We hear a lot about foreclosures but we don't see them in our area, specially we don't see major price

Asked by Giovanni Gonzalez, White Plains, NY Sat Oct 18, 2008

adjustments. What's your opinion on these issues?

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J Philip Far…, Agent, Briarcliff Manor, NY
Wed Nov 24, 2010
Prices in White Plains have been very stable, and the foreclosure rate there is also quite low. There are some short sales, but overall the market is far less adversely affected than other regions. All real estate is local, so foreclosures in White Plains will be less frequent.
0 votes
., , Outer Sunset, San Francisco, CA
Wed Nov 24, 2010
Wow folks wake up! People cease to amaze me that they so often want a short sale or foreclosure. These sales are not for the normal buyer yet everybody who ever turned on a tv think they are up to the task. It is like a passanger flying the plane. There are so many unseen levels of risk and control that the inexperienced buyer does not see, understand or even know enough to inquire about. A real smart buyer will simply look for the right home that 1. appeals to them and 2. they can afford. Stop looking for a bidding war you cant win or a deal controled by a lending bank who will just as well drop you on your head. Please call for help finding and buying a home, not for a short sale or foreclosure (bank owned property).
0 votes
Steven M. Co…, , Westchester County, NY
Tue Sep 28, 2010
I agree with the exbroker on a lot of his points. It is a buyers market right now. The best thing you can do is wait to find a really good deal. Close on the deal. Then wait even longer, holding onto that property untill you can make something off of it. If you buy now it better be for the long run.
0 votes
Exbroker, , 10549
Sun Jul 18, 2010
There are two reasons you aren't finding foreclosures the first being that the banks do not want to release them until the interest rate goes up. At the lower prices they will make their money over the long term with the higher interest rates. The second reason is that if they released all of the homes in foreclosure, plus those in pre-foreclosure throughout the US (those homes that are over 180 days in arrears) adding 13 million homes to a market that is already showing a 9 month surplus would collapse the real estate market and we would be back to the 1990's when the savings and loans collapsed because of Reagan's deregulation of the banking industry.

The government is also artificially inflating the prices by bailing out the banks and the real estate brokers are telling property owners that this is temporary and short term. As with anything else, if you wait long enough the market will eventually collapse dispite all the propaganda about economic recovery.

Good Luck.
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