Lots of houses for sale in 79912 Zip- time to learn. (El Paso: foreclosures, mortgage)

[ocean2026]

79912 is the traditional west side north of UTEP. I was surprised to see so many higher end homes for sale.

Once again ELP housing prices are projected to decline 5% this year ( by housing predictor a good independent appraisal -demographics firm- Website in other posts), however this would be a good time for someone to learn the West Side market -79912 as with all these houses for sale ( think about 800) they could probably negotiate a bargain later in the year.

[lipbalm]

Originally Posted by ocean2026

79912 is the traditional west side north of UTEP. I was surprised to see so many higher end homes for sale.

Once again ELP housing prices are projected to decline 5% this year ( by housing predictor a good independent appraisal -demographics firm- Website in other posts), however this would be a good time for someone to learn the West Side market -79912 as with all these houses for sale ( think about 800) they could probably negotiate a bargain later in the year.

Yes, except this time you need 20% down payment with near perfect credit to buy a house.

[piyf]

Originally Posted by lipbalm

Yes, except this time you need 20% down payment with near perfect credit to buy a house.

False. The wife and I are buying a house as we speak. And using a FHA loan which only requires 3.5% down and her credit is 760 while mine is 660.

[alliswell]

...and you have to WANT the house. Many of those 800 aren't worth the current asking price and they sure weren't worth the original asking price. Of the approximate 800 one has to wonder firstly about the lot, the location. There are new builds in 79912 - on prime lots with great to fabulous views, on a great street and in the right spot on that street. Even some foreclosures. We see all these houses sitting ready for immediate occupancy and no doubt really good deals to be had, yet I know of FOUR new, custom builds that started in the last two months.

No one is going to pay $300k, $400k, $500k and upwards for a house with Pergo instead of real hardwood, ceramic tile, and plastic doors with a back yard that faces a multi-tiered rock wall and the butt end of someone else's house or that is on a busy-ish street or a corner. I would bet a majority of the 800 that are available in 79912 is suffering from at least one or more of the issues I listed. The 5 or 10 year old homes in need of updating and maintenance are probably pretty tough sells right now too -- even if it sits on just the perfect lot, it still will need some work and one has to consider of the convenience and newness of a brand new home on a lesser lot.

Only the best of the best of the homes are moving. The rest of them will sit until the prices reflect more accurately what they are worth. If there are any flaws, buyers are translating those flaws into dollars off asking.

[1979]

Originally Posted by ocean2026

79912 is the traditional west side north of UTEP. I was surprised to see so many higher end homes for sale.

Once again ELP housing prices are projected to decline 5% this year ( by housing predictor a good independent appraisal -demographics firm- Website in other posts), however this would be a good time for someone to learn the West Side market -79912 as with all these houses for sale ( think about 800) they could probably negotiate a bargain later in the year.

I think 79912 (my zipcode) is a considerably large section of the west side. I have a collected the records of about 400 homes which went into foreclosure in El Paso and Horizon from a realtor friend over the past several months. I don't know how this compares to foreclosures from lets say 5 or 10 years ago, but would assume this would affect a projected decline overall.

[swayingpalms]

What's the most efficient way to look up foreclosures in the El Paso area? I'm in the market for a home in the 79912 area.

[lipbalm]

Originally Posted by danieloneil01

False. The wife and I are buying a house as we speak. And using a FHA loan which only requires 3.5% down and her credit is 760 while mine is 660.

That is still more of a traditional loan, I guess I meant to say is that the gimmicky loans (i.e. interest only, ARM) are gone now.

If people would have just lived within their means we would have never gotten in this mess in the first place.

[ocean2026]

Sway there is realty trac but they aren't free. Maybe Zillow -but it has traditional sales as well.

I don't think the foreclosures are always a better bargain. Why not find the house you like and bid low -try that.

There are also tax foreclosures you can look up but they aren't going to be houses in 79912 - most likely lots way east of the city. The Appraisal district can give you the name and website of the tax atty firm that lists them.

[El Passeaux]

Even if you get a house for 300K that was 380K before, how much would the property tax be? 8-9000 a year? thats adding about 700.00 to the mortgage monthly.

[piyf]

Originally Posted by lipbalm

That is still more of a traditional loan, I guess I meant to say is that the gimmicky loans (i.e. interest only, ARM) are gone now.

If people would have just lived within their means we would have never gotten in this mess in the first place.

In your short reply you never said anything about loan types. You only said you need 20% down and great credit, which is false. And now I'm just on the loan with my credit and income and still approved. And my % is 5%


And you can't blame just the buyers. Banks are just as much to blame.