keggerz Posted August 25, 2008 Share Posted August 25, 2008 Just found out yesterday that our next door neighbor had his house foreclosed. Pretty sad....He and his family have a small Dry Wall Contracting business and they have an 18 month old too....He(didn't get to speak to his wife) seemed to be in pretty good spirits. Just sucks no matter how you cut it. The houses in our development are selling in the range of 275-300k and his sold at auction for $178 and the new owner has a price tag on it of $233k Quote Link to comment Share on other sites More sharing options...
i_am_the_swammi Posted August 25, 2008 Share Posted August 25, 2008 Just found out yesterday that our next door neighbor had his house foreclosed. Pretty sad....He and his family have a small Dry Wall Contracting business and they have an 18 month old too....He(didn't get to speak to his wife) seemed to be in pretty good spirits. Just sucks no matter how you cut it. The houses in our development are selling in the range of 275-300k and his sold at auction for $178 and the new owner has a price tag on it of $233k The have money, make money strategy. New owner will make $45K'ish after all fees...not bad. We are doing the same thing with hotels. Quote Link to comment Share on other sites More sharing options...
moneymakers Posted August 26, 2008 Share Posted August 26, 2008 Neighbor most likely had a second. Took money from the second to pay Tax liens on contract business. Happens alot. May have overspent on toys. If he didn't have second he would of been able to sell equity in house fairly easy. The 178k tells you how much he owed on the first. Quote Link to comment Share on other sites More sharing options...
Clubfoothead Posted August 26, 2008 Share Posted August 26, 2008 4 houses in our neighborhood have gone from "for sale" to "for lease". No buyers. Quote Link to comment Share on other sites More sharing options...
keggerz Posted August 26, 2008 Author Share Posted August 26, 2008 Neighbor most likely had a second.Took money from the second to pay Tax liens on contract business. Happens alot. May have overspent on toys. If he didn't have second he would of been able to sell equity in house fairly easy. The 178k tells you how much he owed on the first. he did in fact take out a $40k loan 4 houses in our neighborhood have gone from "for sale" to "for lease". No buyers. In our neighborhood only like 6 homes can be leased Quote Link to comment Share on other sites More sharing options...
SuperCharger Posted August 26, 2008 Share Posted August 26, 2008 Similar thing happend 3 houses down from me. Houses in the neighborhood range from $250K-350K. House was foreclosed and sat on the market for 6 months. The price started at 280K and sold after 6 months for 189K. I was tempted to pick it up myself. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted August 26, 2008 Share Posted August 26, 2008 (edited) Just found out yesterday that our next door neighbor had his house foreclosed. Pretty sad....He and his family have a small Dry Wall Contracting business and they have an 18 month old too....He(didn't get to speak to his wife) seemed to be in pretty good spirits. Just sucks no matter how you cut it. The houses in our development are selling in the range of 275-300k and his sold at auction for $178 and the new owner has a price tag on it of $233k this can be risky in this market. you need buyers in order to flip something regardless of the discount. sucks for your comps if you want to sell in the near future. this is happening in alot of neighborhoods. not only is the housing market crap, the foreclosures are crushing the prices as well. Edited August 26, 2008 by dmarc117 Quote Link to comment Share on other sites More sharing options...
keggerz Posted August 26, 2008 Author Share Posted August 26, 2008 this can be risky in this market. you need buyers in order to flip something regardless of the discount. sucks for your comps if you want to sell in the near future. this is happening in alot of neighborhoods. not only is the housing market crap, the foreclosures are crushing the prices as well. currently we dont own and are just renting....I am however wondering when the apex will be for a buyer in this market Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted August 26, 2008 Share Posted August 26, 2008 currently we dont own and are just renting....I am however wondering when the apex will be for a buyer in this market i think the bottom is still to come. but if you are looking to buy and stay for awhile, now isnt a terrible time to look. just dont pay the offer!! lol Quote Link to comment Share on other sites More sharing options...
AtomicCEO Posted August 26, 2008 Share Posted August 26, 2008 According to Marketplace last night, existing home sales are up this month, more than anyone expected. Unfortunately, the number of homes on the market is at a 50 year high, so that kind of balances out. Quote Link to comment Share on other sites More sharing options...
SuperCharger Posted August 26, 2008 Share Posted August 26, 2008 According to Marketplace last night, existing home sales are up this month, more than anyone expected. Unfortunately, the number of homes on the market is at a 50 year high, so that kind of balances out. If you have the cash now is a great time to invest in real estate. Huge buyers market. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted August 26, 2008 Share Posted August 26, 2008 According to Marketplace last night, existing home sales are up this month, more than anyone expected. Unfortunately, the number of homes on the market is at a 50 year high, so that kind of balances out. i forgot the exact number, but foreclosure sales were a large percentage of that number. Quote Link to comment Share on other sites More sharing options...
Big Country Posted August 26, 2008 Share Posted August 26, 2008 If you have the cash now is a great time to invest in real estate. Huge buyers market. My wife and I are finally starting to talk a bit more about buying a new house for us to move in but rather than sell ours, rent it. So long as we can cover our mortgage/taxes/general expenses for our current house by renting it, I think we should be able to afford to get into a new home, but with the stricter lending policies, I may be having to put down a lot more than I would like to sink in cashwise towards buying a house... but we really could use a larger home. Quote Link to comment Share on other sites More sharing options...
SuperCharger Posted August 26, 2008 Share Posted August 26, 2008 My wife and I are finally starting to talk a bit more about buying a new house for us to move in but rather than sell ours, rent it. So long as we can cover our mortgage/taxes/general expenses for our current house by renting it, I think we should be able to afford to get into a new home, but with the stricter lending policies, I may be having to put down a lot more than I would like to sink in cashwise towards buying a house... but we really could use a larger home. If you can manage it's a great investment. Quote Link to comment Share on other sites More sharing options...
darin3 Posted August 26, 2008 Share Posted August 26, 2008 My wife and I are finally starting to talk a bit more about buying a new house for us to move in but rather than sell ours, rent it. So long as we can cover our mortgage/taxes/general expenses for our current house by renting it, I think we should be able to afford to get into a new home, but with the stricter lending policies, I may be having to put down a lot more than I would like to sink in cashwise towards buying a house... but we really could use a larger home. +1, except the larger home part... we just want to be in a different area Quote Link to comment Share on other sites More sharing options...
BiggieFries Posted August 26, 2008 Share Posted August 26, 2008 My wife and I are finally starting to talk a bit more about buying a new house for us to move in but rather than sell ours, rent it. So long as we can cover our mortgage/taxes/general expenses for our current house by renting it, I think we should be able to afford to get into a new home, but with the stricter lending policies, I may be having to put down a lot more than I would like to sink in cashwise towards buying a house... but we really could use a larger home. This is what we're doing now. I'll be closing on Friday on the new place. And the renter is all set up. Took us a loooooooong time to get this going. Glad it's almost over though. Quote Link to comment Share on other sites More sharing options...
Egret Posted August 26, 2008 Share Posted August 26, 2008 Foreclosures are all over the place in my area. There's only one in my subdivision that I know of right now. The family was forced out in May or June. There isn't even a for sale sign in the yard. One of my good friends bought a new house close to a year ago now. The old house is still on the market. He planned ahead to have enough saved up to afford to pay two house payments for a year. With all the foreclosures in his old neighborhood, houses are selling for half the price of his old house. It really depresses the hell out of him. He's going to end up in foreclosure on his house and end up going into bankruptcy. He did everything "the right way", and is ending up in a very, very bad spot. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted August 26, 2008 Share Posted August 26, 2008 (edited) Foreclosures are all over the place in my area. There's only one in my subdivision that I know of right now. The family was forced out in May or June. There isn't even a for sale sign in the yard. One of my good friends bought a new house close to a year ago now. The old house is still on the market. He planned ahead to have enough saved up to afford to pay two house payments for a year. With all the foreclosures in his old neighborhood, houses are selling for half the price of his old house. It really depresses the hell out of him. He's going to end up in foreclosure on his house and end up going into bankruptcy. He did everything "the right way", and is ending up in a very, very bad spot. yep...we lived nw of detroit. sold in fall of 06. i looked last week on realtor.com and saw 3 house still for sale that were for sale when we sold. 2 are bank owned and offered 30% lower. i told my wife that we had to be the 1st ones to hit the bid in the neighborhood because there wouldnt be an uptick for a long time. hurt our sale price a little but lucky to have sold. the problem in your area is lack of buyers. when we were moving, the moving guys were saying that they had no one moving back into the area which was a logistics nightmare for them. they dont like driving empty trucks. ive also been at midway waiting for a flight to detroit hearing people talk about how they work all week in chicago and fly home to their families on the weekend cause they cant sell. sucks. Edited August 26, 2008 by dmarc117 Quote Link to comment Share on other sites More sharing options...
i_am_the_swammi Posted August 26, 2008 Share Posted August 26, 2008 If you have the cash now is a great time to invest in real estate. Huge buyers market. ....and in all types of real estate. You need cash, since you won't be able to borrow as much as in the past, but you are dead-on. Quote Link to comment Share on other sites More sharing options...
Sugar Magnolia Posted August 26, 2008 Share Posted August 26, 2008 My wife and I are finally starting to talk a bit more about buying a new house for us to move in but rather than sell ours, rent it. So long as we can cover our mortgage/taxes/general expenses for our current house by renting it, I think we should be able to afford to get into a new home, but with the stricter lending policies, I may be having to put down a lot more than I would like to sink in cashwise towards buying a house... but we really could use a larger home. Just make sure you understand the rental market in your area. Because houses aren't selling, people are renting their places, so in many markets there is a surplus of rentals driving down rents, plus with more competition, you may not get the quality tenant you are looking for. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted August 26, 2008 Share Posted August 26, 2008 yep cash is king. lower home prices are off set by stricter lending policies. Quote Link to comment Share on other sites More sharing options...
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