Everywhere we look these days we are hearing something about foreclosures in the real estate market. In this month's REALTOR® Magazine there's an article about foreclosure activity being up from last year. In February 2007 Neveda, Colorado and Florida reported the highest amount of foreclosures. (Actual statistics for Indiana were not included.)
I just ran a search in the MLS for the areas I normally list and sell homes (North-east and East Greater Indianapolis) and found 466 homes that are either bank repossessions, HUD owned, VA owned or in pre-foreclosure. The highest priced listing was $524,000 all the way down to $15,000.
I have toured some of these homes that are available. Many are in good shape and possibly even have the appliances left in them while others have mold growing, water in crawlspaces or basements along with other undesirable features.
I brought a buyer to a home last week. The buyer's budget has them looking at older homes and ones that probably need some updating. This one is located in a desirable neighborhood, it's an all brick home, large lot and from the street, it looks OK. As you walk to the front door the chipped paint and rotted wood becomes more apparent. Once you open the door, a smell comes towards you an assaults your nose. As I looked across the front-room I could see the carpet up in one area and the backing of it still on the wood floor. Mold was growing in and around all the heat and air vents. My buyer was sadden by the state of the house and it was immediately checked off the list! (No where on the MLS did it state the mold problem of this house.)
What saddens me is that many of these homes just get damaged more, the longer they sit. Many times the banks will shut off the utilities. At other times they become vandalized. It's a problem I see and feel powerless to do anything about.
I found a great post from the other day When Foreclosure are on the Rise "Know Your Rights" which is beneficial for anyone who's struggling with mortgage payments. It's important that you know your options and move as quickly as possible for getting help. If you live in the Greater Indianapolis Area and believe you may get behind on your mortgage payments, please contact me. I can guide you to sources that will assist you with options. Don't wait till it's too late to do anything.
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