Tuesday, June 9, 2009

Foreclosure Experience - 2

Everybody is talking about Foreclosure Home. It is true that now is the best time to buy home. House prices are historically low and interest rate getting down. There are lists of bank owned short sell homes and foreclosure houses which are lower priced than regular housing market.

If this is the case, everyone can buy house and it would push up economy. But there are problems. Big ones. #1. People do not have money for down payment. Even people have money for down payment, bank does not accept any housing loan. It looks banks are too sensitive on approving housing loans, right now. House owners do not want to sell their houses with lower prices. So, regular market other than bank related are not active.

As a result, seeing the house price and interest rate keep coming down, people still cannot buy houses. That is very frustrating phenomenon. Our information is telling us that banks rejecting any and all loans even for the people whose credit score is more than 700.

The other things which I hope to point out is there are some advertisement or rumor floating in the net there are foreclosure houses available at the ridiculously low price as low as $10,000 or even lower. It looks to us there is no such low priced house is available. I did not do any research or anything, but I did not come across any of these through professional real estate people.

The last but not least important thing I wanted to mention is the fact that Foreclosure Houses were pretty much damaged. In the worst case scenario, you may have to spend same amount of money as you bought for repairing it.


Related Post:
http://zheninternational.blogspot.com/2009/06/forecloure-experience-1.html

Check my websites to find out what I am doing:
http://vur.me/shawfunami/main
http://vur.me/shawfunami/SF
http://vur.me/shawfunami/zi


Feel free to contact me:
shaw@zhenintl.ws
Shaw Funami
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8 comments:

Marketing Unscrambled, learn to earn 14 said...

Shaw, things are difficult in the housing market right now. It looks to stay that way for a while. Let hope that it can change soon.
Dan and Deanna "Marketing Unscrambled"

Hilary Melton-Butcher said...

Hi Shaw .. it looks pink! and looks a lovely house .. hope all's well? - the housing market is not good for everyone.

All the best
Hilary Mleton-Butcher
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Shaw said...

Dan and Deanna,

It is difficult in the housing market. But, all the clouds have silver lining. If not this situation, we could not get what we got.

Thank you for your comment.
Shaw Funami
Fill the Missing Link

Shaw said...

Hilary,

Yes, my wife wanted to paint it pink. Since we had tough time getting, I thought it may brighten the things up coloring the house. Isn't it like Disney World house?

Thank you for your comment!
Shaw Funami
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Hilary Melton-Butcher said...

Hi Shaw .. it's a wonderful ice pink colour .. stands out in the crowd .. love it!! I'm just pleased to hear it was your wife's decision to go pink .. and cheers yourselves up ..

Glad things are ok .. and you have a cheery ice-pink house!!
Hilary Melton-Butcher
Positive letters

Marketing Unscrambled, learn to earn 14 said...

Shaw, Just like with you if people think a little differently they can do it just like you did. This is a good time to buy. If you can find a way to do that. Enjoy the pink, it is an uplifting color. Be happy and enjoy life.
Dan and Deanna "Marketing Unscrambled"

Shaw said...

Dear Hilary,

Thank you for your coming back and comment again. Now I feel easy to tell my friend where is my house and how to find it. "It's a pink house at the corner".

Thanks again!
Shaw Funami
Fill the Missing Link

Shaw said...

Dear Dan and Deanna,

Thank you for your coming back and comment again. It was all luck and only thing I thought was we could not give up. I was also lucky my wife agreed to leave white part of our house. Otherwise, it stands out too much! LOL

Thanks again,
Shaw Funami
Fill the Missing Link