Alerts are a great way for you to stay up-to-date on things you care about. We will email you a list of the new items that match your criteria at a time of your choosing.
''these houses had been trash and neglect.'
Thanks for the tip crazy cheapskate doomers underwear guy!
Stop babysitting zillow. Get a life loser.
I guess your position makes you the official Zillow teabags dangler.
a coworker of mine just bought a home in socal (despite my disaproval) for 130k bank went through no prob... basicly i find that if the asset is worth more than the loan(before down payment) then banks usually dont care. as long as the price is right, but if your bank says no dice, that is an opportunity to ask for a lower price... and since it is REO i'll bet the bank who is currently holding the deed would be happy to finance it as is, lets them do a write UP on their books :P
^^^ it was a forclosure that wasnt trashed, but not maintained well either
Ok NTETS I'll bite. Where in So. Calif did she buy a house for 130K ? In my area that would be a pre 1990's 2+1 price. Any chance you could post the house itself or atleast the neighborhood ? What bank sold it ?
Post an address to see a proof! Otherwise you are just portraying yourself as a talking head.
there are a lot of decent starter homes in the high desert for 130k look at vvmls.com
and no it is not a trash desert town there are lots of nice areas and schools up here
all the same big stores and starbucks on every corner like everywhere else these days!
A Home has to pass health & safty issues to to financed. No matter what the sale prive vs. the as is price. If there are issues to health & safty, they must be repaired prior to closing.
REO's...bank owned property's are about 1/3 of all sales now. If you're buying an REO as your primary residence, think FHA 203 (k) Streamline. Repairs from $3000 to $35,000 that are not strucural can be financed. You only need 3% of sale price as down payment. Repairs cover, painting, carpeting, remodeling bath, kitchen, upgrade heat/air, appliances, decking and landscaping. If you're buying REO for an investment property to rent...pay cash if there are many repairs dealing w/ health & safty.
Bellafonteine -
Yes its true! "There is a sucker born every minute"....
or as Joseph Goebbels would say... 'repeat a lie multiple times, eventually everyone will believe it to be true'
Stop babysitting zillow. Get a life loser.
So what brings you here? too much time on your hands!
This one isnt REO and sure isnt worth anything over $25,000....far from the $190K the seller is asking...
http://www.realtor.com/search/listingdetail.aspx?ctid=2000100&typ=3&sid=9bff88b96d52417e92245632f8abac17&pg=5&lid=1089862732&lsn=44&srcnt=5851#Detail
I would have to disagree with the "most" in the title. Considering that in the month of may, nationally almost 1/3 of all sales were sales of distressed properties (either short or REO) that the sales statistics pretty much debunk that theory
Next stupid topic pls
stockton i believe... i said i protested, and i wouldn't have argued vs malibu ;)
No joke... this is in East Side San Jose... Sold last year for half mill...As if anyone has that kind of income to pay in that kind of region.. You have to remember BA prices like South Bay doubled back in 1990-2000... so its wasnt worth these prices below...at best when it was whole.. $200K given incomes and area... today, not worth more than $25K...the region smells of fraud!!!
Zillow Stats show this to be flipped many times...
http://www.zillow.com/Charts.htm?chartDuration=10years&zpid=19728591
Sale History
07/17/2007: $531,000 up 20% in 3 years?
02/25/2004: $440,000 up 33% in one year?
07/17/2003: $308,000 post dot.com bust with
09/27/2001: $359,091 up 85% 3 years ?
Here is the price of the house two doors down same street and type of home...
http://www.zillow.com/Charts.htm?chartDuration=10years&zpid=19728593
Sale History
01/05/2001: $370,000 <<< up 90% 3 years
02/13/1998: $194,000 <<< Many begins
10/03/1995: $158,000
The house looks like trash yes.. put the prices are reflective of the whole south bay region, even the most desirable areas(?)...
BA prices like South Bay doubled back in 1999-2000...
Foreclosures being sh*tholes or not doesn't matter. That doesn't make non-foreclosures sell any faster. They are priced too high. Just because your neighbor's house needs some drywall and carpeting doesn't make you entitled to sell for 20% more than them. Nor does it create more qualified buyers at your selling price.
There are properties out there that are worth it. True even in this market. For example, I purchased a foreclosure this year, REO, for 10% less than the previous owner's purchase 2 years ago. Zillow's Zestimate (if you believe the Zestimates) shows that my new property is worth $450,000 more than my puchase price plus the improvements I made. The house had been vacant for many months, but was not "trashed." Even if the market continues to decrease, I am happy with my purchase.
Obviously you know what 'uninhabitable' means. Luckily many inspectors do not and the loan goes through. The down side is that many agents do not either, and don't price them appropriately.
I wish they wouldnt finance any of them. I am eyeballing a few cash onlys right now and cant wait to see them go lower because any doodle flootch with a steady job can buy it in and move in. The auctions ( here anyway) are closing at great prices when them home isnt able to be bought and moved into on day one. keep them coming down. I'm ready !
If you are planning to purchase an REO (a bank owned property), be sure to pay for inspections so that you know what you are up against. Also, spend some time at your city/county building department to see if there are any outstanding permits or other issues. It's inadvisable to purchase an REO without spending a lot of time doing your homework. An REO is purchased "as is" and without any disclosures.
... and, it's free and anonymous
Zillow® Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy
Most Foreclosures are hard to finance due to being neglect and Been Trash by Previous OWNERS
sponsored by
Bellafonteine
Contributions: 1094
View full profile
Prices might seem to be attractive but these foreclosures are hard to finance. Due to unforeseen event by previous owners, these houses had been trash and neglect. Some of these houses are considered "uninhabitable". Conventional banks won't finance these properties and the only way to snatch it up is by Rehab loans and Cash only.
If you find this content is in violation of our Good Neighbor Policy, please let us know and we will review it.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.