Got accepted on an offer on a house

[S Freud]

Where would someone find foreclosure listings for their area?

 

[EagleKeeper]

Originally posted by: S Freud
Where would someone find foreclosure listings for their area?

Realtors are the best bet. When a house is put on the market, they have a service that alerts them from some database. Banks will put the foreclosures on the market after their people have attempted to determine what the current market value is.

 

[Squisher]

Originally posted by: zinfamous
If they were adjacent, I would tear out a wall b/w BR 1&2, make larger master or master suite from entire space, or make a smaller office/ semi-bedroom.

but WTF? $18k????

You could do this to make it more livable for you, but know that 3 bedroom houses are the sweet spot for sell-ability. It's the American way, a couple and their two kids.

Most people look for Location then Price then Bedrooms then Baths or Sq. Ft......Basement, Garages, Fireplaces generally bring up the rear.

 

[Squisher]

Originally posted by: wiredspider

Originally posted by: Yzzim
just curious, but can a person take out a mortgage on a foreclosure? I thought I remember hearing that there was some difficulties with that or something. Maybe it was for a first time homebuyers mortgage...I don't remember.

You can, but typically they are in bad condition so the bank won't give you the mortgage.

The bank holding the foreclosure property will also typically prefer a cash transaction for this reason.

You are right, but I do see a lot of HUD houses that I assume could be bought with loans (note: HUD houses need to have an owner-occupant) and even the non-HUD homes will say right in the listings what terms are available to prospective buyers.

And, yes a lot of these homes are in bad shape, missing toilets, vanities, water heaters, furnaces, entire kitchens, and some have had water damage because the electricity got turned off on the previous owners and sump pumps couldn't function or neighborhood kids vandalized the house because they knew it was vacant. My real estate agent said she's seen all the copper pipes yanked out of a house.

I walked into this expecting to get a stripped house at around $10K to $15K and have to put $5K into repairs. I was just patient enough and lucky enough to have found this. I'm sure there have been better deals than this, but I think we did well.

 

[StageLeft]

18k for that looks really nice for that money, really.

 

[dman]

Is that a prefab house? Looks like it... it's up on blocks on the side pic, but perhaps it's just built that way. Nicer looking yard for that price range. Looks like you got a good deal.

 

[Squisher]

Originally posted by: dman
Is that a prefab house? Looks like it... it's up on blocks on the side pic, but perhaps it's just built that way. Nicer looking yard for that price range. Looks like you got a good deal.

I doubt it, it was built in 1943.

 

[erub]

Originally posted by: KLin

Originally posted by: rh71
you forgot a zero!

Looks like one priced at 350k with 10k annual taxes here.

On a related note, I was looking at some foreclosures in San Diego last night... $400k gets you nearly 3000sq ft. Real value is $750k. Why aren't those being gobbled up?

Nobody can afford 400k?

Who determines what "real value" is?? Sounds like a bunch of BS

 

[wiredspider]

Originally posted by: Squisher

Originally posted by: wiredspider

Originally posted by: Yzzim
just curious, but can a person take out a mortgage on a foreclosure? I thought I remember hearing that there was some difficulties with that or something. Maybe it was for a first time homebuyers mortgage...I don't remember.

You can, but typically they are in bad condition so the bank won't give you the mortgage.

The bank holding the foreclosure property will also typically prefer a cash transaction for this reason.

You are right, but I do see a lot of HUD houses that I assume could be bought with loans (note: HUD houses need to have an owner-occupant) and even the non-HUD homes will say right in the listings what terms are available to prospective buyers.

And, yes a lot of these homes are in bad shape, missing toilets, vanities, water heaters, furnaces, entire kitchens, and some have had water damage because the electricity got turned off on the previous owners and sump pumps couldn't function or neighborhood kids vandalized the house because they knew it was vacant. My real estate agent said she's seen all the copper pipes yanked out of a house.

I walked into this expecting to get a stripped house at around $10K to $15K and have to put $5K into repairs. I was just patient enough and lucky enough to have found this. I'm sure there have been better deals than this, but I think we did well.

yea, there is the 203k loan. I think the HUD house give owner occupant priority for the first ten days of the listing then they open it to everyone, including investors.

Any pics of the inside of the place? It almost looks like the car in the driveway cost more than the house .

 

[Squisher]

Originally posted by: wiredspider
Any pics of the inside of the place? It almost looks like the car in the driveway cost more than the house .

No, I've been taking a lot of pictures of the houses I've looked at, but this time the wife and kid were with me so I really didn't think to take any pictures. Also, there were two other couples looking at the house at the same time. Plus, the house was so nice I really didn't think I'd get it, but I used a secret weapon that I learned through other failed offers. I made the offer with NO contingencies. If the city inspector says the house has to leveled because he found the source for the swine flu, I'm probably screwed out of my deposit. But, this is what banks want. If they get an offer for $18K and no contingencies and another for $20K, but contingent on a home inspection or your ability to get a loan, they'll settle for the lesser offer. They just want out, NOW.

I can't get a city inspector out until 9/4 and we'll probably close within the week after that, so I'll update the thread then.

 

[JS80]

Originally posted by: Squisher

Originally posted by: wiredspider
Any pics of the inside of the place? It almost looks like the car in the driveway cost more than the house .

No, I've been taking a lot of pictures of the houses I've looked at, but this time the wife and kid were with me so I really didn't think to take any pictures. Also, there were two other couples looking at the house at the same time. Plus, the house was so nice I really didn't think I'd get it, but I used a secret weapon that I learned through other failed offers. I made the offer with NO contingencies. If the city inspector says the house has to leveled because he found the source for the swine flu, I'm probably screwed out of my deposit. But, this is what banks want. If they get an offer for $18K and no contingencies and another for $20K, but contingent on a home inspection or your ability to get a loan, they'll settle for the lesser offer. They just want out, NOW.

I can't get a city inspector out until 9/4 and we'll probably close within the week after that, so I'll update the thread then.

what's the land value + demo cost?

 

[Gibson486]

Originally posted by: rh71
you forgot a zero!

Looks like one priced at 350k with 10k annual taxes here.

On a related note, I was looking at some foreclosures in San Diego last night... $400k gets you nearly 3000sq ft. Real value is $750k. Why aren't those being gobbled up?

LOL....i actually got denied for a 1 million dollar condo in boston. It was selling for 230K...and was govt subsidized, but the HOA free was $600.....they factored in my HOA and they said i could not afford it.

 

[Joemonkey]

I've always been scared of buying a foreclosed house, figure the previous owners may get drunk and think it's a good idea to come back and burn the place down to "get back" at the bank

 

[oogabooga]

that's not a bad looking place for the price. Enjoy the work

I wish I could get a place in CA for 18k, even at 1k sqft.

 

[Baked]

Originally posted by: oogabooga
that's not a bad looking place for the price. Enjoy the work

I wish I could get a place in CA for 18k, even at 1k sqft.

I lol'd. We have no winter in almost all populated areas of CA, maybe that's why property value's so high here. Fuck winter.

 

[Newbian]

Just be careful of all those acorns or the squirrel invasion will begin there.

 

[dudeman007]

in for two?

 

[Eli]

18k?

:shocked:

 

[BurnItDwn]

Originally posted by: Corporate Thug
I don't know what shocks me more: a 3d bedroom house that's 1000 sq ft or the fact that it costs 18k.

I live in a 3 bedroom house with about 900 sq feet. of course I also have another 900 sq feet in the basement, but, it's below grade so they can't count it in IL.

That said ... mine was about an order of magnitude higher in cost

 

[rh71]

Originally posted by: erub

Originally posted by: KLin

Originally posted by: rh71
you forgot a zero!

Looks like one priced at 350k with 10k annual taxes here.

On a related note, I was looking at some foreclosures in San Diego last night... $400k gets you nearly 3000sq ft. Real value is $750k. Why aren't those being gobbled up?

Nobody can afford 400k?

Who determines what "real value" is?? Sounds like a bunch of BS

Welcome to home pricing. By real value I meant the going rate for similar homes at the locale. If it weren't a bank-owned, private selling would net near $750k (more than likely not now). To be honest, comparing to what we've got now, $750k sounds pretty accurate for that 3000 sq ft unless it's in a crappy part of town. Who knows about Ocean Crest in SD?

Originally posted by: Joemonkey
I've always been scared of buying a foreclosed house, figure the previous owners may get drunk and think it's a good idea to come back and burn the place down to "get back" at the bank

I would think the same, though my brother's been in one for a year with no problems. He saved $200k.

 

[Svnla]

1K sq ft AND 3 bedrooms? My apt is 705 sq ft with 1 bedroom and I thought it was small.

Big frontyard/curveside. Talk about cheap house, even cheaper than in LA/TX areas.

 

[Old Hippie]

I think it's a great deal! :thumbsup:

Surrounding property looks good and well kept.

How much is the rent?

 

[halik]

looks pretty solid, vinyl siding is gonna save you a bunch of cash

 

[Phokus]

I bought a home free after rebate + 16% bing cash back

 

[lepper boy]

Nice deal! becareful about poking in the house to much, if you plan to resell it. You may discover things that you don't want to know is there! like asbestos flooring/ceiling tiles, and you can bet there is lead based paint.

but on the flip side, I would of jumped at the deal in a heart beat!

Just wish the banks in Oregon would get with the foreclosure band wagon, and drop the prices. They think they still need to get 200k out of them if they foreclose on someone. I'd so love to buy a 2nd house this year, or heck even a third.


One thing I don't get, (saw some talk on taxes) all house values are dropping on the market, a few weeks ago the wonderful tax assosors (sp) came around and re-assessed everyone's home value, We haven't received our wonderful paper from them yet, but the town north of us has, and they have increased the tax value of all the homes. How the hell can they do that, when the market is crashing out? Freaking greedy bastards, always seem to go after the honest guy that is working their butt off to buy a house.