The foreclosure dilemna
I desperately want to own my own home, but the only path to that goal may be buying a foreclosure. I realized this recently while taking a walk with Hubby. We came upon a home that had been overtaken by vegetation and so run down it must have been abandoned.
To our great delight, it was for sale. Maybe this was our chance! A fixer upper in a good neighborhood that nobody else wants. We'd pour our savings into the down payment, then slowly re-do the home room by room over the years as we could afford it. House proud and cash poor.
Then Hubby looked at the price. A cool $2 mil. Mother-fletcher! The listing made scant mention...
...of the home, other than it would be sold as is. Instead, the flyer touted the lot's square footage and ability to be split into two.
A tear down. Someone would buy the property, demolish the shack and build anew. $2 million for land. That's when I realized we can't even afford a fixer upper because they are sold as tear downs. And the ones already fixed up are way out of our price range.
Aren't there any cheap, beat up but habitable homes that no one else wants? No. (At least, not in the neighborhood we want to live in. This is a requirement we haven't budged on - yet.)
That leaves foreclosures. I asked Hubby why we had not bought a foreclosed home. Plenty of other people are, which is part of the reason why home prices are dropping dramatically. He didn't know. I guess buying a failed dream is hard to do.
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About The Bargain Hunter
Daily News staff writer Julia Scott loves to find bargains on everything from groceries to Gucci. Her tips will help keep your hard earned cash where it belongs - in your pocket.
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Keep looking I have seen fixer-uppers in Echo Park/Silvarlake for under $300,000...si se puede!
There are plenty...I'm in escrow on a foreclosed condo in OC for 170k and it's nice..where are you looking for a 2 million dollar teardown? Hidden Hills? Adjust your standards.
Where can I find focreclusure listings? Do I have to go through an agent? I'm looking in the North Hollywood area, but I'm pretty flexible.
Going through an agent is a good way to get listings. You can also get listings online through HUD and Fannie Mae. Go to this earlier blog post for links: http://www.insidesocal.com/bargain/2008/07/find-foreclosed-properties.html
Good luck!
~Julia