Our New House is a Victim of the Recession (Part 1)

6 Nov

Now is a good time to buy a house if you are in no hurry and can be super flexible.  Like I mentioned on my main page about buying a house, this was not how I thought we’d buy a house our next time around, but with the economy and the housing bubble burst, it really makes a lot more sense.  What happens is that with the foreclosure rate being so high the market is flooded with all these homes that have been caught up in the mess.  Most everyone has suffered major decreases in their home values but primarily people who purchased a house from 2006 – 2008 have suffered bigger decreases in their home values because they were purchased when prices were at their highs.  Hence there are literally millions of homes on the market that are victims of the recession.  We saw this house in February 2011 and immediately loved the floor plan.  It is 20 years old and has no updating at all since it was built so there are a lot of things that need to be repaired let alone modernized to what you see in new builds today.  There are also hints of some 70ish style themes to the house that have to go but all that is strictly cosmetics, easy peasy right, to change and update.  We wanted to put an offer in on the house in February but it was already under contract.  We then found another house that we fell in love with and actually still to this day have under contract and it is going nowhere.  Talk about a victim of recession this house has been abandoned for 3 years and is beginning to deteriorate at a rate that may just deem it a teardown if something doesn’t happen soon.  Foreclosure has been attempted on this home three times and each time it has been halted for reasons that are not explained.  The owners vacated 3 years back so right now no one lives in it, takes care of it or pays the mortgage.  Yet foreclosure has yet to occur.

Stay tuned for Part 2.

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