[NIPAS K-9]

Originally Posted by bill-n-brillo

when we bought our resale house in tv, we noticed that a house across the street looked to be "less than up to snuff". The lawn looked overgrown with spots that had died out, the landscaping was out of control - those were the outward signs. The sellers openly acknowledged that the house was going to wind up in foreclosure - the owners of that house ran into some health and financial difficulties and were no longer living there. It had been sitting empty with no utilities on for about a year at that point.

We weren't delighted about it but we figured it was actually working in our favor - it was part of what held the price down on the home we were buying. It was a detraction to the neighborhood but we felt that it would all work out over time...............and it did. Took about another year or so before the house got on the market. It was sold "as-is" - the bank did nothing to address the issues with the property. It sold in a reasonable amount of time and purchase-price-wise, the new owners got a smokin' deal. But...........they had to pour a bunch of money into the place to get it squared away. Mold issues in the drywall (since all the utilities had been turned off), all new flooring, ripped out the landscaping and started over, and so on. At the end of the day, they now have a very nice home and we're glad they're our neighbors.

Moral: In tv, i don't think a foreclosure in a neighborhood is quite the same as a foreclosure might be in an area outside of tv. It will eventually get purchased - probably quicker than a foreclosed home outside of tv - and it will get 'made right'. Very disconcerting to the neighbors but it will eventually get resolved.

Bill

thanks for your advice on that. I totally agree with that. If they hang tight , in the end they will smile all the way to the bank.