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I wasn't looking to buy in a foreclosure, but I did look at some homes that had renters living there. Did I feel bad that they were renting and would have to move out if I bought? A little bit, but mostly no, I needed a place to live.
I wasn't looking to buy in a foreclosure, but I did look at some homes that had renters living there. Did I feel bad that they were renting and would have to move out if I bought? A little bit, but mostly no, I needed a place to live.
I think it's different with renters than the person whose dream that home was once. Renters are well aware their digs may be temporary.
I think it's different with renters than the person whose dream that home was once. Renters are well aware their digs may be temporary.
It is different, but they know they have to move to and they may have not paid their mortgage for 2 years of more before they are foreclosed on so if they are smart they saved a lot of money for their next place to live. I almost bought a home where the renters were a couple with small kids, I think they sabotaged the sale and the appraiser who was their same ethnicity came in with a low appraisal and would not budge when challenged and the deal fell thru. So I had to endure 3 more months of torture with roommates but in the end it worked out because I found a better home in a better area.
I’m just an observer/renter, who will buy a house later on but this is a very enlightening thread on foreclosures. Thanks for the input everyone, I never knew about this side of real estate. It’s crazy what some bitter people have done to their property.
When I was looking to move, I looked at a foreclosure where the previous owners poorly maintained the house and took all the appliances. They also left a wig on top of the chandelier in the two-story entryway lol. Those people I did not feel bad for. I also looked at a large, nicely maintained short sale that a family with young children was still living in, and those people I did feel bad for.
The majority of bankruptcies in this country are due to medical bills. It is a disgrace.
What about all the bankruptcies, foreclosures, and short sales that happened right around 2009? Was there a sudden plague or a rash of nasty injuries not covered by any health insurance????
I was in Phoenix in 2007-2011 and I saw plenty of people making bad decisions simply because the lenders wanted to make a quick sale.
One lady a few doors down was a mortgage broker herself, and one day she was just gone, packed up and hauled out of there in one weekend, leaving a half-built swimming pool that had rain water and became infested with mosquitoes. We threw a few mosquito pucks over the fence, and called the city, who eventually came out and put these larva-eating fish in the pool. That house lay vacant for months, maybe years. Do I sympathize? No.
We ourselves were faced with a dilemma -- I couldn't find work, and finally got a job out of state. The house was very under water at that point and could not be sold. Friends told us to do a short sale, just walk away from the mortgage. My wife tried to argue for that as well.
But I said hell no! I put a lot of money and time into that house and was not about to walk away. I found a management agency that rented it out to a solid tenant who has been there ever since and takes good care of the property. I take a slight loss every month because property taxes have risen, but I have never raised the rent in 7 years and don't plan to, until she moves out.
But I said hell no! I put a lot of money and time into that house and was not about to walk away. I found a management agency that rented it out to a solid tenant who has been there ever since and takes good care of the property. I take a slight loss every month because property taxes have risen, but I have never raised the rent in 7 years and don't plan to, until she moves out.
That was smart, you had someone else paying the mortgage and you should not be underwater any longer since most areas have gone back to the pre housing bubble problem values.
That was smart, you had someone else paying the mortgage and you should not be underwater any longer since most areas have gone back to the pre housing bubble problem values.
Thanks, and yes the house has now risen back to nearly what we paid for it (according to Zillow) after being down around half what we paid!
Thanks, and yes the house has now risen back to nearly what we paid for it (according to Zillow) after being down around half what we paid!
I don't know how accurate Zillow is. We bought a home recently for $100,000 that was listed for $96,000 (foreclosure), and all the while Zillow said it was valued at $243,000. It still says that when I click on "owner dashboard". But if you look at the area, there are very few homes that actually sold for above $200,000. I would like to know how accurate it is.
I don't know how accurate Zillow is. We bought a home recently for $100,000 that was listed for $96,000 (foreclosure), and all the while Zillow said it was valued at $243,000. It still says that when I click on "owner dashboard". But if you look at the area, there are very few homes that actually sold for above $200,000. I would like to know how accurate it is.
It's not accurate, it's a guess by an algorithm with no idea how the inside of the house is, so it can be falling apart and Zillow may estimate it the same as the neighbor's nice home.
On Realtor.com mine is pretty accurate, but it's because it's based on the purchase price 2 years ago plus market appreciation.
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