Despite the let-down of yesterday’s real estate adventure, I received a very promising realty alert this morning. This cute neighborhood house was listed on the market only 12 hours ago and I already have a walk-through scheduled. This 3 bedroom, 2 bath house with a 2 car garage is listed right at our desired spending budget–similar houses in this neighborhood are listed at 14% more. what’s the deal? Its a foreclosure. While foreclosure homes may have great price tags, many or most of them still have “owner right of redemption”. This house in particular still has 8-9 months left. This means the owner who was foreclosed on still has 8-9 months to pay off the debt in full plus 12% in fees to be able to reclaim the property. If we were to purchase the property and the owner reclaimed it, we would be able recover whatever you paid on the house. In 98% of foreclosure cases, the previous owner doesn’t return to reclaim the property. Foreclosure laws vary from state to state, as well. It can be a little risky, but its a chance you have to take when purchasing a foreclosed home.
Patrick and I aren’t really “neighborhood” people. We both appreciate wide-open spaces where you can walk around in your skivies without the worry of giving you neighbor an eye-full. There are, however, many perks of the neighborhood life that we may enjoy…
Most of the people in these neighborhoods are young, like ourselves, and have children. This creates the potential for the whole family to make new friends.
#2 Compact outdoor spaces.
When you live on a lot rather than an acre, you have less area to take care of. Therefor, you can spend more time perfecting your greenery. Quality vs. quantity.
#3 Fenced in yards.
We are all outdoor people. I am all about letting the little one run wild outside. Its not as much fun if you have to constantly chase him though. Having an outdoor area thats baby-proof is definitely high on my wishlist.
#4 Easy Resell.
Even though patrick and I aren’t big on neighborhoods, there are quite a few people who are. Sooner or later we’ll want to move and I don’t think we’ll have much of a problem selling a property like this one in the future.