Buying a house in Murrieta CA (Temecula, Fortuna: for sale, foreclosures, condo)

[LUVA]

I just put an offer for a house in murrieta ca, 160k and it was accepted, is an REO. Needs some work I still have to do the inspection. I was looking for other properties sold around the area and they all are higher than mine. This is what I find strange... I was looking for the house records and the property was sold for 124k in january of this year, very cheap and that got me wondering why so low, the other houses where at a normal price but this one was the only one at this price.
I'm thinking this house must have something really wrong.
Need some advise.

[dweej]

Originally Posted by LUVA

I just put an offer for a house in murrieta ca, 160k and it was accepted, is an REO. Needs some work I still have to do the inspection. I was looking for other properties sold around the area and they all are higher than mine. This is what I find strange... I was looking for the house records and the property was sold for 124k in january of this year, very cheap and that got me wondering why so low, the other houses where at a normal price but this one was the only one at this price.
I'm thinking this house must have something really wrong.
Need some advise.

$124K might just be the amount the bank foreclosed on. When the ownership of the home reverts to the bank as a foreclosure, the balance due on the home is listed as the last sales price. Look at the sales price before that and you'll see what the previous owner paid and when. As for other homes sold at a higher price....it just means that prices are still dropping in the area. Too much inventory and not enough buyers makes this the time for that to happen. Hope this helps.

[ocexpo]

Legally, they would have to tell you if there is anything seriously wrong with the house. If they didn't (and you find out later) you have grounds to file a complaint. I had this happen with my first condo. The old owners tried to take the bedroom wall out and expand it, but the city found out and told them to fix it back to its original state (which is when they put it up for sale). They put it back, but did a horrible job and when we went to hammer a huge mirror into the wall, it fell backwards (the entire bedroom wall). We filed a complaint and were compensated for the amount it took to replace the wall.

[lora_b]

You got a great deal in a beautiful city~

[eclipxe]

Originally Posted by LUVA

I just put an offer for a house in murrieta ca, 160k and it was accepted, is an REO. Needs some work I still have to do the inspection. I was looking for other properties sold around the area and they all are higher than mine. This is what I find strange... I was looking for the house records and the property was sold for 124k in january of this year, very cheap and that got me wondering why so low, the other houses where at a normal price but this one was the only one at this price.
I'm thinking this house must have something really wrong.
Need some advise.

+10 what Dweej said - it was just the bank recording the foreclosure, don't be concerned.

[mama25]

WOW! That is a great price. I am hearing it's a bidding war in Calif. again. Did the property have multiple offers? How many bedrooms/baths/square feet? We are considering that area but are scared to make the cross country move because we think we won't be able to buy something for the prices we are seeing on realtor.com etc. Any advice is appreciated.

[firsttimeowner]

Its not easy . I am thinking of moving out of ca. because its really hard to buy right now. When I went to other states I got approved right away. Here it seems you need to be REALLY flexible on what house your willing to take. So few are reo right now and yes its competitive. where do you live?

[leonard]

Originally Posted by mama25

WOW! That is a great price. I am hearing it's a bidding war in Calif. again. Did the property have multiple offers? How many bedrooms/baths/square feet? We are considering that area but are scared to make the cross country move because we think we won't be able to buy something for the prices we are seeing on realtor.com etc. Any advice is appreciated.

I hope so. I am putting my house on the market next month and don't want to wait forever to sell. Fortunately I do not have to sell, but I would rather just have one house, not two.

I have noted that banks are releasing foreclosures at a slower pace to keep the prices from dropping any further and absorbing the losses for a while as it is only a few months payment. Smart move on their part and good for the housing market as well.

[dweej]

Originally Posted by leonard

I have noted that banks are releasing foreclosures at a slower pace to keep the prices from dropping any further and absorbing the losses for a while as it is only a few months payment. Smart move on their part and good for the housing market as well.

Agreed. They're trying ti artificially stabilize the market by making it seem that the supply is running out, but you only have to cruise through neighborhoods to see all the empty homes still. So strange

[mama25]

DWEEJ...
Is it possible to get a 3 bedroom 2 bath single family home in Murrieta or Temecula for under $160,000? We tried buying there a year ago and the list prices were not the "real" asking prices, way to many multiple offers, it was a nightmare! I think the market will go crazy this summer with more buyers trying to buy while their kids are out of school. There is no rush just hoping to be back in California before Christmas .
We are thinking of moving back to CA from the East.