Forcloseres scuing the poperty values

By
Home Builder with none

I'm sure that we all have seen the news that home values are down do to the foreclosure's flooding the market. I don't understand why homes that are not even live-able are grouped in with home that are in (good condition). this is a big problem! If I am going to buy a house I am probably not going to buy a bank owed property and here is why.

 

1. The home is AS IS......

2. 99% of the ones I have seen are not live-able.

3. It will lower the value of the neighborhood unless it is flipped or fixed.

4. For a home owner I can not include fix up cost in most mortgages. (An out of pocket expense)

5. If the home is in a HOA I am required to fix the yard and or the out side of the home with in a short amount of time. (An out of pocket expense)

6. Most have issues that the normal buy will not want to take on. ( Mold, Drugs, rot, water damage, ect......)

Comments (3)

Stefan Geyer
SOA Realty - Aurora, CO

Thanks for your post Shawn.  I have found that foreclosures and conventional deals bring two seperate groups of buyers.  Most of my first time home buyers and investors are looking at foreclosures and short sales and my conventional borrowers cannot be bothered with repairs, and are seeking non-lender owned properties.  There seems to be something for everyone right now...if they can just get the loan to buy them!  All the best.

Jul 01, 2008 04:50 PM
Neal Barnes
Starstate Realty - Killeen, TX
Broker, REALTOR, ABR, CRS, GRI, SRES, SRS.

Hi Shawn    -  Welcome to ActiveRain.  I look forward to networking with you and reading your future post. Have a great day!!!

Oct 30, 2008 01:13 PM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

   We invite you back to ActiveRain in 2018!

Much has changed since you last posted to ActiveRain.  I encourage you to take another look at the website.  

  Best to you!

Mar 30, 2018 04:23 PM