Any Foreclosed Homes in Your Neighborhood ? (Howe: for sale, 2009, foreclosures)

[wellguy]

It's sad that anyone would lose their home over the loss of a job , illness, etc. I have neighbor that was very ill for the longest time and his home was foreclosed upon. A "For Sale" sign was put up this week.

If you have any experience with foreclosed homes in your neighborhood have they been purchased by Investment Companies to become rentals?

Do you know if foreclosed homes effect your homes' appraisal?

I'm just wondering and not complaining. It is what it is.

[ashbeeigh]

One or two homes here and there won't affect an area's value.Even in good times homes get foreclosed upon. If a ton of homes get forecloses upon then it could begin to affect your value. Check out realtytrac.com for detailed information about foreclosures anywhere across the country. It's the best place for information.

I'm sure most people know that sale dates in Texas fall on the first Tuesday of the month, which just occurred, so either the bank just bought the house and the family has already moved their things out and the bank is trying to sell the house, or an investor bought the house and is trying to sell the house now.

If anyone does start to get in that situation know that the lender can help, especially if you purchased your home prior to January 1, 2009 (you'll fall within the Making Homes Affordable Plan) and should discuss any issues with your lender or a HUD certified Housing counseling agency that can work for you.

[scuba steve]

None in my area.

Other people I know who live around rentals... your mileage may vary greatly. Some don't even know they're there. Others wonder how their neighbors manage to stay out of jail or how long it'll be until they go back.

[wellguy]

Originally Posted by ashbeeigh

One or two homes here and there won't affect an area's value.Even in good times homes get foreclosed upon. If a ton of homes get forecloses upon then it could begin to affect your value. Check out realtytrac.com for detailed information about foreclosures anywhere across the country. It's the best place for information.

I'm sure most people know that sale dates in Texas fall on the first Tuesday of the month, which just occurred, so either the bank just bought the house and the family has already moved their things out and the bank is trying to sell the house, or an investor bought the house and is trying to sell the house now.

If anyone does start to get in that situation know that the lender can help, especially if you purchased your home prior to January 1, 2009 (you'll fall within the Making Homes Affordable Plan) and should discuss any issues with your lender or a HUD certified Housing counseling agency that can work for you.

It's odd that I found a dark pink postcard sized notice on my pickup later in the afternoon. I states that it is "A Foreclosed HUD Home" the Realtor wrote $100.00 down on the card. This guy is from a different Realty Company than the Realty Company on the sign.

[kevcrawford]

Foreclosures aren't supposed to affect appraisals. Appraisers aren't supposed to use foreclosures as comps and can usually find enough comps in the area to support the sales price without dipping into the foreclosures.

The bank sales, as stated above, are on the first Tuesday of the month. However, very few homes are sold on the courthouse steps. To buy one there, you have to be ready to close on the house almost immediately. Not bid on the home and then go through the loan process.

Once the house doesn't sell on the steps, the bank will try to sell it traditionally through a Realtor. I really don't touch foreclosures, but I'm listing two higher end ones for a bank right now ($300k & $550K). On these, the bank usually acts like a traditional seller (ie. will consider repairs, help w closing costs, etc)