Short Sell vs Foreclosure

[4spotentialbuyer]

As the prices in this real estate market are slowing coming down, what would be a better option….short sells vs foreclosures. How much would a house decrease in price if it becomes a foreclosure? Are the risks worth taking in buying a foreclosure home (who knows what condition the home would be if the seller was upset by losing their home)

An example in 4S Ranch would be
17072 SILVER PINE ROAD (MLS ID: 76046643)

on the market for 258 days, the low range is now under 700K for a 3000 sq ft home.

I don’t think homes in 4S in the 3000 sq ft range will go much lower in the next year.

Would it be better try for a short sell or wait until homes like these go into foreclosure?

We have been waiting for a while and don’t know how much longer we will be able to wait it out.

[4spotentialbuyer]

Please ignore this duplicate.

[4spotentialbuyer]

Please ignore this duplicate.

[4spotentialbuyer]

Please ignore this duplicate.

[4spotentialbuyer]

Please ignore this duplicate.

[4spotentialbuyer]

Please ignore this duplicate.

[jpinpb]

At the peak, homes on this street were selling for 17076 Silver Pine Rd 12/30/2005 $954,045.

That’s an impressive drop. Place seems pretty nice, but not much of a private backyard.

That’s a long time on the market.

Seems they reduced it a few times:
Price Reduced: 02/11/2008 from $774,888-$799,888 to $699,888-$749,888
Price Reduced: 08/12/2007 from $875,000-$925,000 to $774,888-$829,888

Now Price: $699,888 to $749,888

I imagine they may accept a lower offer.

Hard to predict how much further prices will drop there. I’m sure many will say there is a ways to go. Many here are of the belief prices will fall to before the peak. I think 2002 levels.

These homes were all built at the peak. Not as easy to gauge what the price should be, no comps from 2002.

Personal questions: Do you really like the place? Why can you no longer wait to buy? Do you HAVE to be in 4S Ranch? Can you easily afford the PITI long term or will it be a struggle?

Any time I drive through there, I think nice, new neighborhood, safe, etc. But then I remember the premium to live there, HOAs, Mello Roos. That’s a deterrent for me. If it’s a deterrent for me, it may be for others. Clearly, judging from all the problems in 4Closure Ranch, many were just gambling there, investing, planning on flipping, etc.

[jpinpb]

At the peak, homes on this street were selling for 17076 Silver Pine Rd 12/30/2005 $954,045.

That’s an impressive drop. Place seems pretty nice, but not much of a private backyard.

That’s a long time on the market.

Seems they reduced it a few times:
Price Reduced: 02/11/2008 from $774,888-$799,888 to $699,888-$749,888
Price Reduced: 08/12/2007 from $875,000-$925,000 to $774,888-$829,888

Now Price: $699,888 to $749,888

I imagine they may accept a lower offer.

Hard to predict how much further prices will drop there. I’m sure many will say there is a ways to go. Many here are of the belief prices will fall to before the peak. I think 2002 levels.

These homes were all built at the peak. Not as easy to gauge what the price should be, no comps from 2002.

Personal questions: Do you really like the place? Why can you no longer wait to buy? Do you HAVE to be in 4S Ranch? Can you easily afford the PITI long term or will it be a struggle?

Any time I drive through there, I think nice, new neighborhood, safe, etc. But then I remember the premium to live there, HOAs, Mello Roos. That’s a deterrent for me. If it’s a deterrent for me, it may be for others. Clearly, judging from all the problems in 4Closure Ranch, many were just gambling there, investing, planning on flipping, etc.

[jpinpb]

At the peak, homes on this street were selling for 17076 Silver Pine Rd 12/30/2005 $954,045.

That’s an impressive drop. Place seems pretty nice, but not much of a private backyard.

That’s a long time on the market.

Seems they reduced it a few times:
Price Reduced: 02/11/2008 from $774,888-$799,888 to $699,888-$749,888
Price Reduced: 08/12/2007 from $875,000-$925,000 to $774,888-$829,888

Now Price: $699,888 to $749,888

I imagine they may accept a lower offer.

Hard to predict how much further prices will drop there. I’m sure many will say there is a ways to go. Many here are of the belief prices will fall to before the peak. I think 2002 levels.

These homes were all built at the peak. Not as easy to gauge what the price should be, no comps from 2002.

Personal questions: Do you really like the place? Why can you no longer wait to buy? Do you HAVE to be in 4S Ranch? Can you easily afford the PITI long term or will it be a struggle?

Any time I drive through there, I think nice, new neighborhood, safe, etc. But then I remember the premium to live there, HOAs, Mello Roos. That’s a deterrent for me. If it’s a deterrent for me, it may be for others. Clearly, judging from all the problems in 4Closure Ranch, many were just gambling there, investing, planning on flipping, etc.

[jpinpb]

At the peak, homes on this street were selling for 17076 Silver Pine Rd 12/30/2005 $954,045.

That’s an impressive drop. Place seems pretty nice, but not much of a private backyard.

That’s a long time on the market.

Seems they reduced it a few times:
Price Reduced: 02/11/2008 from $774,888-$799,888 to $699,888-$749,888
Price Reduced: 08/12/2007 from $875,000-$925,000 to $774,888-$829,888

Now Price: $699,888 to $749,888

I imagine they may accept a lower offer.

Hard to predict how much further prices will drop there. I’m sure many will say there is a ways to go. Many here are of the belief prices will fall to before the peak. I think 2002 levels.

These homes were all built at the peak. Not as easy to gauge what the price should be, no comps from 2002.

Personal questions: Do you really like the place? Why can you no longer wait to buy? Do you HAVE to be in 4S Ranch? Can you easily afford the PITI long term or will it be a struggle?

Any time I drive through there, I think nice, new neighborhood, safe, etc. But then I remember the premium to live there, HOAs, Mello Roos. That’s a deterrent for me. If it’s a deterrent for me, it may be for others. Clearly, judging from all the problems in 4Closure Ranch, many were just gambling there, investing, planning on flipping, etc.

[jpinpb]

At the peak, homes on this street were selling for 17076 Silver Pine Rd 12/30/2005 $954,045.

That’s an impressive drop. Place seems pretty nice, but not much of a private backyard.

That’s a long time on the market.

Seems they reduced it a few times:
Price Reduced: 02/11/2008 from $774,888-$799,888 to $699,888-$749,888
Price Reduced: 08/12/2007 from $875,000-$925,000 to $774,888-$829,888

Now Price: $699,888 to $749,888

I imagine they may accept a lower offer.

Hard to predict how much further prices will drop there. I’m sure many will say there is a ways to go. Many here are of the belief prices will fall to before the peak. I think 2002 levels.

These homes were all built at the peak. Not as easy to gauge what the price should be, no comps from 2002.

Personal questions: Do you really like the place? Why can you no longer wait to buy? Do you HAVE to be in 4S Ranch? Can you easily afford the PITI long term or will it be a struggle?

Any time I drive through there, I think nice, new neighborhood, safe, etc. But then I remember the premium to live there, HOAs, Mello Roos. That’s a deterrent for me. If it’s a deterrent for me, it may be for others. Clearly, judging from all the problems in 4Closure Ranch, many were just gambling there, investing, planning on flipping, etc.

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