Blog.FranklyRealty.com. Watch as a Realtor describes the process for buying a REO / Bank Owned house. She bought it for herself, the house is in Arlington Virginia.
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Blog.FranklyRealty.com. Watch as a Realtor describes the process for buying a REO / Bank Owned house. She bought it for herself, the house is in Arlington Virginia.
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{ 15 comments }
Spending $10k for updating is nothing compared to the tremendous savings! Thanks for explaining the process you went through and the methods of uncovering such gems. Beautiful house!
ps- listings without pics is a peeve of mine as well!!!!
Nice video Frank.
The lesson of the value of your sold home now being worth 20-30m less didn’t stick with you. You can expect this house to be worth $450 a year from now. If you plan on living here for the next 10-15 years you should break even.
Look at the median income for your area and multiply it by 2-3 times. That will be the historical average prices for homes.
okaaayyyyyy — so, housing has at least TWO MORE YEARS of declines ahead of it before bottom — more if you count impending resets on OptionARMS.
This “deal” is not such a deal. It would be lots less if she had waited longer, Arlinton or not.
“Deal” is relative. I’ve even said in my blog, there is no such thing as a “deal” until you sell it. If you get a “deal,” the next house that sells will be a better “deal,” thus negating your “deal.”
On other hand I don’t believe in market timing. You seem to think it will take 2 years. I know people that had to wait 10 years to sell a condo and break even.
oh, it could well be more than 2 years, no doubt about it. i expect 2 years to be about bottom of this market, though it could be as long as 5 years.
Starting in Jan 2007, and avge of $25B a month in sub-slime only mortgages reset every month for 24 months. This ignores the Alt-A and prime adjustables, which also show signs of stress. Then we get about 6-8 months of calm before we hit about 15 months of Option-ARM resets with about $15B/month for those as well.
We are many years away from this all stabilizing — if at all. it is possible this time around that the dollar based system of the world since Bretton Woods will actually break down, in which case we could be in as much trouble as Japan — without their savings.
when you said drive by shooting I didn’t immediately realize you were talking about cameras :D LOL!
This is a fantastic video. I wanted to do real estate shopping blogs for a while, but I’m such an amateur. I learned tons from this video. Thanks for the upload! And you can ignore other people’s negative comments – it was really educational to me! Thanks again!
Enjoyed the video. Sounds like you did your homework and it was worth the loss on the one home to get this deal. Congratulations.
You ARE HOT!!!! You look so beautiful on camera!…
why buy??? rent!! its not getting any better any time soon.
buy like an appraiser rather than a realtor.
Lady, I have some advise for you.
When you wake up tomorrow gather all the infomation you have on your houses.
Go to your computer.
Put all your houses on the market for 10% less then the asking market price.
Put all your money into Euros, New Zeland dollars, and gold as the worst housing downturn of our lives begins to wreck havoc on the economy.
It doesn’t seem like you got a good deal. You’re looking at
* $50,000+ in repairs
* Closing costs on all 3 properties
* Realtor fees
* $17K loss on your fiancee’s property
And the house is probably worth less than $615K today.
I’ve seen REOs recently sell for much less than asking price.
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