FOR ONCE–A GOOD DISTRESSED PROPERTY STORY
February 10th, 2010 categories: Buying, Real Estate Finance
Dennis Rodkin recently published an article in Chicago magazine about a young college student who found a good distressed property and bought it. The end result is that her monthly housing costs are about 50 per cent less than rent for a comparable apartment. After all of the preaching I have done about the difficulties of buying foreclosures and short sales, it was truly refreshing to read about a successful purchase. My feeling has always been that bank-owned and foreclosed homes were for experienced real estate buyers and investors–OK, so I am not always right! And she did have good help, her mother is a real estate appraiser. The article mentions that some of the condos had missing appliances and other kinds of damage. The purchase of a home certainly sounds like a step in the right direction for this young woman. The buyer’s Realtor gave her the traditional gift of a bottle of champagne–problem is the new home owner is too young to drink it! If you would like to read the article, just click here.
Here are a few articles you might find helpful:
Buying a Foreclosure–Is It For Me?
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