Originally posted by FissionSurplus
Middle to upper class homes, even at foreclosure, are typically well taken care of. They are also newer, so that they are in better shape.
Thanks for the reply. This is what we thought at first, too. In the beginning we were looking in older neighborhoods at houses in the $50-60k range,
figuring that they would need the most work. What we ended up finding was that our area, say, a $100k home built in 2007 was just as neglected as a
$55k home built in 1960. Which is great for us, really, we'd rather work in those areas anyway.
On a side note, it seems people have some kind of moral problem with buying foreclosed homes, or trying to buy them below market value. I don't get
it. However you look at it, banks want rid of them, and home buyers don't want them because once they actually set foot in them, they realize they
aren't worth the list price. And neighbors don't like vacant homes because they drive down the property value. What's wrong with an investor
who's going to come in, repair it, and sell it to someone who can afford it? It's all going to have to happen eventually.
My whole gripe, and hence the rant thread, is that we see vacant homes in the areas we are looking into, and then can't find any of them listed on
the market, and when they do come on, even though these homes usually don't need a studs down restoration, they are still being listed at unrealistic
prices for their condition. And since they are going to be very unappealing to first time home buyers who don't have the skills to do the repairs
themselves, the best buyer for the homes would be an investor. The inefficiency of the system you have to depend on to find properties is what is