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Due to these Economic Times, Is it stupid to purchase a home for sale instead of Foreclosures?

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mikeyl

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I am looking to purchase a home In NY Queens area, due to the amount of foreclosures, the inventory for these homes is much greater then it used to be.  Will it be stupid to purchase a home that is a Non-foreclosure?
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February 16 - Woodside
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SoCal BubbleBrain

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''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!''

Translation: WAHHHH!! I need comish WAAAH!!!
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February 16
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azrob
does that mean you would consider buying right now?
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February 16
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Roberto Ribas, "azrob"

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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.
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February 16
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Mary E. Adams, "The Peoples Realtor"

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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!
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February 16
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NTETS, "Caveat Emptor"

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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
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February 16
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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.
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February 16
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CORONA NICK

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I wouldnt buy from a seller in this market. At least here in CA.
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February 16
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Jessica (Kinsella) Hoff, "Jessie141"

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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!
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February 16
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BMFPitt

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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.
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February 16
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arnie84

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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.
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February 16
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sunnyview

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No. It all depends on price and condition no matter who is selling it whether a bank or private owner.
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February 16
 

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Question Due to these Economic Times, Is it stupid to purchase a home for sale instead of Foreclosures?
  • Latest answer by SoCal BubbleBrain
  • February 16
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