Upcoming Foreclosures

is now the time to buy?

I own a few properties paid free and clear....and ive just been noticing a HUGE dramatic decrease in home prices where I live, Fresno, CA, central valley. Homes that were priced at 100K six years ago WERE selling for 220-280K 3 years ago, and now all of a sudden they're down to 120-130K Ive noticed this in my town along with a city thats an hour from the coast, everything is dropping big time, so is now the time to buy??? ALSO: I spoke with a gentlement who purchased a BANK OWNED home, it had already gone through foreclosure, didnt sale, and now it is listed. 3 years ago it was bought and foreclosed on at the price of 275K and he just purchased it from a realtor for 75K after making a lowball offer at 67K, and the listed price was 85.... Let me know what your professional input is. I have been active in real estate for quite a few years, although I am not a realtor and do not ever plan on being on. Thanks you

Public Comments

1. Yes, if you have the money and can afford to buy property, now is a good time. You will probably have to hold onto it for a few years until the market turns around. Prices and interest rates are at an all time low.
2. BEFORE I can "casually" state now is the time to buy, I need to know what your [if you have one] investment desires-objectives are. for some, just to buy RE. To others, to gain equity any way they can. To others, to get the best return on investment $. IF i were you, I would begin to find tax certificates to buy. only 12 states sell them and if you are very patient and not picky, you can get 16% return on your money and after 3 yrs, you can get, if the owner does not pay you--their property free and clear [excluding any possible IRS liens.] I can counsel you on any of these items. used to live in CA
3. Absolutely! If you are looking for a long term investment, I would definitely recommend buying foreclosures! Think about it - the people who once owned the home now have credit that is trashed - they all need somewhere to live! So why not do a rent to own deal to pay your mortgage in the interim until the market turns again, and you will be building your portfolio and giving these folks a second chance - First thing I would recommend is finding a Realtor who specializes in short sales and REO's (make sure they have done at least 10 or more!) - he or she can advise you what is available and has a grip on the current market - and having a Realtor costs YOU nothing! The bottom has not yet fallen out of the market, so deals like the one above will be everywhere - consult a Realtor! Good Luck!
4. This is the time to buy. They say it is a buyers market. The real estate market like most is cyclical, subject to highs and lows. There is an over supply of houses nationwide causing this price decrease. Several people had adjustable rate mortgages and these rates became fixed after a while leading to higher mortgage payments. Many were faced with foreclosure or had to do a short sale (selling the house for less than the mortgage. So this is why houses are selling so low and why so many banks are stuck with all these houses they have to sell at such discounted prices