Foreclosure in Ridgecrest>Question Details

Cris, Home Buyer in

We keep hearing about all these forclosures but I'm not really seeing them come onto the market in my area.

Asked by Cris, Mon Jan 28, 2008

Why does it take the banks so long to appraise and market these homes? if they were priced fairly a lot of folks would buy them.

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"Why does it take the banks so long to appraise and market these homes? if they were priced fairly a lot of folks would buy them."

It usually takes about six months from when the house is repossessed by the bank (REO) by not being sold at the foreclosure auction. The bank works with a local Real Estate Broker to assess the value of the house then decide on the Listing price.
It may be different elsewhere but in my area for years now the bank and realtor usually look for a perfect condition retail price for the house when in reality there could be $15,000.00 - $20,000.00 in rehab to deserve the listed price. So, of course the house doesn't sell, the listing expire's and it is now a year since the foreclosure auction. Now is when the bank finally realizes that they have lost a heck of alot of money on this house and are more than ready to sell the house for a drastically lower price.

That's they way it usually happens. But now that the banks are way beyond their gov. controlled balance of property taken back and loans made, I think that the RE Brokers may be put in a very precarious situation.
I can't see how the banks and mortgage co's can afford to sit on the house for the usual year to sell thier REO's. The loss mitigation dept.'s are going to have alot more desks in their office or the deals on houses are going to be made very, very fast.

The way the housing market is headed this year probably both will happen.
0 votes Thank Flag Link Mon Jan 28, 2008
This house is actually being handled by an out of town realty agency, it's listed on Realtor.com but nowhere else and the agent who is supposed to be handling it never answers his telephone and never returns call when you leave a message. How is anyone supposed to find out about this house?
1 vote Thank Flag Link Fri Feb 22, 2008
Wow, we just got a call from our realtor, the bank has placed a price on the house we've been watching and I'm betting it's going to sit there for a good long while, way too high. We'd love to wait and watch for it to come down but.......who knows when that will be.
1 vote Thank Flag Link Tue Feb 5, 2008
Are you working with a Realtor in your area? They should be able to help you find them.
0 votes Thank Flag Link Wed Apr 9, 2008
Sadly, most of the forclosed properties in Rosamond are not appearing on the market at all. Some are going to REDC auctions, some are snapped up by investors who havn't clued into the fact that the party is over, some simply languish on the MLS due to the condition of the property. I've been tracking several properties here and nothing is worth more than $150k here. The properties that are worth that much will not maintain that price/value over the next two years. Rosamond is one of those towns that is a stopping point on your way to someplace else. It's a truck stop, a rest stop and in general a place for local military who can not get housing on base to rent and not have to commute twice as far to Lancaster. Prices for this town should come back down below $100k in the next 12-18 months, sooner would be better, but I've resolved not to tarry here much longer.
0 votes Thank Flag Link Wed Apr 9, 2008
"We keep hearing about all these forclosures but I'm not really seeing them come onto the market in my area."

Cris,
I'm a realtor in the Ridgecrest area and I know that we are not seeing as many foreclosures in our area simply because the loan issues that a lot of other areas have experienced are not as big of a problem here. Our market also wasn't priced as high as other areas when they were taking out these loans therefore they aren't so financially binding. The loan crisis hits areas in different ways. And not all areas are following the foreclosure trends. However, there are foreclosures in our area still-just not a whole lot.
0 votes Thank Flag Link Tue Apr 1, 2008
Did you miss 60 minutes last night....?

Stockton CA is now the foreclosure capital of the world ...

http://www.cbsnews.com
0 votes Thank Flag Link Mon Jan 28, 2008
Chris,
Move to Modesto, 40% of our marketplace are foreclosures
It has dropped our average sales price from $350ish to $250ish

Nick
0 votes Thank Flag Link Mon Jan 28, 2008
Hi, Cris. Some areas have more foreclosures than others. Hang in there - there are more coming!

In some cases the homes are foreclosed and then there is an eviction process to go through and that can take awhile.
Web Reference: http://www.DotChance.com
0 votes Thank Flag Link Mon Jan 28, 2008
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