Home Buying in Mountain View>Question Details

Cindy Barron, Home Buyer in Fallbrook, CA

what is the chance of some one getting a forclosure house at starting at 11 thous. i dont have much money looking for a deal and need a house.

Asked by Cindy Barron, Fallbrook, CA Sun Sep 2, 2012

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The majority of the value of a home in silicon valley is usually the land. You would have to be incredibly lucky to buy even land for $11,000 on which a house could be built.

A foreclosed home will surely sell for at least the value of the land. Banks are generally big bueaucratic organizations with many people whose job is to make sure that they don't walk away from money.

Even $11,000 as a down payment is probably not enough to buy a home in Silicon Valley.

Knowing nothing about your situation all I could recommend is look at your self for any special knowledge or skills. Our valley is full of people who've turned hobbies or obsessions into money producing activities and businesses. Your odds of getting a very good "deal" from your skills and knowledge are probably greater than finding a incredible deal on a home. It would be a quicker path to owning a home.

I hope you succeed,

Juliana Lee
650-857-1000
Keller Williams Realty
0 votes Thank Flag Link Tue Sep 25, 2012
Looks like there are more answers on a duplicate thread, here:
http://www.trulia.com/voices/Home_Buying/what_is_the_chance_…

Hope that helps!
-Kim, Community Manager
0 votes Thank Flag Link Wed Sep 5, 2012
If by $11,000.00 you mean the purchase price, then the answer is absolutely, positively unequivocally NOT.

If you mean a down payment of $11,000.00, then, if you are securing an FHA loan, you will qualify for a maximum purchase price $314,285.00. Even at that price, there are not a lot of options in your area.
0 votes Thank Flag Link Mon Sep 3, 2012
If you are looking on line at foreclosures listed at $11,000 understand that this is not the entire amount owed on the property. If you bid at auction you may not receive title clear of liens. The $11,000 may be a secondary loan, property taxes, HOA fees, or something else.

In our area even a mobile home is more than $11,000.

We are experiencing a robust real estate market which feels like we have already hit the bottom and indications show prices have gone up from this time last year.

I don't know what "much money" means to you. If you have less than 5% of the purchase price of the property you are looking for, along with some reserves left over in savings, it may not make sense for you to buy a property.

If you would like to talk with my lender to bounce some ideas off of him, drop me a note.
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Sun Sep 2, 2012
Hi Cindy,

If you're hoping to find a home for $11,000 total, then I think it's pretty close to impossible. Even a foreclosure property will be sold for fair market value and/or the loan value and neither fee is likely to be this amount.

Your best bet is to work with a good loan officer to determine what you can afford now, or the steps you can take now to afford a home in the future. Good luck!
0 votes Thank Flag Link Sun Sep 2, 2012
I am familiar with Mountain View (location where you posted your question) and I am also familiar with Fallbrook have family that lives there. My opinion is that you will have difficulty finding real estate in either of those locations for 11K. If your down payment is $11k, you might be able to buy something around the $250k range with FHA financing.
0 votes Thank Flag Link Sun Sep 2, 2012
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