just got a fellow into a foreclosure in Chapel Hill.  One of the few I have seen recently with any margin for an investor.

I see very few that should have much appeal to folks trying to buy a cheap primary home.  Some are absolutely squalid.

Why settle for a home without a warranty, lack of maintenance, missing components, and only a Special Warranty Deed?

Too often one can buy a conventional resale that has had some attention and maintenance, and get a General Warranty Deed for about the same money.

"Foreclosures are for Rich People" was one of my blog topics earlier this year, and I think my point still stands valid.

 

I currently have 2 foreclosures listed, one has all light fixtures missing, the other has the kitchen cabinets and granite countertops missing. And the fireplace mantel is missing also. Looking at the MLS sheet, and photos when the property was purchased by the party that was foreclosed on, all these items were present when the property was purchased.

The lender is already losing, certainly won't, at this time anyway, replace the stolen items. Yet expects their projected loss to be minimized. I deal with the Collections/Loss Mitigation Depts. I cannot go to the next level of their company without compromising their authority. I can't help but feel the Collections Dept. is intimidated by their superiors opinion of their performance because or the inability to get a 'reasonable price' for the foreclosured properties.

This will prolong the market adjustment. Lenders need to wake up!!

Susan, from the mortgage stand point what we look for is a functional house.  Heat in all the rooms, running water, working kitchen (sink, cabinets, counters, etc) and working bathrooms.  Safety and health issues are also big factors with some loans.

Susan, I haven't run into that problem, but it does make a difference if it is and FHA or Conventional Loan.

Hi Susan,
I have not gotten involved with foreclosure and to be honest, I have no desire to.  Seems pretty messy!