Yes folks,Foreclosures are here and alive in Hollywood.
Now, you might think the world has come to an end, or worse, property values have dropped dramatically (duh, they have been), but there is good news on the horizon! At last count (per CLAW MLS 7/9/2009) there were only 5 active foreclosed single family homes in all of 90068 and 3 pending in 90028. Compare that to Bakersfield or Lancaster where 3 out of 10 homes listed in the MLS were in foreclosure….YIKES. Makes me glad I live in a bubble of sorts.
Having said that, most poeple feel more foreclosures are on the way. No one knows, but what I can discuss is:
Foreclosure vs. Traditional Sale: What’s the difference?
There is a public perception that foreclosures are the better deal, and they can be…or not. Often foreclosures, as tempting as they are since the price can be low, often require upgrading. Anything from a major overhaul to cosmetic fixing. And you never know until you start the dig. Of course, getting a professional inspection is highly recommended. In this process, the inspector will uncover major issues relating to foundation, roof, electrical, etc. This is just the start of the process. From here you can decide how deep you wanna dig into the process.
Other specialists? Perhaps. Architect…Perhaps. All of this is to be considered while doing your due diligence on the property. Unless you can build a team to do much of the sweat equity, it may be too much of a project, just to save a little in the front end.
Traditional Sale:
Even if the foreclosure is tempting as the “cheapest house on the block”, perhaps purchasing a move-in condition home is truly the better value. Take in to consideration your experience as a freelance contractor, the money that you will be spending on mortgage before you move in, and any uncertain, unforeseen circumstance. It can be exciting, but mind the bottom line. So, in the end, while you’re house hunting both bargains and traditional sales, consider that a move-in condition home may be more your speed. Perhaps purchasing an investment property and fixing it up is a better option than feeling homeless or living in dust for several months.
Overall, always consult a Realtor, who will be happy to get you the information needed to make the right decision.
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