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I've looked at some foreclosures over the summer. I laughed at one realtor when he showed me a foreclosure saying stuff like "this has a lot of potential"....."you would be getting a great deal", etc. The holes in the wall, stained up carpet, weeds in the yard didn't scare me. It was the obvious foundation problems that had me running in the other direction LOL. Good deal my @ss! Time to get a new realtor!
We looked at another "pre-foreclosure" that had rotting exterior even though the inside was okay. The garage conversion looked pretty shoddy. I don't know if it was up to code. I passed on that one too (new siding and all of the other repairs would have put it over my budget).
But I have also seen some foreclosures that were in pretty good condition and only needed slight cosmetic work. Of course I didn't buy those either. In my area prices are finally starting to come down, but they still need come down a lot more. The median home price is still over $200,000 here (even though the median family income is only around $41,000).
Now that's good bitter top-buying homeowner talk!!!
HUH? I was a seller that closed 3 weeks ago. What are you talking about? We didn't have the "peaks" you speak of, remember? And the one we built was not commissioned at "peak" either. We closed 10/07 for a phenominal price. Sorry to disappoint you. This was not a bitter statement, but fact. Sorry, bitter renter. Only a happy homeowner here. Thanks anyway, for being your "usual self".
HUH? I was a seller that closed 3 weeks ago. What are you talking about? We didn't have the "peaks" you speak of, remember? And the one we built was not commissioned at "peak" either. We closed 10/07 for a phenominal price. Sorry to disappoint you. This was not a bitter statement, but fact. Sorry, bitter renter. Only a happy homeowner here. Thanks anyway, for being your "usual self".
T-11 days before closing and sitting on the sidelines here.
No disappointed here. I don't care if someone loses money or not. I just want a house for 30% less than what it is today, and since I'm a cash buyer, it will happen as rates go up and foreclosures begin hitting this Raleigh area (which also did not experience problems until VERY recently).
'That's just the kitchen... and only what can be seen in that picture... if the previous owner did that to just the kitchen, I can't imagine what happened to the rest of the house.'
I checked that one out myself during lunch because even I a 'doom and gloomer' sees the opportunity. that was the only damage. I think the stereotype of the gutted out foreclosure is just that, a stereotype. Not all that walked away are bad people Chuck.
Good job. Now that the foreclosure wave is beginning to hit the triangle area of NC and sales are ultra slow with very high inventory, I'm hoping to see some super bargains in the coming months/years.
I've looked at some foreclosures over the summer. I laughed at one realtor when he showed me a foreclosure saying stuff like "this has a lot of potential"....."you would be getting a great deal", etc. The holes in the wall, stained up carpet, weeds in the yard didn't scare me. It was the obvious foundation problems that had me running in the other direction LOL. Good deal my @ss! Time to get a new realtor!
We looked at another "pre-foreclosure" that had rotting exterior even though the inside was okay. The garage conversion looked pretty shoddy. I don't know if it was up to code. I passed on that one too (new siding and all of the other repairs would have put it over my budget).
But I have also seen some foreclosures that were in pretty good condition and only needed slight cosmetic work. Of course I didn't buy those either. In my area prices are finally starting to come down, but they still need come down a lot more. The median home price is still over $200,000 here (even though the median family income is only around $41,000).
Yeah, the median income needs to be more like 3x income.
With the inevitable collapse in the mortgage markets and resulting higher rates, this might be more like 2x income.
Stick to your market that you know. This entire neighborhood is approx a 4 year old community. That's just how they build houses out our way, within arm length of each other. Chuck knows. He lives in one too like me. I have a nice big landscaped yard oasis though.
here is another one. This home is another big-un. It is 4148 sq/ft and also has 5 beds and 4.5 baths. This one is still in diapers at just over one year old. It was bought in Feb 2007 for $660k and it's already gone back to the bank. It's currently listed for $385k. Now don't get too excited the previous owners did take a few of the kitchen cabinets. Doesn't look that bad though, probably $5k to replace the missing cabinets.
And the other problem no one wants to admit: close out prices bring a different "caliber" of buyers who would not have afforded the neighborhhood under normal circumstances. Hence, the decline of integrity to any neighborhood brought down by "foreclosure" business and it's "occupants"- owners or not. Just a thought- snobby, I know, but true. Sorry. Hope the HOA's, if they exist, hold future buyers accountable in taking care of their home and neighborhood. Hopefully you respect what I am saying. If no HOA, uh,oh!
Oh here we go again. FMV please don't make this discussion take a wrong turn. Let it go.
Sorry, thought we were talking about foreclosures- weren't we? I don't know, guess I'm confused. But give me a hint anyway; what "wrong turn" did I make? I'll stop if I know what it was. Thanks.
But what's that next to it? An apartment building? Looks like a crappy area and one of those homes that builders "stuck up anywhere" when the market was hot. Everything eventually has its place. I bet if this home was in a neighborhood with the same of its type, it would not be foreclosing and listed at $380. If I am wrong, my sincere apologies but that's how it works here. We have "those types" of foreclosures, in some of our suburbs too. When the inventory is your "oyster" in this buyers market, why would anyone by this house based on location alone? Hope you understand. Thanks.
Exactly, and where are the pictures of the inside? Seeing the outside tells us nothing.
'That's just the kitchen... and only what can be seen in that picture... if the previous owner did that to just the kitchen, I can't imagine what happened to the rest of the house.'
I checked that one out myself during lunch because even I a 'doom and gloomer' sees the opportunity. that was the only damage. I think the stereotype of the gutted out foreclosure is just that, a stereotype. Not all that walked away are bad people Chuck.
Well, then that house might be a deal (although it's still pretty ghetto to steal the cabinets). And I didn't say all houses that are in foreclosure are dilapidated and totally ruined but there are a lot out there. Anyways, there's a reason why the IE has had 140+% increase in sales Y/Y. Obviously, there are foreclosures out there in decent shape that are bargains.
Eventually though, the ones that are left that can't sell no matter what price are going to be taken in by the cities to refurbish for affordable housing or demolished. Foreclosures in places that have a lot of population growth most likely won't get demolished but refurbished for affordable housing. This is because like ViewFromThePeak said that there is still value there. Foreclosures in loosely populated areas that have less prospects for growth will probably be demolished.
In terms of comparing prices between new homes and foreclosed homes your being kind of silly. New home inventory is shrinking, and some people prefer new homes over foreclosures or used homes and feel fine with paying a premium. So you can't really directly compare the price of a new home vs. a foreclosure. The new homes report the other day said that the median price on new home actually increased.
-chuck22b
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(although it's still pretty ghetto to steal the cabinets). And I didn't say all houses that are in foreclosure are dilapidated and totally ruined but there are a lot out there. Anyways, there's a reason why the IE has had 140+% increase in sales Y/Y. Obviously, there are foreclosures out there in decent shape that are bargains. 
