I live in Corona and we have hundreds of bank owned homes for sale. It has been painful to watch the market here. Some of the banks are finally getting a reality check and have started lowering their prices. I have even seen some bank owned homes now with $150,000-200,000 drop in prices since they went on the market.
I have been in the market since January to purchase a home. While driving by looking at bank owned homes I happen to come across a KB development in South Corona. We stopped just to look at the models and my husband and I ended up purchasing a 3700 sq ft. home with $94,000 of upgrades for $582,000. KB is paying $10,000 closing cost and a 3% commission to our realtor. (We came back the next day with our realtor and bought)
There are only 30 homes in this development and KB (for some insane reason) is not advertising this development. Apparently, the homes were previously sold but KB had major problems with permits and some other problem that most people couldn’t wait and ended up cancelling. Now they have these homes that are almost built with all upgrades that were chosen by the previous owners. We were not able to change anything. But I am not complaining. I love the upgrades.
We bought mainly for investment purposes. We were looking to upgrade from a 1700 sq ft. house to something a little larger around 2500-3000 but nothing that we looked at including the bank-owned homes came close to what we bought with the KB home.
For those in the market do your due diligence, be patient, drive around the deals are out there.
