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

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[quote=Anonymous][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]

Is the owner/crazy lady now still living in the house?

I think the biggest problem with foreclosures is that the former homeowners will sometimes refuse to move out, and the new buyers will need to call the police to remove the former owners.

With a pre-foreclosure at least, that's actually a good thing since it means the seller is somewhat motivated to sell. With foreclosures, often the former owners will give a big "F.U." to the bank and destroy the interior of the home.
The pre-foreclosure just means they've run out of money are stopped paying the bills, and that foreclosure is imminent, but not yet upon them.
[/quote]

She doesn't live there.  She moved out years ago and has rented it ever since. It's been vacant for several months. Glad to know the pre-foreclosure can be a motivating thing- seems like a reality check is in order. To me, a sale, even at a lower price than hoped, is better than a foreclosure on my mortgage history.  Hoping something good happens soon- the pretty weather may bring out some new buyers. [/quote]

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