Foreclosed Properties

**slotracer** · 06-02-2011, 07:36 PM

Has anyone ever bought one? I am looking at one in Valley Springs that sits on 5 acres that has a manufactered home on it, most of the land is flat, so I can build a shop on it in time. I know it is not the greatest of times, but what the hell, you only live once.

**EVILFORCE** · 06-02-2011, 07:46 PM

Originally Posted by slotracer

Has anyone ever bought one? I am looking at one in Valley Springs that sits on 5 acres that has a manufactered home on it, most of the land is flat, so I can build a shop on it in time. I know it is not the greatest of times, but what the hell, you only live once.

Most people in the KNOW. Whoever that is. Are predicting another fall in values. They are predicting another 1.9 million foreclosure's next year. The only reason the foreclosure rate is down right now is they were not doing it legal. They are getting that all worked out then they will be on a roll again. I live at camanche and there are several mobiles on 1 acre lots going for 60k. I would buy several hoses but don't think that now is the time. I do not know chit but I will wait for awhile. Keep us informed on what happens. I go through Valley Springs everyday. Not a bad place to live. Lots of cops live there.

**PolarBear** · 06-02-2011, 08:25 PM

Gawd, how I hate to agree with EvilForce, but he is right.

At the same time, if it is property that you really like, can afford it and plan on being there for the rest of your life...you can't go wrong.

Good luck with whatever you decide.

**slotracer** · 06-03-2011, 06:29 AM

Originally Posted by EVILFORCE

Most people in the KNOW. Whoever that is. Are predicting another fall in values. They are predicting another 1.9 million foreclosure's next year. The only reason the foreclosure rate is down right now is they were not doing it legal. They are getting that all worked out then they will be on a roll again. I live at camanche and there are several mobiles on 1 acre lots going for 60k. I would buy several hoses but don't think that now is the time. I do not know chit but I will wait for awhile. Keep us informed on what happens. I go through Valley Springs everyday. Not a bad place to live. Lots of cops live there.

I know it is a catch 22, I boiught a condo in Sacramento for our daughter to live in, overppriced, but she was to live in it and raise our grandson, well she met a boy and the rest is history, turned it into a rental, so far so good. I am going to make a lowball offer on it and see what happens. Right now would use a summer place and eventully use it for a retirement home. Valley Springs is a nice town.

**dribble** · 06-03-2011, 06:53 AM

Originally Posted by slotracer

Has anyone ever bought one? I am looking at one in Valley Springs that sits on 5 acres that has a manufactered home on it, most of the land is flat, so I can build a shop on it in time. I know it is not the greatest of times, but what the hell, you only live once.

If you have money to buy property right now, it is the greatest of times.

**riverfun** · 06-03-2011, 08:06 AM

Well Ive bought two duplexes and one 4 plex in the last 3 years, all have turned positive cash flow from day one (from 8 to 14% ROI...yes including ALL associated costs). If you can truly afford it and are in it for the long haul it will probably become one of your bettter investments. BTW I do believe properity is going down more but the investment will still be better than the ridiculous interest you are getting in the banks.

**BoatPI** · 06-03-2011, 08:54 AM

Like riverfun I have purchased a few, all in Las Vegas.

Sounds like you will use this as a primary residence?? if this is the case, and you like the place and the price is fair, jump on it. Nothing is really appreciating now or in my opinion much to speak of for the next 2-5years. The mindset needs to be a good fit for you, killer interest rates now, and pricing near the market bottom.

**slowride** · 06-03-2011, 11:28 AM

Originally Posted by slotracer

Has anyone ever bought one? I am looking at one in Valley Springs that sits on 5 acres that has a manufactered home on it, most of the land is flat, so I can build a shop on it in time. I know it is not the greatest of times, but what the hell, you only live once.

Check with a few lenders first about a loan for a used manufactured home. Money's tight and fewer lenders are stepping up for manufactured houses.

Ultra26 # 1 · 06-03-2011, 11:33 AM

Originally Posted by BoatPI

Like riverfun I have purchased a few, all in Las Vegas.

Sounds like you will use this as a primary residence?? if this is the case, and you like the place and the price is fair, jump on it. Nothing is really appreciating now or in my opinion much to speak of for the next 2-5years. The mindset needs to be a good fit for you, killer interest rates now, and pricing near the market bottom.

Great advice

**millhouse961** · 06-03-2011, 12:27 PM

If it is on a fixed foundation, you will be fine loan-wise. I have purchased several foreclosures and I would low ball like you are, but also ask for closing credit. I ask for everything as they can always say no but often say yes.

**BoatPI** · 06-03-2011, 01:53 PM

There are some killer loan rates now. I know one , 3.25% APR, owner occupied, 75%LTV, 10 year with impounds, 417K max., -NO COSTS!!!!!!!!!!!!!!

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Foreclosed Properties

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