You Want to Buy a Foreclosure?

I am getting a lot of calls lately with people telling me that they want to buy a foreclosure.  Maybe it’s the mentality of the market, or the late night infomercials, but many people seem to think that foreclosures, by definition are a “good deal”.  They might be or they might not!

Foreclosures aren’t necessarily priced right, relative to the market conditions, or even relative to other REOs.  I just checked out 2 new foreclosures in Lake Forest today.  Both are within the same (nice) neighborhood, located only 2 blocks from each other. They are the same builder, age, square footage and floorplan, so a direct comparison is very easy.

The first one has a decently upgraded kitchen, scraped ceilings, remodeled baths, and lightly worn Foreclosed Home $545,000carpet. The atrium area is unfinished dirt, and it looked to me like an above ground spa had been removed from that area.  The garage door is the original wood tilt-up (instead of the more popular roll-up door) and it has a wood shake roof that the builder had installed in 1975.  The windows are all original, and the road noise coming in the house at 3:30 in the afternoon was quite loud. That house is priced at $545,000(Update 7/14/2008, new price is $439,900!)


Foreclosed Home $498,900 The second house, just around the corner has similar kitchen upgrades, scraped ceilings, remodeled baths, professionally installed laminate flooring (it looked pretty good), attractive used-brick walkway and atrium, newer tile roof, and no significant road noise. It is priced at $498,900(Update 7/14/2008 – price is now $466,900!)


It’s obvious to me which lender is more serious about getting this sale done!

Please call or email me if you would like valuable information about any home for sale – foreclosed or not.  I’m starting to see some well-priced homes come on the market, and they are selling pretty quickly! 

Search for homes in Orange County    Get your estimated home value by email  Ask a question or get personal advice from Vicki


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s