Million Dollar Foreclosures In Sonoma County
June 6th, 2009 categories: Buyer Resource, Foreclosures, Fountaingrove
We received this email and thought the answer was worth sharing. This question (are there million dollar foreclosures?) has come up before and is a good one.
“I am looking for a home in the million dollar range and am curious about foreclosures. Do foreclosures go up to these price ranges? Do foreclosures in the million dollar price range offer better deals than homes that are sold by individual homeowners? Can you provide a list of high end foreclosures?”
Excellent questions!
Foreclosures come in all shapes, sizes, and price ranges. There are currently a number of high end foreclosures from which buyers can choose, even million dollar foreclosures.
High end foreclosures are currently available from Petaluma to Rohnert Park and from Sebastopol to Santa Rosa. There are even foreclosures located in such elite neighborhoods as Fountaingrove and Mayacama Country Club. You heard correctly, some Fountaingrove Homes that are for sale are foreclosures and offer great buying opportunities.
In many cases, high end foreclosures do offer better deals than homes that are sold by the homeowner, however the real answer comes down to equity. The more equity in the home, the lower the price can go before the seller really starts to feel the pain. In the case of a foreclosure the bank may end up selling the home for less than they are owed, hurting company performance. In the case of a homeowner selling for less than they owe their bank or lender, they may need to come to the closing table with cash, just to close the transaction. The seller can also try a short sale, however short sales require lender approval, and may depend on the owners other assets. If the owner has other substantial assets, the bank might not approve the short sale, and the owner, if really wanting to sell, may need to liquidate other assets to have cash funds to bring to the closing table in order to close the transaction.
Foreclosures come in all shapes, sizes and prices. Foreclosures offer Real Estate buyers the opportunity to buy assets for prices that are largely discounted relative to the market. I believe that in a few years, people who did not purchase a property in this market will wonder why they did not buy a foreclosure, and those who bought one will wonder why they did not buy more. Home buyers in all price ranges should consider foreclosures as they can offer some great values. In the past, some people have been wary of foreclosures because they feel the property condition may be lacking…that may have been the case in the past, however, with so many foreclosures on the market today, many appear to be in very good condition.
And to answer the last question, Yes, we can provide a list of high end foreclosures, as well as foreclosures at all price ranges. This is the same information many people pay for from outside services, however we provide this service for free…with daily email alerts as well…how great is that?
Visit us at WineCountryMoves.com to search all available homes, including high end foreclosures.
Great post. I read your posts frequently. I Added you to the RSS reader.
I am looking and Petaluma a short sale house 3/2.
Arrown $120.000 to $175.000
can you help me?can you sent me a list of houses
Sincerely,
Susan
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