Successful lowballs? Or fantastic foreclosure deals? (Stockton, Empire: bank owned, low income, real estate)

[karkyco]

I, along with many others no doubt, would love to hear about any successful lowballs or foreclosure deals you've made or come across.

While the lion's share of these are no doubt inland or in the areas more prone to subprime lending (i.e. low income and less desirable parts of LA/the southland), have any people gotten "steals" on prime real estate or areas?

[Loopy]

I would love to hear the answer to this question as well. Anybody get a great deal, and if so, in what section of Cali?

[Lovehound]

Originally Posted by Loopy

I would love to hear the answer to this question as well. Anybody get a great deal, and if so, in what section of Cali?

Cali is in Colombia. I think you've got the wrong forum section.

And if there are any real killer deals, imagine what they might be like right at the exact point the market turns back up. Real estate agents say it's very difficult to time the market and I believe it, but wouldn't it be wonderful to pull off your own killer deal?

[Charles]

I think a lot of these data (listed price, sold price) are available. They may be only post processed data from licensed real estate agents, not sure. I know I get flyers in the mailbox every now and then from realtors with tables showing such data.

[SoCalMomma]

We were just talking to a friend of ours over the weekend who just bought 3 bank owned houses in one neighborhood up in Stockton, California. He showed us pictures and they looked pretty nice. Newer homes, probably no more than 5 or 6 years old. One was kind of thrashed inside, but the other two looked like they were taken care of. All have dead lawns, but thats an easy fix. He told us he paid about $650k for all three. He's going to fix them up a bit and rent them out.

I dont know much about Stockton, we drive through it, but never stop.

[BRinSM]

didn't stockton have the highest foreclosure rate in the nation?

[karkyco]

Originally Posted by BRinSM

didn't stockton have the highest foreclosure rate in the nation?

Yup. At 650K for all 3, I haven't researched Stockton heavily but from what I have found, I'm not sure that's such a great deal.

I wonder how strong the rental market can be up there.

[mkdude_08]

Stockton is indeed the foreclosure capital of the U.S. Not an especially nice part of Northern California either.

[karkyco]

Yes...I'm hoping more for stories of incredible scores in more upscale areas, not places like Antelope Valley/High Desert, the 909/Inland Empire/San Bernadino etc., Stockton, Florida, Vegas etc.