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Port St. Lucie - Sebastian - Vero Beach St. Lucie, Martin, and Indian River counties (Treasure Coast)
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Old 04-27-2009, 07:04 AM
 
578 posts, read 1,008,491 times
Reputation: 256
The problem with getting prequalified is that it is temporary and the more you do it, the more it affects your credit score as in can make it go lower. Be sure you have a small list of homes you want to choose from before you get prequalified.

As long as PSL continues to have a large amount of poorly constructed homes on the market (which no person in their right mind would buy) the perception that PSL is not a great place to buy will continue. Hopefully the City will eventually sieze these properties and sell them, giving tax credits to people who bulldoze them and build again.

FYI before you buy any home, find out the builders name and google them to see about complaints. One builder for example that has built thousands of homes in PSL that are trash for the most part has a clause in the contract that forbids you to speak about defects in the home with anyone but the builder. That means if your neighbor has a crap house like yours and you ask him about it both of you could be sued. In Orlando a group of homeowners got together and sued the builder. I don't know if it is settled yet but the builder blamed the shoddy construction on hurricanes never mind that a great deal of the issues were plumming problems inside the foundation.
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Old 04-27-2009, 07:17 AM
 
Location: Fort Pierce
32 posts, read 40,468 times
Reputation: 17
Folks who purchased foreclosures are finding out that they weren't abandoned because of their declining values only. Damaged septics, cracked slabs, cat urine smells, past insurance claims that affect the new owner's rates, unpermitted sheds fences, patios, etc. and now, sulphur-emitting Chinese drywall.

Build your own new house on a nice piece of property, I say. Take a look at Silver Oak Drive in Indian River Estates. One acre lots, great neighborhood, 10 miles to the beach and, most importantly, east of US 1.

Last edited by FRANKLIN; 04-27-2009 at 07:19 AM.. Reason: spelling
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Old 04-27-2009, 07:20 AM
MB2
 
Location: Sebastian/ FL
3,496 posts, read 6,546,696 times
Reputation: 2619
Quote:
Originally Posted by runswithscissors View Post
ditto MB2.

Nobody can tell you the bottom. Foreclosures were on hold until January and now they are increasing again. MORE houses are supposed to go on the market, there have been plenty held back that aren't listed.

You should get yourself "prequalified" ...... Then start looking. .... A normal sale. If you look for a short sale it can take many months in limbo and you still can get your offer refused. It's a mess.
Yup....I second it......we all know it's a HUGE MESS !!!
We have a few friends which were put into the unfortunate position to let their homes go into foreclosure.
I was never in one (knock on wood), but from what I have been told does it actually take months and months to even get to the point of actively being listed in a foreclosure.
So.....the paper stuff alone will take up such a long time to be worked on, due to so many of them having to be processed at this time.

On the other hand have I talked to several people about the option of buying a house in pre- and active foreclosure....and, it sometimes turns into a complete headache for the buyer !
Investing time and money...just for their offer to be refused at the end anyway.
But then, others get lucky !
I have heard horror stories about some foreclosed homes, and in what state of despair they were left behind. I am sure though, this is not always the case.
People were told to vacate the house, or left in the middle of the night (literally....I've seen it !), and dismantled and took everything out of the house they possibly could. (From the blinds to the cabinets...all the way to the light fixtures and faucets)

We were thinking about checking into a foreclosed home to purchase. But, were advised by so many people AGAINST it for a number of reasons (two of those people are Realtors)
If one has the money and wants to buy as an investment property....then, yes, maybe it's the right way to go about it. But buying a foreclosed home as a principal residence is to be taken with extreme caution, IMHO.

It would be very interesting to hear from people which either purchased a foreclosed home, were in the possession of one....or are currently looking for one.
I would love to hear, what your experience and view is on that !
My husband is all for the idea to take a foreclosed home into consideration while we are looking....but, I have VERY mixed feelings about it !
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Old 04-27-2009, 08:55 AM
 
578 posts, read 1,008,491 times
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I can tell you that I toured about 20 foreclosures and came to the conclusion at the time that the prices for them were way out of line with what needed to be repaired. Most of them needed to be completely gutted in order to get them back into shape. Either they had damage from poor construction of the people trashed them on their way out. Reputable Real Estate people won't even show these properties.

From what I have seen, people who have decent homes for sale that are in the range of 1900sf and 2800sf are having to drop their prices to around 185k before they get serious buyers. There are two such homes on my street. One that was almost 3000sf sold a couple of months ago for 180k and the people (who moved up from West Palm) have already sunk about 30k in upgrades in the place. The home was only 3 years old and had never been lived in. It was maintained by the owners so it did not get mold damage and the yard was intact. Right now I would only consider looking at these kinds of houses. Save yourself the headache unless you enjoy seeing horror shows.

Those same foreclosure homes are going for 50k less than what I was seeing 8 months ago. Some of them will have to go down to undeveloped lot prices before they will sell.

Last edited by stevep111; 04-27-2009 at 08:57 AM.. Reason: adding
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Old 04-28-2009, 04:58 PM
MB2
 
Location: Sebastian/ FL
3,496 posts, read 6,546,696 times
Reputation: 2619
Quote:
Originally Posted by stevep111 View Post
I can tell you that I toured about 20 foreclosures and came to the conclusion at the time that the prices for them were way out of line with what needed to be repaired. .......
See.....I am not the only one having my doubts about it !
Let me put it this way, I have heard MORE horror stories and nightmares about purchasing a foreclosed home.....then success and "happy" stories when it actually worked out....for the buyer !
I think, I've pretty much made up my mind, that I will NOT go for something like that, and waste my time and money on it.
(Just have to convince my hubby 'bout that one as well....lol )
It all just makes so much sense to me: Homes sitting pretty for months and months, not air conditioned, run over by weeds and insects......and infested by mold, mildew and moisture due to the high humidity.
Well, yet another hot and humid summer will come and go........
Someone said to me: "An empty home is a dead home"...and how true that really is !
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Old 04-29-2009, 09:08 PM
 
Location: PSL FL
573 posts, read 1,572,460 times
Reputation: 105
Quote:
Originally Posted by MB2 View Post
"An empty home is a dead home"...and how true that really is !
That's if the owner's don't take care of it! We plan on leaving our house in NC and moving but keep the AC on at least 78-80. I couldn't imagine not having it on, esp with house showings!
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Old 04-30-2009, 04:23 PM
MB2
 
Location: Sebastian/ FL
3,496 posts, read 6,546,696 times
Reputation: 2619
Quote:
Originally Posted by ddlove01 View Post
That's if the owner's don't take care of it! We plan on leaving our house in NC and moving but keep the AC on at least 78-80. I couldn't imagine not having it on, esp with house showings!
Well, what can I say...YOU are a responsible owner, STILL owning it.
Other's just leave it "behind" and let the banks retake it, and let them worry about it.
They don't worry if it will ever sell, or what will happen to it.
Good luck in selling your home, by the way !
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Old 05-02-2009, 12:35 PM
 
21 posts, read 39,256 times
Reputation: 19
This past Aug. We went from the Key's to Jax the whole month and Saint Lucie was by our opinion the nicest

We went back for 2 weeks in Oct and bought a Home
Spent Christmas there and will be moving full time in June time is moving slow for me here in TX waiting

It's like having an RV in your driveway you can't go into and drive
I am sincerley looking forward to calling it home
And starting and continuing buisness there
I am semi retired although I could retire fully
@ 47 I'll have a long semi retirement
in Port Saint Lucie
the people are so friendly driving a breeze beaches nice home prices well ya know
What's not to love

The home we puchased did have damage and I pretty much took care of that Christmas
Left calcium chloride there for the moisture & have the lawn and other upkeep taken care of the only thing left to do was all the interior doors were ripped off there hinges For No Reason A small thing for me & just a minor detail
It's a shame the damage I saw throughout PSL while looking

Last edited by RSokel; 05-02-2009 at 12:52 PM..
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Old 05-03-2009, 04:27 PM
 
Location: Fort Pierce, FL
17 posts, read 25,090 times
Reputation: 24
There are some great deals in PSL, for instance Traditions. Homes that were once listed for $400k, now sitting on the market at $190k. And, if you do not like the whole gated community, security personnel thing, there's always Torino.

I'm from West Palm Beach and decided to move here four years ago because of the high home prices down south. High home prices with tiny lots, zero lot lines. At least in St Lucie county, for the most part, when I water my grass, I don't get my neighbors car wet.

Last edited by SoFlaBroker; 05-03-2009 at 04:28 PM.. Reason: added thought!
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Old 05-04-2009, 05:38 AM
 
578 posts, read 1,008,491 times
Reputation: 256
I wonder if the banks are paying the taxes on these empty houses? If not then the County should take them over and auction them off to people who will scrape them clean and start over again or pass an ordinance that when a house gets to a certain point of deterioration the county can scrape it and charge the owner. I mean you get hell if your grass gets more than 12 inches you should lose your property rights if your house gets in such bad shape that it can't be rehabed.
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