My house is getting foreclosed! - Defender Source
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  #1  
Old March 28th, 2009, 08:17 AM
Departing90
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Sasha
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Location: Santa Monica, CA. USA
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My house is getting foreclosed!

The owner of the house is behind on the mortgage & I think the house is in pre foreclosure! Several parties have come by in the last week or so checking out the house & looking for the owner. We have received several registered mail slips from the post office for over 2 weeks & we got a red water disconnection final notice a few days ago! Its not looking good!

Itís a shame all around. He tried to sell the house and the back house several years ago & turned down an offer for $740K. Now the place is worth $500K tops!

After talking to my wife, we figured that as there is a good chance that we might get evicted from here, we may be in a position to buy a smaller foreclosure property instead of renting.

Any words of caution or advise regarding the purchase of a foreclosure property from the financially savvy types would be greatly appreciated.
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  #2  
Old March 28th, 2009, 11:23 AM
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Rikki Rockett
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The house I now live in was a forecloser 10 years ago. I bought it and I love it! However, I have had to unravel the mysteries of what was done to the house, where everything was located (electrical, water lines, telephone lines, gas lines, etc, etc.) The bank was no help with any of that stuff. Make sure to really inspect the place before buying. I mean be super anal about it. Nothing is worse than spending your last dollar to move into a place that needs extensive repairs that you weren't aware of.
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Old March 28th, 2009, 12:17 PM
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Leave Santa Monica. That is my only advice. Unless you make 200k minimum.
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  #4  
Old March 28th, 2009, 12:49 PM
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David Lucas
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Buy real estate in southern California? Of course you should, what could go wrong?
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  #5  
Old March 28th, 2009, 12:52 PM
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Quote:
Originally Posted by Lucasd2002
Buy real estate in southern California? Of course you should, what could go wrong?
It's the perfect time to buy in Socal.
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  #6  
Old March 28th, 2009, 01:39 PM
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Neil McCauley
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It's a great time to buy, I just put an offer on a 2 bedroom one bathroom here in South Pasadena nicely remodelled for 600 (they are asking 680). Man 2 years ago that sucker would have been close to 900. If you got the cash then there are some good deals in good neighborhoods, even better in shittier neighborhoods. It's all about the school system n crime rate.
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Old March 29th, 2009, 03:13 PM
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Low ball an offer in the 300 to 400 K range.... Maybe the lender will go for a short sale
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