Monday, December 6, 2010

Bank owned home for $11,000?!

Yep. You might remember my periodic series The Highs and The Lows? This is a definite low.

Within the past 30 days, some lucky buyer got a bank owned REO foreclosure house for $11,000. It was a 2 bed, 2 bath home built in 1947, located in Avondale.

11k EF

11k EB

11k KIT

So my Canadian friends and other out of town investor buyers…  when you call me and ask me about $10,000 and $20,000 houses in “nice” neighborhoods, know that this is what you’re buying.

Metro Phoenix is like every other town. It’s even like the town where you live Mr. or Mrs. Investor Buyer. The really, really cheap real estate is really cheap for good reason. In “nice” neighborhoods you pay nice prices.