the house looks interesting..may we ask how much is the actual price of the property? we are first time buyers

Asked by Paul, Northbrook, IL Sat Jan 17, 2009

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Dana Schuster, Agent, Slidell, LA
Sat Jan 17, 2009
This is not an actual listing,it is a RealtyTrac posting. RealtyTrac publishes notices of default & foreclosure they pull from public registries. This house is in Lis Pendens which is the initial step in the foreclosure process. It is not on the market at this time. the owners still have the oportunity to redeem their property. RealtyTrac is a for profit site. they make their profit by getting people to register & pay for info that is available for free. I suggest you contact a local agent who can inform you when this house actually comes on the market. it will be listed at market value at that time.
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Jim Holder, Agent, Rolling Meadows, IL
Sun Jan 18, 2009
Hi Paul,

Those of us busy working with home sellers and buyers on a daily basis know where the best deals are.
Price isn't everything when it's not a great neighborhood to begin with. Most owners don't walk away from homes in higly desired neighborhoods. Some of the best opportunities might NOT be foreclosures (as many need a lot of fix-up). In addition, the buyer must buy in "as is" condition. (So buying a foreclosure will result in the buyer paying much more costs {i.e. land surveys, inspections, city transfer taxes, etc} when buying a foreclosure.) Foreclosures attract a lot of attention because everyone wants a bargain! In reality, few are bargains.

I've seen some foreclosure sales that have taken place and wonder "what were the buyers thinking?" Yes, they bought a foreclosure and what they thought was a great deal. But with the cost of the home + the cost of the fix up, they could have bought something better for the same TOTAL AMOUNT of money (in a better location!)

Because of the weak market conditions for home sales, home values have fallen all over. That means there are some great buys that are NOT foreclosures.

When spending thousands of dollars on a home, costly mistakes can be made. On average, people buy only 3 homes in their life. Life's most expensive purchase shouldn't be taken lightly. Find an experienced professional that has helped at least 1000 clients in the last 20 years to help.

Just as you would be hesitant to buy stock in a bankrupt company, so should you be careful buying a home that is on the market for essentially the same reason.

Hope this helps!

Call me about our upcoming FREE Home Buyer Seminar starting Wednesday.

Jim Holder, CRS,ABR,e-PRO

BTW: Northbrook is my hometown!!
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Anna Niklarz, Agent, Arlington Heights, IL
Sat Jan 17, 2009
Hi Paul,
Just as Dana explained, RealtyTrac is a pre-foreclosure and foreclosure data, it also includes properties with only one late mortgage payment. Not very accurate as far as looking to purchase foreclosure properties. If you would like I can e-mail you a list of available foreclosures and pre-foreclosures in Arlington Heights and other areas you are considering. There is a nice, move in condition, foreclosure in Arlington Hts. by Central and Arlington Hts Rd. listed at 225K-3 bedroom/1.5 bath brick split level, great price!

RE/MAX At Home
Ceftified Short Sale and Foreclosure Specialist
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