An Interesting Day Today

This is why I haven't posted much for this date--I had the opportunity to go check out some houses that were part of a large foreclosure auction (a national place called REDC--United Foreclosures Inc.). We got up early, left early, got grocery shopping out of the way, and off we went hoping to find something other than what we've been drowning in on the MLS.

It turns out these houses were just more of the substandard tear-down fodder that exists currently on the MLS, but these particular homes were previously outside my price range--no WONDER I hadn't seen them before!

This is the real estate market equivalent to a "liquidation sale." I'm glad we took the time to check out these places NOW, before we could've gotten stuck with one of these lulus thinking it was a huge housing bargain.

These h0omes in particular were overpriced on the MLS (I looked them up), and they're still overpriced at the minimum $1000 bid in my opinion--sure, you can get them for $1000 or whatever the winning bid is, but these houses would take about $100k more to get them up to current liveability, building code, and for a bank to take a chance on financing. As it was, none of these houses was eligible for financing--they were cash & carry.

Let this be a tip for you out there looking to buy a house: NOT ELIGIBLE FOR BANK FINANCING should be a huge red flag that there is a whole lot more wrong with this house than meets the eye.

Well, after today's little jaunt, it turns out we're saving ourselves time and money by skipping this auction altogether (in Richmond, VA on March 12)and simply waiting for better houses to fall down into our price range.