Home Buying in 55344>Question Details

Vick, Home Buyer in 55344

I see couple of foreclosure in hennipin village , ryland homes eden prairie... while new houses are being

Asked by Vick, 55344 Tue May 6, 2008

built ?? how does it effect if i buy a home from ryland now?

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You could use those foreclosures as leverage with the builder. If you go new construction, condition is warranted by the builder. If you go with the bank owned homes, condition is not warranted. To me, that alone is worth some money.

Even if there were not any foreclosures right now, almost every development will see them sometime in the next 24 months... it's the market we're in. Don't overpay now and you won't regret it later.
0 votes Thank Flag Link Tue May 6, 2008
If you are in the market to buy there and would consider a pre owned unit it may be a good deal for you to buy one of those foreclosures, if you want to buy a new unit and are going to own it for a while you should be fairly safe. The foreclosures will definitely depress values in the community.
Web Reference: http://www.lennyfrolov.com
0 votes Thank Flag Link Tue May 6, 2008
Vick, foreclosures drive property values down in the area they are in typically. Did you have a Realtor represent you in your purchase from Ryland? I would ask my Realtor to do a market ananysis on the home that you're purchasing and make sure you are buying it at the current market price on similar properties.

I wish you great happiness in your home. I am sure you'll love it!

Thanks, Todd Norsted
Web Reference: http://www.toddnorsted.com
0 votes Thank Flag Link Tue May 6, 2008
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