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Also due to the economy, some retirees are selling their 2nd homes and keeping just one home in other states.
We couldn't sell our 2nd home in Banner Elk after 3 years of trying, so we sold our "first" home in SC (in three weeks) and are in the process of moving full-time to the High Country. It wasn't exactly the way we would have planned it, but sometimes things happen for a reason.
agreed. we also bought foreclosure home and the bank was willing to negotiate (a lot) after home inspection even though it was an 'as-is' property.
we are VERY happy with our purchase and our neighbors are happy as well, since the house was sitting empty for many, many months.
we tried to purchase a short sale, but the found out, that short sale does not mean the process will move quickly, but the seller is short on money and it takes very often 6 months or more.
we worked (and are currently working) with a great realtor, who is also very knowledgeable when it comes to construction work and building issues. let me know if you would like me to pass on his contact information.
if you can pay cash, you are usually very interesting to the bank, even that your offer might be quite a bit lower. to many mortgages fall through right now and banks want FC to move along quickly.
Did you use a foreclosure specialist? Were you happy with him/her?
not a foreclosure specialist back than. but now he is . and yes, very happy actually. I don't think looking for foreclosures is a waste of time at all.
some properties may be totally run down and people vandalized before they left ... but not all. our house needed some cosmetic work and you have to have some imagination. it's a big difference if you buy at 100-120 $/sft or 50-80.
so many properties were still totally overpriced by the time we were looking for a house (3 years ago). then we decided for a certain school district and came across our house by coincidence (2 years ago). lucky us. great bones and a very good deal.
not a foreclosure specialist back than. but now he is . and yes, very happy actually. I don't think looking for foreclosures is a waste of time at all.
some properties may be totally run down and people vandalized before they left ... but not all. our house needed some cosmetic work and you have to have some imagination. it's a big difference if you buy at 100-120 $/sft or 50-80.
so many properties were still totally overpriced by the time we were looking for a house (3 years ago). then we decided for a certain school district and came across our house by coincidence (2 years ago). lucky us. great bones and a very good deal.
Glad to hear you're happy with your house. Would you mind sharing your agent's name? (privately if you prefer)
Why not look at everything - short sales, foreclosures, and regular listings?
Short sales take too long, as we need to get in a house quickly. Definitely looking at regular listings though, but very few good ones in our price range.
if you are working with a realtor, he/she can creat a 'shopping cart' for you. every property within your price range and right size/area will automatically end up there, so you won't miss anything.
we looked at the house on the 26th, put an offer in at the 27th and closed on the 31th after a short negotiation. unusually fast I think.
One of the reasons was that there was a chance regarding buyers/sellers laws starting on 1/1/2012, which would put the seller in a worse position (as a buyer you can pretty much walk away within the first 30 days now). our seller (bank( wanted to get the deal done asap.
I am sure, someone here - or your realtor - will know the details about that.
we looked at the house on the 26th, put an offer in at the 27th and closed on the 31th after a short negotiation. unusually fast I think.
One of the reasons was that there was a chance regarding buyers/sellers laws starting on 1/1/2012, which would put the seller in a worse position (as a buyer you can pretty much walk away within the first 30 days now). our seller (bank( wanted to get the deal done asap.
I am sure, someone here - or your realtor - will know the details about that.
I had no idea they could be done that quickly! Five days hardly seems enough time to get it inspected and check on the liens. Is there something I'm missing? Although I've moved 32 times in my life, this is the first time I'm considering buying a foreclosure, so I'm new to this game. May even try to do all the leg work myself without a realtor.
Mike
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. and yes, very happy actually. I don't think looking for foreclosures is a waste of time at all. 
