sdcellar – if the area you’re interested in is the area I’m thinking of, the distress is minimal. But I’ve seen NODs and foreclosures in LJ, so I’m not in the camp that any ZIP is immune. Have you checked if there are any NODs or foreclosures scheduled in the area? It is a little difficult to gauge lately since banks have been resistant to even file NODs nowadays.
This has been a very long and drawn out process and if this place is something that will work for you long term and you like it, then just go for it. I’m seeing so many places surfacing that had NODs in 2008 just now coming on the market. This is after they had foreclosure dates in 2009. Banks are just now getting around to taking them back and listing them.
So by the time TSHTF along the coast in the area you’re looking to buy, it could be another couple of years, IF that happens, IF the land tsunami theory happens.
So how much do you think it could come down, if that were to happen? Now, how much would your rent be for a couple of years? How much of a loss or savings would you come up with?
