Real Estate

I’m browsing real estate sales in my area and in the same neighborhood you might see widely different prices on homes sold recently.

I’m guessing that the really low prices are foreclosures and the not so low prices are typical home sales. Is this the case? If so, this gives some hope to those trying to sell their home for a more reasonable price.

If not, then I’m trying to figure out what can cause such a drastic disparity. For example, two virtually identical homes in the same neighborhood sold within days of each other: one at $125k and one at $175k.

That is a very large price disparity if the homes were virtually identical.
Typically a foreclosed home by its nature is a victim of deferred maintenance and even willful damage by the owner.
You might speak to a Realtor who specializes in foreclosures to get some comps on these houses and to understand what causes the large price gap.
But don’t get your hopes up too high, if homes are selling for less in a neighborhood, buyers will not be willing to offer the higher price point. The comps tell the story.

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How can I find out how many sales are actually going down, as opposed to houses sitting for 6 months or more (there are a few of them) and, how much those sales are for?

Contact a local realtor in your area. Most Realtors have the ability to pull this type of information from the local MLS. They should be able to get market statistcis for you.

National is prefered, but I’m specifically looking for homes in Putnam County, NY or in the 10516 zip code if I need to be even more specific.

yahoo real estate that’s what I use

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What I learned today will have devastating ramification for the real estate marketing and in turn the entire financial and stock market and the broader economy as a whole.

If true…our real estate fate is seal. There will be more housing and real estate foreclosure carnage ahead. The road is long.

Prepare yourself and protect your family from this coming economic catastrophe.

PLEASE RATE, LINK, SHARE and SPREAD the word so others can learn about the real nature of our real estate and economic crisis. Don’t be a sponge to the talking heads that spew only that which benefits them and their bosses. Wake up!
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From L.A Times:

Bulk of bank-owned homes aren’t even on the market yet
“Banks to unleash flood of REOs” at Inman News looks at the effect of foreclosures on the housing market this year:

Inventories of unsold homes are likely to swell in coming months as lenders begin to push a growing backlog of repossessed homes up for sale — often in communities already awash in distressed properties….

Because it can take weeks or months for lenders to put repossessed homes on the market, the impact of real estate-owned (REO) properties on inventories lags behind foreclosures. Government efforts to recapitalize banks through the Troubled Asset Relief Program (TARP) and other bailout measures may also have taken some of the heat off of lenders to unload REO properties at fire-sale prices.

But with the emphasis of TARP and other government relief efforts now expected to shift to creating jobs, helping troubled borrowers avoid foreclosure and providing incentives for home buyers, lenders could soon unleash a torrent of real-estate owned, or “REO” properties — even in markets already flooded with an oversupply of homes for sale.

“It’s almost like a tsunami — you can see it coming and you know it’s going to hit but you can’t get out of the way,” said Ann Stickel, vice president of affiliated services with Sarasota, Fla.-based brokerage Michael Saunders & Co.

So how many bank-owned properties aren’t even on the Multiple Listing Service yet? RealtyTrac senior vice president Rick Sharga puts the number at 75%. That’s a lot of houses.

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The Better Business Bureau (BBB) can take a complaint from you if you want to make one, and they can tell you if they have any complaints from anyone else. Their phone number is in your local phone book.

If you are struggling with Express Home Sales, LLC, you may want to contact one of your local television stations. Recently t.v. news stations have been trying to resolve consumer problems for free.

Hope this works out for you.

New home sales hit the lowest level on record in January, falling 11.2 percent when economists had expected an increase.

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I am looking at a few bank owned homes.

there is no typical percentage. You should try to get about 15-20% below market. In order to get the really really really good deals, you need to be down at your county courthouse & be able to just write a cashier’s check or at least as you start to learn the game, that’s what you should become knowledgeable about & strive for.

I want to reduce my property tax on my house and I recently had an appraiser do an appraisal on my property. The value was over $100K less than what I paid for it, but I found out that I need homes that sold around March 31, 2008 in my neighborhood as proof, not this most recent appraisal. Where can I get such info? Thanks!!

Try your local county tax appraisers office (website). Usually, every county has one. You might have to call them to have them walk you through it.

Another trick you can do, which is very easy and very fast and you’ll get tons of results is to just call a realtor in your area.

Ask them to run the MLS for comps in your neighborhood and house type (beds, bath, sq ft, etc) for the March 31, 2008 time. I would tell him what its for, but offer him a $100 or so, since they only work on commission.

You could also ask the appraiser. Where do you think he got the information for the appraisal?? Comps!

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