This evening we made our second offer on a house.
We are finding a lot of homes that our overpriced. This causes some alarm because we can’t make a full price (or anywhere near full price) offer on a house as the sellers can’t take anything less than full price or they will sell their house as a short sale, i.e. the house will sell for less than what they owe on their mortgage. Nor do we want to overpay for a house in a depressed neighborhood.
Hearing news of many foreclosures coming down the road, this article says some people should consider buying a foreclosed home in 2011.
For now, we will wait to see if our offer is accepted. If not, we will continue looking for a house that is in a neighborhood where the values have not gone down so much. That’s getting a little hard to find.