Early Retirement & Financial Independence Community - View Single Post - Is Real Estate a "Buy" in your neck of the woods yet?

tryan · 03-15-2007, 09:00 AM

Certianly not a "buy" here (north of Boston).

But I am kicking myself for letting an REO slip thru my fingers. My neighbors house was foreclosed 6 or 7 months ago. Didn't attend the auction, but my tenants did; said the top bid was rejected. Sooo it sat as an REO for 3 or 4 months.

In prior years I would have at LEAST called the bank to see what they were asking. Just assumed it was over leveraged .... "why bother". Weeelll, fast forward a couple months, an investor is fliping the place after 20-30k work. The price is 40k BELOW the last comparible sale. Tells me they got into it CHEAP ... i.e. it was not heavily leveraged.

Oh well ... next time!

03-15-2007, 09:00 AM	#2
tryan Thinks s/he gets paid by the post Join Date: Mar 2005 Posts: 1,733	Certianly not a "buy" here (north of Boston). But I am kicking myself for letting an REO slip thru my fingers. My neighbors house was foreclosed 6 or 7 months ago. Didn't attend the auction, but my tenants did; said the top bid was rejected. Sooo it sat as an REO for 3 or 4 months. In prior years I would have at LEAST called the bank to see what they were asking. Just assumed it was over leveraged .... "why bother". Weeelll, fast forward a couple months, an investor is fliping the place after 20-30k work. The price is 40k BELOW the last comparible sale. Tells me they got into it CHEAP ... i.e. it was not heavily leveraged. Oh well ... next time! __________________ FIRE'd since 2005