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I have a doubt. I was going thru some of the foreclosure listing sites and I saw some of the home prices are way toooooooo low. Like 30,000 for a single family home!!! That sounds like too good to be true. Are they really true prices? If so why are they so low?
I have a doubt. I was going thru some of the foreclosure listing sites and I saw some of the home prices are way toooooooo low. Like 30,000 for a single family home!!! That sounds like too good to be true. Are they really true prices? If so why are they so low?
I don't know if that's legit... even in Kannapolis, you really don't see any livable home selling for that low. Now, I know a couple in our neighborhood were LISTED at around 60K, but talking to the people that moved in they sold about 10-20K over that. Not sure why the discrepancy, but maybe they start at auction lower or something and go up from the list price?
Or, it could be for houses that are halfway through a renovation and are completely gutted inside AND are in a crappy neighborhood.
In our neighborhood there are only a few foreclosures. One sold at a price very low compared to other sales in the neighborhood, and I saw workmen at the house doing lots of work, so the house might not have been a super bargain afterall. Another foreclosure in the neighborhood seems to be aggressively priced, but is not selling. I have heard the former owners, who walked away from the house, left it in less than desireable condition. So many foreclosed homes may be in poor condition relative to the occupied surrounding homes.
From about July through October 2010, I came across lots and lots of listings for single family homes, townhouses and condos in the $30-60K range. I probably checked out 25 or so over a 2-month period then bid on 10. Some of the areas would undoubtedly be considered "undersirable" by anyone's standars, many of them I'd call "transitional" and then a few in areas I'd actually consider decent.
I will put a disclaimer here though and add that I'm born and raised in NJ and I'm not very "delicate" - interpret that however you wish. But in all seriousness, I ultimately purchased a home where my son will likely live in a few short years. It's a neighborhood of single family, brick, tidy ranch homes built in the late 50s and mid-60s. Most are 3 bedrooms, 1 bth. The lots are mostly 1/3 to .5 acre or so. Mixed race community. Neighbors on both sides, as well as many others, actually built their homes and raised their children there. I had to go there today and there were several people working on their lawns and gardens.
The "feel" is very comfortable. I'm sure there are many people who wouldn't/couldn't live there but I'm not afraid to say it's a comforting thought to know that I own at least one home free and clear of a mortgage. In reality, BoA owns (and will forever own) the home we reside in.
Also, there were was an overabundance of properties avail at the very bottom end of the above range if looking in Rowan and Cabarrus counties. Some of these homes needed extensive rehab but many more needed cosmetic repairs - carpet, paint, updates to the bathrooms and kitchens, etc. The home I purchased needed about $5K in work, which included things like refinishing the hardwood flooors, laying ceramic tiles in the kitchen, carpeting the den, treating for termites.
I don't know if that's legit... even in Kannapolis, you really don't see any livable home selling for that low. Now, I know a couple in our neighborhood were LISTED at around 60K, but talking to the people that moved in they sold about 10-20K over that. Not sure why the discrepancy, but maybe they start at auction lower or something and go up from the list price?
Or, it could be for houses that are halfway through a renovation and are completely gutted inside AND are in a crappy neighborhood.
I saw a lot of foreclosures close at as much as $10-20K above the listing price. They were mostly purchased by investors - from what I could tell.
We just had to list a home in the Cuthbertson district (Waxhaw) and I was really, really surprised once the comps came in. The still desirable neighborhood is selling briskly however, many of them were foreclosures and short sales. It's a tough pill to swallow but the goal is to move on at this juncture. So someone is going to get lucky.
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