OfflineI live in NY and its so hard to locate a decent deal as prices are still high. I checked some deals on craigslist.com I'm suprised to see some home owners are still dreaming and not come to their realizsation it would be difficult for them to sell their home at those prices, at least thats what I think. Is there another reason or reasons for this trend in NY?
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I agree, but I'm still calling the owners. I live in a resort town in California. FSBO listings are ridiculous! Foreclosures are abundant here, dropping home prices $200k to $300k. FSBO tell me "Well, I paid $400k for the house 3 years ago, so I at least want $400k." I tell them "Yes, I understand, but unfortunately the FMV is $200k." Then they say, "I know, but I'm not a foreclosure. I don't understand why I can't sell my house." They'll get the clue eventually. Of course they decline my low ball offer, but at least I'm getting the practice. I know there are deals out there. I will find them. I just need to be patient and persistant. Have you thought of Foreclosures?
Thanks Kimmyj7601,
Let me get this straight. If a property is foreclosed it belongs to the lender through realtors. Why than the owner still occupied the property? Are they still paying mortgage or rent when this happens?
I will definately try foreclose properties as soon as I clear some issues on this kind of property.
Cheers!!!
There are deals out there in N.Y. I live in Queens and have about 4 i am watching. Keep putting the time and effort in and you will find some deals that make sense.
Foreclosures are bank owned. The owners do not live in the properties. Once the bank officially takes back the property, the owner must vacate immediately. Out here in Ca. cities are passing ordinances that bank owned property must be maintained. The banks cannot let pools go green or landscape go wild. It's costing the banks a fortune in monthly care. To offset their costs, some banks are letting owners stay in their homes up until the last possible moment before take over. The owners are responsible for the upkeep of the property. I don't know what your investing strategy is; however, I suggested foreclosures because some of the banks are getting overwhelmed with their housing inventory. Some banks are allowing assignment of contract and giving deep discounts to get the properties off their books.
I appreciate both your input guys. I have started some drive around on my intended sites and I have seen some signs of unattended or abandon houses on a very good neighborhood. I have to do this.
Cheers Guys!!!!
Not every area has seen BIG price drops. I live on the outskirts near Indianapolis but in this area prices really have not dropped that much. I try and stay away from the city and invest in smaller towns around it.
Hi,
I live in NY too. I agree and I have seen postings all over Craig's list about the high prices of properties here. I think around here, people expect to get less than their asking price, so they are asking for way more than their properties are worth hoping to get a deal.
This is actually to our benefit, I have looked at plenty of properties recently and what I am learning is that these over priced properties are not selling. Many have been listed for over 6 months. As time goes on these sellers are going to be more anxious and become more motivated to accept a much lower price.
For example, there is a property near me that I looked at recently which was reduced but still listed way too high. On the market for months. It needs tons of rehab. I passed it this weekend and saw that the RE sign is gone. I think that they have given up trying to sell right now. I am thinking of contacting them privately to see if they are still interested in selling. Could be interesting. There are tons of properties in your area. Have you looked at anything in your area yet? Get out and look at them, even if it is only at the Weekend Open Houses and find out how long things have been on the market.
Angela