Home Buying in Perris>Question Details

Melissa, Both Buyer and Seller in Vancouver, WA

I'm looking at buying a house in Perris/Hemet/Murrieta Area

Asked by Melissa, Vancouver, WA Mon Jun 30, 2008

When a foreclosure is listed for $38,000 is that really the price that the buyer would pay for the home, other than fees and such?

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Answers

5
If the home is a bank owned home then yes, that is really the price if others don't bid up on that number. A price like that might mean the home is in need of repair, condition would be best determined by a home inspection. Banks are often unwilling to make repairs and homes are sold "as is" in most cases. At best, a bank might credit a buyer for work needed.
Cheryl Kuechler
0 votes Thank Flag Link Fri Nov 7, 2008
Melissa,
I am trying to sell my manufactured home in a very nice senior neighborhood in East Hemet. ARE YOU 55+. We have a beautiful low profile 1780 sq ft, 2 bed 2 bath. 6 ft stained cedar fenced in the back yard (yard has small area of grass. Some hardwood floors, some slate, some carpet. See pictures at http://www.prudential.com We are asking (price is reduced TODAY to) $177,900 If you go to that website look under $189,900 the address is 43561 Holder Ave, Hemet CA 92544
0 votes Thank Flag Link Tue Jul 8, 2008
Melissa,
Do not...I repeat do not buy in Perris. Its run down/dusty and generally miserable with no redeeming qualities other than its cheap to live there.
Believe me, my mother in law moved from Perris to Moreno Valley (not much difference) and we always roll our windows up and lock the doors when we travel there.
and thats in the DAY time.
You will be MUCH better off looking in Murrieta, if you can make the extra 5 minute drive and check out Temecula, south of Murrieta.
My brother in law works in Temecula and lives of Clinton-Keith Road in Murrietta. Both are great places to live.
Good Luck!
0 votes Thank Flag Link Sun Jul 6, 2008
Melissa,
You're welcome to log on my website - http://www.JanaFarella.com , and view listing in this area - Southwest Riverside County. There usually are multiple pictures of each property, and you can search by each city right from my home page. This area has one of the highest foreclosure rates in the country. Some bank owned properties are in a great condition, some need a lot of repairs. The prices here didn't decline 4% or 17% as often published in media. Some homes lost 50% or more of their value if we compare prices with year 2006. There are some incredible deals available. Examples: homes that sold for $700K are now selling for $350K, and some homes that sold for 1.3 mil are now priced at $700K. I just closed escrow on bank owned property in Hemet - 1330 sq.ft, 2bed, 1.5 ba, 2 car gar, RV parking, over 8,000 sq. ft lot, @ only $119,000. The bank/seller paid for new flooring and paint. I just received my Money Magazine Issue, and there is an article on how to buy a Foreclosed home. The author suggest to offer 10% - 30% less on bank owned property if the property has been on the market for more than 90 days. If the property is bank owned - REO, and it is in a good condition and priced at or below the market value, there usually are multiple offers... I've seeing as many as 39 offers on one property. These properties usually sell for higher amount then the asking price - if the appraisal comes through...
If your offer gets accepted at $38,000, there should just be standard closing costs associated with the purchase. Please feel free to e-mail me and I can send you The Estimated Buyer's Cost Sheet. My e-mail address is JanaFarella@Tarbell.com or you can call me at 1-951-970-9747.
0 votes Thank Flag Link Wed Jul 2, 2008
Melissa:

Please see my response to your other post on this subject. Contact me if you want more help. And Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
0 votes Thank Flag Link Tue Jul 1, 2008
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