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It is not your Grandfathers Foreclosure!

Remember what a foreclosure looked like to your Grandfather? These were beat up run down houses ready to fall over. I went to a couple foreclosure yesterday that were move in ready. Cut the grass and change the name on the Mail box ready! Somebody even had the carpet cleaned! Then the funniest thing happened,I went to a listing presentation just 4 blocks away. I explained that the foreclosure around the corner was selling for 80k less than what they thought their home was worth. They piped up yes! but that is a foreclosure! I showed them the pictures of it and I saw reality smack them like a moving freight train. So is your home worth only what the foreclosure down the street is selling for?

Posted by Darin Haughie on 11/11/2008 07:52 AM

Comments (4)

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4 Comments on It is not your Grandfathers Foreclosure!

NOV

2008

I was up early this morning writing an offer on a PEACH of a foreclosure. Granite counters, wood floors, stainless appliances. The only mess is from the contractor winterizing the house.

The builders who I work with here consider the banks (REO properties) their primary competition, since the banks have deeper pockets than the builders do.

I've looked into investment property that was foreclosed and couldn't believe that the only thing the home needed was paint. We are seeing more and more short sales in this area going before foreclosure.

It is always nice to get a supprise. By that I mean you go into a house expecting the worst, but it turns out the house is 100X better then you expected.

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