Reply to Pre-foreclosure next door- how scared should we be?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]So the crazy lady next door refused to renew the lease on her rental tenants last year (really lovely family, btw) and raised the rent. No takers. Then she put it on the market to sell (as is) at a ridiculously high price. Again, no takers. We're trying to improve our home without going over the general property values/sold prices in the neighborhood, so I occasionally check realtor sites for homes in our neighborhood. I was poking around on Zillow and saw that the house is now listed as a pre-foreclosure with an auction possible. What does this really mean, and how concerned should we be that it's next door. We're not planning to move in the next year, but this surely isn't going to help our property value. [/quote]

Curious, any update on your neighbor's preforeclosure?  Btw, what makes this neighbor lady crazy?[/quote]

OP here- 'crazy' was a poor choice of words. I don't know her well- just what the tenants had said- she lived in the home when it was first built and likely has an emotional attachment to it. She really overvalued the home and refused to fix or update anything, but kept raising their rent. There are things that definitely need repair (visible rot on wood trim, etc). The home was listed for sale higher than any other in our neighborhood (including beautiful total renos and much larger homes), so it just seemed nuts to us. Here's hoping it moves quickly and the person/family who buys it plan to live there and maintain it. We're not looking for new best friends to live next door, just don't want the bank to sit on it forever. Good to know about the potential for foreclosures to be ignored at comps- that was our main concern since we're updating our home and have sunk a good chunk of change so far. Thanks, all![/quote]

Ok, this is not us, but my DH can be like this.  He tends to overvalue our RE and can be resistant to spending any money, even for maintenance and repairs.  He always thinks we can get more for it then I believe.[/quote]

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