marion: Your concerns are very legitimate. The other aspect to consider with bank REOs is this: The banks are literally being inundated with foreclosures right now, and simply don’t have the time to assess the status of each house thoroughly.
Allan, which is why I would prefer to buy a brand new house over a repo or resell. Of course, the repo is the bigger risk.
The low prices on repos affect comps and make everything else go down, even the price of new homes, right? So, of course, that will benefit me when I buy new.
Submitted by Ricechex on January 3, 2008 – 8:09pm.
SD Appraiser–you must have seen Pacific Heights?
Pacific Heights? Oh, yeah. I wrote the screenplay.
