The Present Foreclosure Mess Leaves Buyers in Limbo!!!

An increasing number of buyers of foreclosed properties are finding that they can't close on the property because the foreclosure and the sale is derailed by a problem with the foreclosure and the bank paperwork. These problems vary by area.
The, Is it really worth it to buy a foreclosed property??
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November 29 2010 - Back Bay
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Answers (10)

Profile picture for Pasadenan
Interesting... from the article Dan referenced:
"Foreclosed properties and short sales dominated the majority of home sales this year as purchasers took advantage of the federal tax credit and record low mortgage rates."

That means more than 50%!  So, even if it was 50%, and there is a 14% reduction in owner/buyers and 6% reduction in investor/buyers for these "distressed" properties, and the owner/buyers outnumber the purchases of investment buyers by 3:1, then that would be a 12% reduction of the 50%, so at least 44% of the purchases are still distressed properties in spite of the temporary delay in foreclosure listings as the lenders get their paperwork in order and the courts figure out if there are any real issues, and to which properties, and to what degree.

If a borrower was 6 months behind on payments, there is almost nothing they can do to rectify their problem anyway.  They have many many opportunities to prevent a foreclosure or to reclaim the property, even after auction...  but if they can't afford the property, they simply can't afford the property and it has to be liquidated one way of the other.

If people want "free" housing, they really need to move to a Socialist or Communist country.
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December 01 2010
Profile picture for sunnyview
Hi McK! :) It is great to see you. Yes he is completely serious. Drop by the new hang out here if you get the chance.
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December 01 2010
Profile picture for the_country_hick
According to one article

Home Buyers Avoid Foreclosure Properties

"A large number of home buyers are refusing to even look at considering distressed properties for sale..."

It is an interesting article you may find useful to see what is happening now.
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December 01 2010
Profile picture for mckylie
LOL - hi Sunny!!!!!  Is this guy serious?
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December 01 2010
Profile picture for sunnyview
Even if Steve is right, the nice thing is that so many people have bought foreclosures at the governments urging that there simply isn't enough room in the Federal prisons to hold them all. Problem solved.

So keep snapping up those foreclosures at below market prices because you'll be sleeping in your own snug bed for the foreseeable future.
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December 01 2010
Profile picture for Pasadenan
Well Steve, you better take your own advice and remove the short sales and foreclosures from your profile as it is clear that your are not only an accessory to the fraud, but you are intentionally the source of the fraud.

Besides, you have no legal authority to "give notice" to anyone.  You have  not passed the bar exam, you are not a licensed attorney, and you only have a 2 year degree.  Your prior position with the air-force as a magistrate ruling on petty theft cases does not qualify you to give legal advice.  Neither does your miscellaneous instruction of other air force personnel.

And why are you planning on running for U.S. president in 2012?  An inflated image of yourself and your qualifications with absolutely no political experience of any kind?
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November 30 2010
As a buyer the only homes you should be considering are those that are being offered at full market value with any stigma of a short sale or foreclosure attached to it.  Those are fraudulent and your knowing participation as of this notice going forward puts you as an accessory and complicit to federal fraud - 5 to 10 years in prison.  Stay away from them.
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November 30 2010
Profile picture for gvw3
  • gvw3
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In my area when you buy a full tank of gas they give you a house. There are homes in my area going for what I paid for mine 26 years ago.
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November 29 2010
Profile picture for Pasadenan
The paperwork issue is temporary.  The bubble decline postponement from government intervention, delayed foreclosures, and low interest rates is temporary, thus just wait it out and make the offer when prices come in line with reality.  As for those agents, tell them that if they want more than 1%, they either need to work harder longer, or that you will go elsewhere.
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November 29 2010
Profile picture for the_country_hick
The answer is

"It is not worth buying NOW as prices still are falling. Foreclosure or not waiting makes the most economic sense.
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November 29 2010
 
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