- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (10)
- titan10
- Contributions:826
azrob
does that mean you would consider buying right now?
does that mean you would consider buying right now?
some markets may have dropped enough to make buying a good idea, however, ignore any realtor who says 'yes buying is a good idea' without the specifics of your purchase. For example, on the westside of Phoenix, I can find newer starter homes for 80K that would rent for over 800 a month easy. An owner will pay less per month then a renter. Meanwhile, in north scottsdale, the prices are still way too high relative to rent.
- Mary E. Adams, "The Peoples Realtor"
- Contributions:29
No, it would not be stupid whether to buy a foreclosure, or to buy a home that is in a non-foreclosure status...Buy A Home! It is a prudent move, with interest rates at a 37 year low, the $8000 stimulus credit, and homeowners, as well as banks, if motivated will positively negotiate on their properties. Financing is certainly available...so go and do it!
- NTETS, "Mr Caveat"
- Contributions:6436
sometimes owners can give good competetive deals, though i wouldnt look at a home that has sold in the past 3-5 years, homeowners, especially people who have real equity operate from a different playbook (i bought for x i sell for x+100k, i'm golden) as opposed to banks who say i bought it for x-y and its worth "z"
i think ignoring any market is "stupid" 0.02
course i also think house prices will fall for 2+ years and flatline for 5+ afterwards(absolute best case scenario, not likely) so not waiting untill 2012 might fall under the "stupid" umrella(if you worry about paying too much)... standard disclaimer, no offence
i think ignoring any market is "stupid" 0.02
course i also think house prices will fall for 2+ years and flatline for 5+ afterwards(absolute best case scenario, not likely) so not waiting untill 2012 might fall under the "stupid" umrella(if you worry about paying too much)... standard disclaimer, no offence
- mr_mcse
- Contributions:1
The difference between using a realtor and paying what a seller wants and a foreclosure is huge. Using the realtor you get to look through tons of houses by specification. When you get to the houses usually all is as advertised. Who wants to comb through foreclosures to find a beatup house that you overpaid for because it requires so much (UNDISCLOSED) work. At least the normal sale process allows you to walk through and investigate the house. You then can decide with the lender and seller what the house may really be worth. If you want a nice house you will most likely have to pay for it. If you want junk and uncertainties go for the forclosure. Something worth keeping is valuable. Something abandoned is likely not.
- CORONA NICK
- Contributions:2218
I wouldnt buy from a seller in this market. At least here in CA.
- Jessica (Kinsella) Hoff, "Jessie141"
- Contributions:52
Not stupid at all- it is much less risky than if you are referring to purchasing properties at auction. As a former foreclosure specialist who worked the purchase of tons of foreclosures in the early 00s, I can tell you the risks are huge. You have to assume the absolute worst about a foreclosed property- the nightmare stories I have are endless and I always found that if a person is looking for a home, as opposed to an investment, the savings on the foreclosure do not outweigh the risk. This is where you and maybe your family are going to live. If you cannot go inside the property before the actual sale (the norm in NJ with properties up for auction) you have no idea the layout, how the space fits you and, as one client told me "how will i know if my chi fits here?" (I was confused about this 10 years ago but now I understand!). Seriously though, using a licensed Realtor or real estate agent can help you enormously. If you are purchasing a foreclosure at an actual sale, be aware that you are responsible for any back taxes or liens against the property and they can be costly ( I have seen federal liens for back taxes in amounts over 200K on modest homes). I always tell my clients that if you are interested in foreclosures, perhaps work with the agent to purchase a short sale property at steep discounts if you have the patience- great prices, little risk- especially important for your next new home! Good Luck!
- BMFPitt
- Contributions:1207
It's stupid to overpay for a house. If there are owners near you who are living in reality and price accordingly, go for it.
- arnie84
- Contributions:167
I wish I could just deal with a seller!!!! Out of 107 homes in my aera 6 are being sold by the homeowner non-foreclosure. I have a bad taste in my mouth after dealing with a few Foreclosures bank owned.
- sunnyview
- Contributions:25169
No. It all depends on price and condition no matter who is selling it whether a bank or private owner.
Due to these Economic Times, Is it stupid to purchase a home for sale instead of Foreclosures?
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.