Why aren’t home buyers buying foreclosed homes in california?
Wouldn’t it be cheaper for a potential investor or new home buyer?
I’ve been browsing a lot of the homes – online in california.
A number of the homes that have been foreclosed on and available on the market seem like great deals. Because the bank only wants what is left on the mortgage to be clean with the home.
The one problem I see with the homes being offered, is the extensive renovations the former resident did with these homes. It seems that someone had a lot of time on their hands and a lot of bad taste. On the outside the houses seem to show promise. But what they did to the house interiors & surrounding property up-grades, were just ugly if at all extraneous wastes of money and materials.
These weren’t up-grades, just liabilities. These degrade the property further than improve it.
I’d rather bulldoze an ugly house & re-build from scratch than get someone else’s ugly house.
We have a buttload of foreclosed houses here in Las Vegas also but most just stand there empty. Pretty soon graffiti on them and holes knocked in the stucco. Home values dropping like a lead balloon. Very sad situation. However, I have to say my daughter and her husband bought a foreclosed house a few months ago. When new this house must have been at least $600,000. Now a couple of years later after the foreclosure it sold for $300,000. I guess it was a 1/2 price sale. It’s an awesome house with slate flooring, 4 bd/4ba, loft, 3 car garage, 3800 sq ft and on a big lot in a cul de sac. Hurray for them!
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May 9th, 2010 at 5:10 pm
Prices are still going down, and it is predicted that in 2009 there will be 2 out of 10 homes in foreclosure. Now it is 1 in 10
Most of the homes in foreclosure are not worth what the people owed on them. The loans were made when the prices were inflated and the banks have to take a loss to sell the home..
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May 9th, 2010 at 5:43 pm
Some people want to wait til the housing market hits bottom( not there yet)
and other people with money are reluctant to buy in a crappy economy
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May 9th, 2010 at 5:50 pm
Home prices haven’t finished dropping and besides, banks won’t give you a loan.
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May 9th, 2010 at 6:08 pm
I work in the escrow industry and I can tell you foreclosed homes in Southern California are selling. The ones still sitting aren’t there strictly because they are in bad shape. I just think people are scared of real estate. In addition, getting loans is harder than it once was. If you can pay cash for a foreclosed home, it’s great, but how many people can do that?
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May 9th, 2010 at 6:41 pm
We have a buttload of foreclosed houses here in Las Vegas also but most just stand there empty. Pretty soon graffiti on them and holes knocked in the stucco. Home values dropping like a lead balloon. Very sad situation. However, I have to say my daughter and her husband bought a foreclosed house a few months ago. When new this house must have been at least $600,000. Now a couple of years later after the foreclosure it sold for $300,000. I guess it was a 1/2 price sale. It’s an awesome house with slate flooring, 4 bd/4ba, loft, 3 car garage, 3800 sq ft and on a big lot in a cul de sac. Hurray for them!
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May 9th, 2010 at 7:15 pm
It just goes to show how people treat their homes that they know they cant pay for.You’re not find one that is in good condition because they knew they where going to loose the house so they trash it .Sorry honey its the same way here in Texas.The nicer homes aren’t on foreclosure .But keep looking.We buy houses and for every 10 that we see only (maybe) 1 is worth considering.
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