BEST ANSWER
Shiju: There is no difference in the price of a home based on foreclosure. They are ALL at market prices. If you go to a sheriff's sale, you bid against anyone that shows up, including the lender, who will show up. (Would you write off a $200,000 debt for a $50,000 offer, when you have been advised that the current market rate for the property is $175,000?) If no one bids close to the market price, the lender will buy it back. After the foreclosure procedure, homes are listed with realtors who price them in the MLS at what they feel the market will bear in TODAY’S market. (Would you, if you owned a property, not at least look for the highest and best offer you could obtain?) Finally, if distressed homes are available for a price, don’t you think that every other house in similar condition will have to sell at the same price or stagnate on the market?
Since there are many houses on the market, the correct approach is to find the best one to fit your needs, budget and ability to repair, should repairs be needed. Most distressed houses that are selling low have serious repairs needed. In many municipalities you can’t move in until the housing department is convinced that those repairs have been done correctly and to the building code.
If you wish to look seriously for property in the Delaware Valley region (both NJ and PA,) I would be happy to show you everything available, foreclosure or not, in your price range. You then be able to find the best deal available to suit your specific needs.
The important thing for you keep in mind is that you need to find an agent with whom you feel comfortable and who understand your needs and goals. Together, you will have access to all the houses on the market.
Wed Nov 12 2008, 05:15
Fair Housing and Equal Opportunity