Profile picture for petethedog

What are the pitfalls of buying in city that has gone into bankruptcy and high foreclosure rate?

  • December 19 2008 - Vallejo
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Answers (5)

Profile picture for edtilton
Property Taxes, How can you be paying a thousand a month on a house worth $300K. That's astronomical
  • December 26 2008
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Ray and Dia -

No need to provide your contact details on your comments. The users can go to your profile page to view your contact details. You may just address the question posted instead.

Thank you.
  • December 20 2008
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Profile picture for AGCGartner
Hard to resell. Flip. Great if you intend to live there and maybe rent. You might have a time getting employed unless you go into the rental business. Thing is finding people who will be consistent with the rent and don't have you contributing to the foreclosure rate with their lack of rental payments. That was how I lost one of my properties.
  • December 19 2008
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Profile picture for SlickPoetry
This forum has lost its mind.
  • December 19 2008
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Good Question!

Buying unwisely in any city/business climate good or bad is a prescription for disaster.  Warren Buffet, an obviously successful guy, states that he makes more money in troubled times than in good times.

There are no pitfalls to smart buying in a bankrupt city with a high foreclosure rate if you do the research, and buy good opportunities, which truly abound in this situation. 

Conversely, buying a year ago in a healthy city with no bankruptcies and foreclosures would surely have lead you to today’s doom, had you not done adequate investigation. 

Call us for guidence to get in on this most opportune time when interest rates are about to dip below 5%, sellers are desperate to sell and buyers are king.

Ray Schuldenfrei
REMAX - Hollywood Hills
www.diaandray.com
#1 Realtor in the Hollywood Hills
(323) 876-2456 Ext. 111

  • December 19 2008
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