Right now, foreclosures in the Des Moines metro area are selling at a higher rate than traditional homes. Foreclosures can offer big bargains, but buyers need to be careful.
Most foreclosures are sold as-is and may have been left vacant a long time. This could result in a lot of maintenance problems that could offset any deal.
Things to ask and consider:
1. How long has the home been vacant? Remember, things break down when the utilities have been shut off for a long time.
2. How old is the home? Think outdated plumbing and electrical wiring.
3. What is the condition of the exterior of the home? If it looks bad on the outside, it's probably worse on the inside.
4. Is there anything missing? Sometimes valuable items --heaters, fixtures, etc.--may have been removed.
It may also be a good idea to have a home inspector look at the property as well.
|
Good news from data just released from CoreLogic. Check out the decreases in foreclosure rates and delinquent mortgages for the Des Moines-West Des Moines area:
Foreclosure rate:Nov. 2011: 2.48%Nov. 2010: 2.69%
Mortgage delinquency (90+ days):Nov. 2011: 4.71%Nov. 2010: 4.81%
I get a lot of questions about the 14,000-square foot home with a football field (including goal posts), 1,000-sq ft pool, and guesthouse that was lived in for only 2 years. Well, the West Des Moines home, formerly owned by Dave Walter’s, that was built for more that $5 million in 2005-06 sold last week for $2.5 million. The property was turned over to the bank in 2008 and Northwest Bank has been trying to sell it since early 2009. If you’re interested, here’s the property link.
http://iow.mlxchange.com/DotNet/Pub/EmailView.aspx?r=704494457&s=IOW&t=IOW
Popular Des Moines neighborhood, Beaverdale, is planning to spruce up it’s business district with a roundabout on the corner of Urbandale and Beaver Avenue. This is designed to draw residents with bigger sidewalks, slow down traffic, and make the business area more attractive. Supporters have raised over $1 million to help pay for the project, but plans still need to be approved by the Des Moines City Council.
What do you think? This new trend of creating roundabouts has proponents and opponents.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2013 ActiveRain Corp. All Rights Reserved