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Old 03-22-2008, 12:29 PM
 
Location: Vermont
12,973 posts, read 3,223,821 times
Reputation: 28310

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I was checking out some Jacksonville real estate online and found a multitude of homes for sale at an extremely low cost! Is this due to being in a bad neighborhood, cockroach infested, rundown home that needs alot of TLC, or is this what humble abodes go for in that particular area? Some of the areas are as follows: 1520 Iralou Road on 1/4 -1/2 acre,
5837 Christobel Avenue,
1720 North Myrtle Ave (College PRK/Ribeault )
what does that mean?
1016 Union St (Oakland Subdivision)
30th St West(Royal Terrace Subdivision)

These are a few of the listings and most of them are in the 20's or 30's. My favorite one is in the $60 range and that is the Iralou Road with a larger lot. Any insight?????

In addition...I just saw an advertisement for a $450,000 home in the Bronx that looks comparible in size and physical appearance to the $30,000 Jacksonville homes.

Last edited by riveree; 03-22-2008 at 10:56 PM..
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Old 03-22-2008, 11:05 PM
 
Location: Jax
8,200 posts, read 35,448,792 times
Reputation: 3442
Quote:
Originally Posted by Trombley View Post
These are a few of the listings and most of them are in the 20's or 30's. My favorite one is in the $60 range and that is the Iralou Road with a larger lot. Any insight?????
There is a reason the price is so low. Homes in that price range are almost guaranteed to be in a part of town that has some serious issues. To get into a safe, decent neighborhood in Jacksonville, you need to spend 6 figures.
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Old 03-23-2008, 06:55 AM
 
Location: SE Florida
9,367 posts, read 25,205,511 times
Reputation: 9454
The information on the main CD site for Jax will give you an idea about prices in a certain area. Then you can obtain crimes stats from JSO and school info from greatschools.com.

Not sure how anyone would think that a property that is listed at 20% of the median price of homes would be in a good area.
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Old 03-23-2008, 11:23 AM
 
Location: Vermont
12,973 posts, read 3,223,821 times
Reputation: 28310
The home I was looking at is valued at 119,000 if I'm reading it correctly...I wonder if it is in foreclosure possibly. That may be why it is for sale for so cheap.
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Old 03-23-2008, 12:23 PM
 
Location: Jacksonville, FL
236 posts, read 1,085,389 times
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The way I figure it, this "pre-foreclosure" thing is a scam. You pay out your money thinking you are buying a house. The foreclosure process moves forward and at the end of the day, you end up with nothing.

I responded to an ad for what appeared to be a nice house for rent. The reply I got told me that the house was in "pre-foreclosure". I asked a few questions about that and pointed out that I figured there was a 75% chance I'd end up burned. I never heard another word so I must assume that I was correct.
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Old 03-31-2008, 02:07 PM
 
870 posts, read 2,179,121 times
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Quote:
Originally Posted by Trombley View Post
The home I was looking at is valued at 119,000 if I'm reading it correctly...I wonder if it is in foreclosure possibly. That may be why it is for sale for so cheap.

Foreclosure means the person cannot pay their monthly mortgage payment (and hasn't for several months). The people who cannot pay their mortgage payment are usually not the ones who have paid down their mortgage $60,000.
It has been my experience that if a property is worth $119,000 and is in forclosure, the price will be close to what the property is worth.

The areas you listed would be areas that I hesitate to drive through, much less live.
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Old 03-31-2008, 02:48 PM
 
Location: St. Augustine FL
1,641 posts, read 5,023,760 times
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Well, if a house is IN foreclosure, you can make an offer under what the house is worth, but be prepared to wait up to 3 months for an answer from the bank. They just want to get their money out of it, not necessarily the market value. But it's problemmatical, because by the time they get around to making a decision, it may have completed foreclosure!
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