Most people who know me know that I don't really like waiting for... anything. I suppose that could describe all of us, but some people are naturally better at waiting than others.
In our area, the foreclosures have been getting cheaper and cheaper. A few small homes in Rochester are in the mid-20s or a bit higher. Don't be misled; these are not pretty houses and mostly they are not in pretty neighborhoods. But the majority are quite livable, and places like Spring Valley even have teasers selling for something like$15,900.
So here's the dilemma: If we pounce now and try to grab a foreclosure, getting the financing is a battle and we may well be stuck with two properties (not the end of the world, but not Scenario A+ either). However, if we wait for this house to sell, the market may have changed and all of these almost-free houses may have vanished. Like any other investing, real estate is a game that includes risk and strategy. I like playing the game but find myself wishing that I had more capital, since I am actually playing with other people's futures, to say nothing of what's left of my own.
So I feel kind of impatient but probably should wait for the tax refund to be done before we try to do anything irreversible. We visited another three foreclosures today. One of them is very cute and just a few blocks from Silver Lake. We also noticed two houses up for auction, but honestly, house auctions scare me. I'd do something wrong and end up owning a house I couldn't pay for. Or something.
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