Is looking at foreclosures a good or a bad idea? We have just moved to Raleigh from Philadelphia and want to

Asked by Taylor Goodnough, 27606 Sun Feb 22, 2009

find a nice home with great schools. Our old home is 5000 square feet and we have not seen much in our price range (450,000-600,000) with that much space. Thanks, TG

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Jennifer Bra…, , Garner, NC
Mon Feb 8, 2010
Good Morning,

I saw your old post this morning and wondered if you found a new home? Did you decide on a foreclosure? There are great homes on the market in the Raleigh area -- foreclosure or not I hope you have found a great new place. :)
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Alina Karpen…, Agent, Raleigh, NC
Wed Jul 29, 2009
Hi Taylor,
It is houses on the market right now with 5000 sq ft or more and fits in your price range.
I would look them all including a short sale possibility.
Let me know if you are still looking.
Have a good day
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Bill Dixon, Agent, Raleigh, NC
Tue Jul 21, 2009
Taylor Goodnough,
That is a great question that is on a lot of potential home buyers mind. There is no one size fits all answer.
There are some great buys out there, but some homes are trashed badly and others are in great shape.
The challenge of a trashed home is the repairs and getting financing in place with a home that needs TLC
Do you have the money and know how to get the home ready to live in?
An Inspection is very important, as the former owners probably did not have the money for regular home maintenance. The Bank owned and HUD homes have a tendency to be listed higher that they should in the begining. A good experienced agent is esential to the sucess. Each home needs to be looked at for its own merits
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St. Peter, Agent, Raleigh, NC
Tue Jul 14, 2009
Hi Taylor ~ just thought I'd stop by and see how your home search is coming along? Have you found your new home yet? If not - I just checked our TMLS and there are 1/2 dozen homes with over 4800 sq. ft - Let us know how you're doing when you get a chance...
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Dave Jeziers…, , Ashburn, VA
Mon Jul 6, 2009
Hello Taylor, hope all is well.
Yes, i would definately include looking at foreclosures in your home selection process. Are you still in the process of looking for a home, or have you already found the home you were looking for?
If you are still looking, I would like to offer my service to you. I have experience in both foreclosures and short sales. These are two complex transactional situations, and you need an agent who has been on both the Listing as well as the Selling sides of them, in order to walk you through the process with minimal amount of stress by educating you so your expectations are in tune with what will happen, and dispelling the disinformation that you may have heard.

Would love to have a chat with you, and see where you are at in your home search, and we could go over your options and design a game plan that will get what you want.

I have contact information on my website, I look forward to talking with you soon.
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Tracy Santro…, Agent, Cary, NC
Sun Mar 15, 2009
Just for the record, and unfortunately, a foreclosure in my NEW neighborhood, Glenkirk, over 5000 Square feet went for $550k. Previous list price $750k. In the above $500k price range in Cary Area 5 there are only 7 listings pending(one of which is mine in Weatherstone) at $500k+. In order to be competitive in this marketplace one truly has to shine!
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Joe Ward, Agent, Raleigh, NC
Mon Feb 23, 2009
Here are 21 in wake county. The predominance of these are in norhern wake county because that is were most of the bigger home have historically been built. Let me know if I can help.

Joe Ward 518.8182 or or visit my website

1 1608056 ACT 007/E 2206 Spacious Skies Lane Bedford 5228 2007 6 5 0 DTACH 3197 $469,000
2 1640483 ACT 014/B 2909 Snapswell Street Wakefield 4810 2005 5 3 1 DTACH 1993 $469,900
3 1646748 ACT 007/E 1401 Kings Crest Lane Hadleigh 5200 2005 5 4 1 DTACH 71391 $495,500
4 1636889 ACT 014/C 2402 Carriage Oaks Drive Wakefield 4813 2001 5 4 2 TOWNH 71330 $499,000
5 1600014 ACT 007/C 11821 Six Forks Road Not in a Subdivision 5780 1998 6 4 1 DTACH 1861 $499,900
6 1614094 ACT 006/E 129 Chillingham Road Lynnshire 6008 2006 5 5 0 DTACH 3209 $519,900
7 1634103 ACT 007/E 2222 Spacious Skies Street Bedford 6006 2006 5 5 0 DTACH 2337 $525,000
8 1639111 ACT 021/A 2901 Deer Manor Drive Deer Creek 4942 2000 4 3 2 DTACH 2234 $525,000
9 1602697 ACT 007/E 1505 October Road River Oaks 5155 1999 3 3 1 DTACH 70905 $539,900
10 1629031 ACT 009/C 7917 Holly Springs Road The Bluffs 5878 1986 4 3 1 DTACH 3207 $549,000
11 1641968 ACT 015/C 1004 Taywood Way Haddon Hall 4945 2002 5 3 1 DTACH 3197 $549,000
12 1613532 ACT 009/G 2413 Millstone Harbour Dr MillstonLanding 5625 2005 3 4 1 DTACH 3142 $549,900
13 1636724 ACT 009/A 312 Settlecroft Lane Brackenridge 5968 2003 4 3 1 DTACH 71868 $549,900
14 1643360 ACT 014/C 12344 Canolder Street Wakefield 5458 2003 5 6 0 DTACH 3177 $549,900
15 1610539 ACT 009/H 5204 Crooked Bluff Lane Crooked Creek 4922 2002 6 5 0 DTACH 1319 $574,900
16 1626532 ACT 007/C 1500 EGLANTYNE Court Roseington 4800 2001 4 5 1 DTACH 2498 $575,250
17 1640729 ACT 010/B 1116 Wake Robin Lane White Oaks 5609 1979 6 4 1 DTACH 2725 $589,000
18 1644173 ACT 013/B 1140 Water Plant Road Not in a Subdivisio 5917 1992 6 6 1 DTACH 70905 $599,000
19 1637960 ACT 014/C 13133 Sargas Street Wakefield 5278 2003 5 5 0 DTACH 2337 $599,900
20 1644369 ACT 014/C 2404 Carriage Oaks Drive Wakefield 5011 2002 5 5 1 TOWNH 3177 $599,900
21 1648672 ACT 009/B 119 Morganford Place Windermere 5283 2002 5 5 0 DTACH 3245 $600,000
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Teresa Wolf, , Sanford, NC
Mon Feb 23, 2009
I saw your question and I thought I would make a suggestion to you. I am a agent in Lee County. Lee County is just south of Wake County. We have several listing that might be what you are looking for. The homes are not in foreclosure and will be more likely to be in better condition. This price of home is normally a longer time and seller may be more likely to work with you on price and repairs. Lee County is 30 to 40 miles to the south of Raleigh. One of the big advantage of Lee County, our school systems do not reassign school district every couple of years. Your children will normally finish at the school where they started. Lee County is a wonderful community to live in.
If you are interested in Lee County, e-mail me and I will send you some listing that you might like.
Thank you for your time,
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Mike Jaquish, Agent, Cary, NC
Sun Feb 22, 2009
5,000 SF under $600,000 may get you into some "interesting" stuff...
Particularly if you are looking at foreclosures.
Many of these homes will suffer from neglect.

It can't hurt at all to look at foreclosures, to include them in the inventory you will consider.

Short sales may also be a good direction for you to go,
And you may find something from a custom builder, inventory that has languished on the market and is discounted. Some of this inventory also is slightly distressed, and "interesting."

5000 SF is a lot of home for the money you are talking, but I think not impossible.

Bottom line:
Eyes open, depending on your time factor and urgency, and ready to disqualify many homes for conditionor to do some repairs and updates, yes, you should consider short sales and foreclosures.

Good Luck in the hunt, and I hope you find what you need!
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Wendy Norman, , Raleigh, NC
Sun Feb 22, 2009
Hi Taylor...

Looking at foreclosures is a good idea if there's a home that meets your family's needs; however, this area hasn't seen as many foreclosures as other areas of the country and the average list to sale price ratio has been steady here for quite a while (around 97%). There may not be as many options if you're strictly looking for foreclosures in that price range, so with many sellers in that price range having more price adjustments than in years past, it will give you more to choose from. You may want to consider homes that are also short sales or that mention pre-foreclosure (basically, it's like a pre-foreclosure home in which the sellers will be "short" in paying off the mortgage balance to the lender when they sell, but the bank agrees to that in lieu of taking on the expense of a foreclosure sale)...or perhaps homes that are owned by corporate relocation depts.

Purchasing a home that's a foreclosure or short sale also adds to the timeline since you're negotiating with banks/lenders/investors and the paperwork has to pass through a lot of hands and red tape to have an offer approved (some mortgage brokers/lenders now are quite backlogged in underwriting/loan processing due to the recent rush of refi's, so that could add to the timeline as well... some estimates are around 90-120 days when dealing w/ short sales).

As far as schools go, Wake Co. has pretty high expectations for student achievement (I was a teacher in the county for 12 years)... the area continues to grow, so the school system often has to reassign students to balance each school's student population. With that being said, there's no guarantee that your child(ren) would be able to remain at the same school based on your address (unless you're willing to move when there's a reassignment or unless the child attends a private or a public magnet school). Wake Co had it's largest student reassignment ever this year. You can check out the school system website at (the student assignment finder link will help you figure out what the assigned school is for a certain address). You can also find out more about schools here at (it's more useful info than just looking at test scores).

I recently took a class on how to navigate the short sale process, so if you'd like for me to set up a home search for you, I'd love to help. Please call or email if you'd like more info.
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Erica McClen…, , Raleigh, NC
Sun Feb 22, 2009
Taylor, If you are looking for a home with a basement there may be options to get that much sq. footage. I know of one great foreclosure off the top of my head in N. Raleigh near Creedmoor Rd and 540. It's value is over $750,000 and the bank has it listed for $545k.

New options come on the market daily and the banks holding onto larger foreclosures, are really anxious to negotiate.

We specialize in foreclosures and I happy to add you to our free VIP Distressed Property list.

Have a great night!
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Daniel Eberw…, Agent, Clayton, NC
Sun Feb 22, 2009
Taylor - Foreclosures aren't common in that price range and sqft size. Raleigh has not seen a huge number of foreclosures as compared to other markets. A quick look in the MLS only showed one foreclosure that was close to your price range and sqft. There are only 14 houses listed in the Raleigh market right now that are within 10% of 5000 sqft and in your price range. Feel free to contact me if you'd like more info on those properties.

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Michael Colv…, Agent,
Sun Feb 22, 2009
Hi Taylor
I would look at all available properties that meet your criteria, both square footage and price. If you would like properties sent to you please email me and I would be happy to assist.
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Sonja Babic, Agent, New Bern, NC
Sun Feb 22, 2009

Anytime you are spending that much money and especially with current market condition you want to look at all of the available options. When dealing with foreclosures it comes down to the property some of them are great deals and some are NOT. Get yourself good buyer’s agent and just see what is out there.
Good Luck!
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Carrie Pitts, Agent, Raleigh, NC
Sun Feb 22, 2009
There are many pros and cons to buying a foreclosure, but there are also some homes that seem to fit your needs in your price range in the Wake Forest and Cary areas. I'm not sure if you need to be in a particular area of Raleigh. i would be glad to provide you with more information.
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Melissa Albe…, Agent, Wake Forest, NC
Sun Feb 22, 2009
Hello Taylor,

It's totally up to you about looking at foreclosures, but they may take longer to close, but you may also find a great deal that fits all your needs. I take it you wouldn't mind a fixer upper? What area are you looking to live?
I would be glad to provide you with foreclosures on the market once I have more details.

Thanks and have a blessed day!
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