Hello everyone, I want to start by saying I’m very new to the real estate world and have a question about a property that appears to be too good to be true.
I’m just getting some reps in with looking up foreclosures, not currently looking to invest.
I see a home in my area listed for $227,497, with a home value estimated at $315,969. Right away, I couldn’t believe what an incredible deals this appears to be. Any feedback? If you need to hear more specific info about the property, let me know and I’ll send it. Thanks!
Hi @Alex Peifer . Welcome to BP. Just wanted to let you know that this community pretty much expects details. You are likely not going to get much traction with your thread with what you have provided. Some things to included (not limited to):
Type of home
Median price for the area
NEVER give the address of the property.
I hope this helps man!
@Pavel Shemyakin thank you for your feedback!
Single family - split foyer
5 bed room
Main level has hardwood floor throughout
Dining room walk out to rear deck
Read walk up basement entrance
Multiple car driveway
Exterior is brick and vinyl
Built in 1972
8/22/19 - foreclosed - $325k
Estimated sale range $297-338k
Median price for area $467.5k
Looks like every room needs to be painted, kitchen needs to be updated, bathrooms need to be updated
Are you trying to flip that or hold it?
One thing i would keep in mind that you do NOT want rentals with fireplaces / pools unless its unusual for that area not to have them. Reason is liability. You will also pay higher insurance premiums.
Zillow's estimated values are notoriously inaccurate.
@Alex G. Good to know, thanks Alex!
@Pavel Shemyakin my goal down the road is to hold onto rental properties. And that makes sense as far as the insurance cost of having a fireplace. I hadn’t thought about that. Thank you for pointing that out.
Most of the foreclosures in my area that are on Zillow are listed by Auction.com and the figure you see is an estimated sale price at auction. If I remember correctly, all Auction.com purchases are cash.
That was my next concern. I dont have any experience with auction.com, but i thought it was all cash only.
Yes but on Auction.com they list PreForeClosure that are scheduled for auction.
So they aren't foreclosed on yet.
Wouldnt that mean you have time to contact the owner and work something out before it goes to auction?
I know some listings on auction.com are already foreclosed on and it would be too late for those REO's.