Depressing crappy news!

stacynikki

The bank finally foreclosed on the house down the street from ours that has the same floorplan.  I googled it to see what they are selling it for and they are selling it for $61000 less then what we paid for ours.  Granted we have a lot more upgrades but not $61k worth!  I guess the bank just wants to get rid of it but that just really sucks.  I hope that doesn't drag down the cost of the homes on the rest of my street!  At least we are planning on staying put for at least 5 to 7 years.

xbrooklyngrl

I think by that time, it should come back up.

I understand your concern though, I have two forclosures by me.

MelandJeff

Typically, if there are just a couple of foreclosures in your neighborhood, it shouldnt be used in determining your home value, if there are several foreclosures however, then it becomes a trend in your area and those prices WILL be used in determining your home value.

So, if that is the only foreclosure, dont even worry about it, it will have no bearing on your homes worth.

KrisBriMcBunny

usually banks will sell for what is owed on the house including intrest & taxes owed on the property.  So once the property is sold the value will go back up.

LoveBryce

I know how you feel. Our neighbors sold for 90,000 less than we paid. There are more foreclusures/ short sales than not in our neighborhood.

Angela814

I think you'll be fine.  Our house was a foreclosure, and when we were looking we saw another house in the subdivision that had almost the exact same floorplan.  We have 3 bedrooms with 2 walk in closets in the master.  That house had 4 bedrooms with 1 walk in closet.  That house was listed at $53k more than our foreclosure home.  Another difference was that the guy who owned our home hadn't lived there in a couple years so he didn't do any maintenance to the place.  He also let his friends stop by and stay in the house when they were in town.  He just had a good lawyer that allowed him to still own the home without paying.

luckyluvr

We're living in a house that's now worth $100,000 less than what we paid 2.5 years ago. There are houses that are 1500-2000 square feet larger and years newer selling around us that we would be able to live in more affordably. It sucks, but we're not alone.