Monday, June 6, 2011

Buying a foreclosure?

When foreclosures defintely are not a good can you imagine... well yeah I can from my own view, Its B of A.

I havent forgotten about you all here. since I smashed my wrist to smithereens, its not easy to type. but so it goes. Had somebody make a low ball offer on our house contingent on them sellings theirs, we said no. We arent that... desperate.
What i did learn, never buy a home in my opinion in a development when the general population is a lot older than you are. Here's the problem, the people pass on, the
family doesnt want the home , the home doesnt have a mortgage and dumps it to get rid of and brings down the comps for the whole hood. We are experiencing that now. Who woulda thought? Can't think of everything. expensive lesson learned. I am beginning to call our street widow's walk because that in fact is what it is.

We have been watching a foreclosure over on Siesta key close to some friends. What a wreck, ended up being a bidding war and the buyer paid more than the bank was asking.
384k when the bank was only asking 314. Home has some major problems, like its graded for the water to run towards the home not away and not easily fixable since there is a pool there. the former owners borrowed over a million, allegedly bought property and put it in their sons name and told the bank to take a hike. Back to, you can steal more money with a pen than a gun anyday. It is/was a real hack job of a house and in my view a tear down. But everyone to their own taste. Meanwhile lowes is delivering appliances this week. something tells me rental or resale, not organic buyer.

I looked up the sales record for sales here in our hood and every eventual sale the seller either lost money or only profited by 10-15 percent. Only one made a home run so to speak.

We all know what happened with the recent Case sHiller, down 51 percent from high and hits answer low???click could it been we are in for another double dip low??? with the speculators obviously scurring about,
the real organic number will be a few years away. But come it will.

I have a good friend who owns a used home sales company near Washington D.C. weirdly enough they are struggling and he doesnt see any movement for 7 years.

1 comment:

140 dollars per sq foot said...

Ms J, as always, you make a good point about the older homeowners.
I've been eying that same scenario as an opportunity to buy.
But I feel bad for those who are getting beat up by the market.
I have taken more than my share of beatings these past few years, but I still hope to take advantage of some of the wonderful buys popping up.
I've seen the exact scenario you described, where a frustrated Daughter finally accepts 2/3 of the asking price, just to be done with it.
A two edged sword for sure.