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Foreclosures: Deal or No Deal?

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There are foreclosures on the market, but not necessary good deals. I have found 2 of those foreclosures: one in Richardson and one in the county (McKinney address).

Why a foreclosure is not selling within a week or two, as most of the listings are sold in our market? Usually is one answer: price. Even a regular listing, in good condition, id is priced too high – will be on the market for awhile.

I have found 2 foreclosures, which are a good example of over-pricing:

5714 Kensington Drive in Richardson is listed now at $309,995 (reduced from $344,900). Now at 71 days on the market! House has 3 bedrooms, 2.5 bathrooms  and 2,928 sf. Has been painted, re-carpeted, new roof, HVAC. Usually what the lender is “updating” a property, is not doing exactly what the buyer will like to have in the house.

Why nobody (so far) is making an offer? There are few reasons, besides the lender making “updates”: median sale price in this neighborhood is $264,000; the highest sale price in the past 12 months was $318,000 for a house with a similar GLA that gas a pool.

My take about this house: another price reduction, might get some offers.

2514 County Road 341 in McKinney, while have a McKinney address is closer to Melissa and Princeton. The good about this property: has a 5 acres lot. The bad: has some problems and will need updating and repairs for unknown costs at this time. House has been built-in 1987 and has 1,898 sf. Listing price: $285,000 after price reduction from $335,000.

My take about this house: still over priced, because has no exterior improvements, no barn, no cross fencing. Another round of price reduction will be helpful.

For interested buyers, I can help to make the offer and assist through the process. Buying a house from the back, is a bit different.

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