What would you consider a good real estate deal?

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Permalink Reply by Tom Roub on September 19, 2008 at 9:30am

I'm not sure I understand what you mean. I thought it's the research you do on the deal and the "sprucing up" you do to the place after you buy it that gets you the "saving" bcuz foreclosures have all that money people owe over the original loan amount that banks want to get back... Anything that's way under market value is usually a piece of trash, for some reason or another... so is this for people who are looking for fixer uppers?

TR

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Permalink Reply by HUD Foreclosed on September 24, 2008 at 3:09pm

Hi Tom,

Those are all valid points. The market has been rapidly expanding from all the foreclosures and not enough qualified buyers seem to be available (or they're waiting for the bottom line), so many lenders are more willing to do short-sales and sellers are dropping their prices to make their home more attractive to a buyer.

So, I suppose that what I really want to know is what would entice you to go ahead and buy a house you're keeping an eye on today, rather than waiting for the 'bottom line' to occur. Would the house have to drop to 20% below market value to get you to buy it right now? 22%? Most people have a general sense of what a good deal is, particularly when it comes to making large purchases, such as homes.

By polling, I hope to help others get an idea about what the general consensus is. For me personally, between 5 and 10% is a good price, but others may wish to see a larger 'discount' before they can be coaxed into buying today, as opposed to waiting for tomorrow's high or low.

Our users might be curious as to whether a home s/he's buying is a good deal or not on a home s/he is considering, and may find the poll's information valuable. By seeing what many others view as a good deal in the current market, s/he can apply the information to his/her own judgment in considering a purchase.

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