I shouldn't look at real estate ads

All the different ways of solving the shelter problem. To be static or mobile? Roots, legs, or wheels?
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George the original one
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Post by George the original one »

I shouldn't look at real estate because then I might find something I like and is "affordable". Such was the case today, a bank-owned 1+ acre property 15 miles from an Oregon beach on a fine cutthroat trout & steelhead river for a mere $135k.
The mortgage payment is, er, comfortable with 20% down and it doesn't delay my ER. Might even enhance it by 6 months or so.
The risk, however, is that capital is diverted to an illiquid property for the 5-6 years before it would be paid off and the current house sold. Instead of having 2 year's of liquid assets, I'd only have 1 year and the saving rate drops by 25-30%.
On the other hand, it is a property that would be very pleasant to retire to... I suppose I'll go take a look on Saturday to see if the interior has been trashed.


HSpencer
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Post by HSpencer »

If it is bank owned and listed with a real estate company that should be a good sign. That means to me that the bank is really trying to sell the house and make a recovery. If it was bank owned and listed by the bank itself in an ad, I would be suspicious. I would think the bank is just trying to be rid of it without any undue expenses, I would imagine it would be "as is" or maybe trashed.

Around here, we see listings through a reality that are bank owned and just as sale worthy as any listed properties.

In your area, with that price and description, I would be right over there looking at it post haste!!


Q
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Joined: Thu Jul 22, 2010 8:58 pm

Post by Q »

It does sound like a good deal - I look at Vegas from time to time too. 4 bed/3 bath with my coveted pool for 125k! In a town I like no less...


jacob
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Post by jacob »

I'd welcome posting of links of individual deals (similar to the recommendation of states). It would be helpful to those of us (me) who have never bought a house --- we don't know what to look for.
Of course, there's the risk that sharks may enter via the forum and go in and bid against us. (Also, you might want to keep the info to yourself if you want to buy it yourself.) However, I think the number of places on the market significantly outnumbers this risk.
It would also be a way to see what's available around the country. I'm usually only looking at local listing and listing in a couple of other target areas, but I'd be open to moving elsewhere.


George the original one
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Location: Wettest corner of Orygun

Post by George the original one »

Friggin' realtor hasn't answered my emails (the rmls listing says that's the best way to contact him with questions)...
Fortunately the address was posted, so we visited it today. It is a little rough, in ways that will make it tough to get financing (two sections of dry rot) unless you get one of those loans that includes money for repairs/improvements.
We've pretty much decided to not make an offer since we don't have the time/energy to perform the repairs and deferred yard maintenance on a remote house at this time. If anyone else is interested, the listing is 10019754 on rmls.com.


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