Buyer Beware: Foreclosed Homes Have Risks That Construction Homes Don’t <meta http-equiv="Content-Type" content="text/html; charset=UTF-8" /> <meta name="generator" content="WordPress 2.6" />  <link rel="stylesheet" href="http://mynewwesthome.com/blog/wp-content/themes/lust/style.css" type="text/css" media="screen" /> <link rel="alternate" type="application/rss+xml" title="RSS 2.0" href="http://mynewwesthome.com/blog/feed/" /> <link rel="alternate" type="text/xml" title="RSS .92" href="http://mynewwesthome.com/blog/feed/rss/" /> <link rel="alternate" type="application/atom+xml" title="Atom 0.3" href="http://mynewwesthome.com/blog/feed/atom/" /> <link rel="pingback" href="http://mynewwesthome.com/blog/xmlrpc.php" /> <link rel='archives' title='December 2009' href='http://mynewwesthome.com/blog/2009/12/' /> <link rel='archives' title='November 2009' href='http://mynewwesthome.com/blog/2009/11/' /> <link rel='archives' title='October 2009' href='http://mynewwesthome.com/blog/2009/10/' /> <link rel='archives' title='September 2009' href='http://mynewwesthome.com/blog/2009/09/' /> <link rel='archives' title='August 2009' href='http://mynewwesthome.com/blog/2009/08/' /> <link rel='archives' title='July 2009' href='http://mynewwesthome.com/blog/2009/07/' /> <link rel='archives' title='June 2009' href='http://mynewwesthome.com/blog/2009/06/' /> <link rel='archives' title='May 2009' href='http://mynewwesthome.com/blog/2009/05/' /> <link rel='archives' title='April 2009' href='http://mynewwesthome.com/blog/2009/04/' /> <link rel='archives' title='March 2009' href='http://mynewwesthome.com/blog/2009/03/' /> <link rel='archives' title='February 2009' href='http://mynewwesthome.com/blog/2009/02/' /> <link rel='archives' title='January 2009' href='http://mynewwesthome.com/blog/2009/01/' /> <link rel='archives' title='December 2008' href='http://mynewwesthome.com/blog/2008/12/' /> <link rel='archives' title='November 2008' href='http://mynewwesthome.com/blog/2008/11/' /> <link rel='archives' title='October 2008' href='http://mynewwesthome.com/blog/2008/10/' /> <link rel='archives' title='September 2008' href='http://mynewwesthome.com/blog/2008/09/' /> <link rel='archives' title='August 2008' href='http://mynewwesthome.com/blog/2008/08/' /> <link rel='archives' title='July 2008' href='http://mynewwesthome.com/blog/2008/07/' /> <link rel="EditURI" type="application/rsd+xml" title="RSD" href="http://mynewwesthome.com/blog/xmlrpc.php?rsd" /> <link rel="wlwmanifest" type="application/wlwmanifest+xml" href="http://mynewwesthome.com/blog/wp-includes/wlwmanifest.xml" /> <meta name="generator" content="WordPress 2.6" /> <link rel="stylesheet" type="text/css" media="screen" href="http://mynewwesthome.com/blog/wp-content/plugins/sociable/sociable.css" /> </head> <body class="wpd-lust"> <div id="header"><div class="wrap_center"> <h1><a href="http://mynewwesthome.com/blog/" title="ChicagoWord home page">ChicagoWord</a></h1> </div></div> <div class="clear"></div> <div id="menu"> <ul> <li class="page_item"><a href="http://mynewwesthome.com/blog" title="Home">Home</a></li> <li class="page_item page-item-21"><a href="http://mynewwesthome.com/blog/about-new-west-realty/" title="About New West Realty">About New West Realty</a></li> <li class="rss"><a href="http://mynewwesthome.com/blog/feed/" title="Subscribe to Feed">Subscribe to Feed</a></li> </ul> </div> <div class="clear"></div> <div id="page"><div class="wrap_center"><div class="wrap_float"> <div class="maincolumn"> <div class="banner"> </div> <div class="clear"></div> <div class="post" id="post-152"><div class="wrapper"> <div class="postmeta"> <ul> <li>Posted on: November 26th, 2008</li> <li>By: Krystin</li> <li>Under: <a href="http://mynewwesthome.com/blog/category/new-notable/" title="View all posts in New & Notable" rel="category tag">New & Notable</a>, <a href="http://mynewwesthome.com/blog/category/welcome/" title="View all posts in Welcome!" rel="category tag">Welcome!</a></li> </ul> </div> <h2><a href="http://mynewwesthome.com/blog/2008/11/26/buyer-beware-foreclosed-homes-have-risks-that-construction-homes-dont/" title="Buyer Beware: Foreclosed Homes Have Risks That Construction Homes Don’t">Buyer Beware: Foreclosed Homes Have Risks That Construction Homes Don’t</a></h2> <div class="entry"> <p><a href="http://mynewwesthome.com/blog/wp-content/uploads/2008/11/paperwork.jpg" ><img class="alignleft size-medium wp-image-156" title="Paperwork" src="http://mynewwesthome.com/blog/wp-content/uploads/2008/11/paperwork-250x300.jpg" alt="" width="166" height="198" /></a>You’re thinking of buying a new construction home, but you’ve heard there are deals to be found in the foreclosure market. Not so quick. More and more, the horror stories of what unknowing foreclosure buyers are finding is enough to make you quickly reconsider the advantages of a new construction home.</p> <p>According to the <a href="http://www.usatoday.com/money/perfi/housing/2007-03-29-mym-foreclosure-options_N.htm" onclick="javascript:pageTracker._trackPageview('/outbound/article/www.usatoday.com');">National Association of Realtors</a>, more than 1 million foreclosed homes will go on the market over the next two years. And while a house in foreclosure might seem like a great deal, there are certainly risks to consider.</p> <p><strong>Price</strong></p> <p>The idea that you can buy a foreclosed home for pennies on the dollar “is largely a myth,” says Peter O’Connell, a former banker who has invested in foreclosures for years. “If there is any equity in a house, you’re generally not going to get it cheaply.”</p> <p>Also, foreclosed homes are often bought at auction where buyers must pay for the home on the spot in cash or with a cashier’s check. And homes now owned by a bank or other lender are guaranteed to go for bargain basement prices — they will want to recover as much of their investment as possible.</p> <p><span id="more-152"></span>“There are some good buying opportunities,” says David Lereah, the NAR’s chief economist. “But don’t repeat the mistakes of the foreclosed borrowers.”</p> <p><strong>Condition</strong></p> <p>If an owner has defaulted on their mortgage, it’s very likely that they’ve also neglected things like routine maintenance. Some homeowners don’t even try to stop the foreclosure process — the neighborhood might now be undesirable (foreclosed home tend to happen in clusters which then can attract the homeless or fall prey to theft and graffiti) or the home may be structurally unsound.</p> <p>“There are various reasons for people to live rent-free for close to a year, ride through the process and let it go into foreclosure,” says <a href="http://www.usatoday.com/money/perfi/housing/2007-03-29-mym-foreclosure-options_N.htm" onclick="javascript:pageTracker._trackPageview('/outbound/article/www.usatoday.com');">Jay Brinkmann of the Mortgage Bankers Association</a>.</p> <p>And <a href="http://www.reuters.com/article/pressRelease/idUS135901+01-May-2008+PRN20080501" onclick="javascript:pageTracker._trackPageview('/outbound/article/www.reuters.com');">Steve Elias, President of the Bankruptcy Lare Project</a> says, “You’ll often find people stealing the copper pipes and other scraps from these abandoned homes that can be sold in the market. Because these homes are purchased “as is,” there is no guarantee of condition.”</p> <p>If a home is bought at auction, there’s no opportunity for an inspection. On the other hand, one buyer purchased a home seized by be the lender. The buyer did have time to research the home, which had been empty for over an year. “It’s nerve-racking to think what could have happened to this house,” says the buyer, Jenny Nelson. In fact, she learned that homeless people had liven there for some time. An inspector she hired told her that a pipe had broken in the basement, causing mold to grow.</p> <p><strong>Paperwork</strong></p> <p>Buying a foreclosed home can sometimes be a paperwork nightmare. A good lawyer can help you navigate through the process, but if the current owners refuse to leave, you’ll end having to file eviction notices and dealing with far more issues than you would with a new construction home.</p> <p><strong>The alternative</strong></p> <p>A new construction home offers none of the headaches mentioned in this article. The home is brand new — there are no flaws and you have time to inspect the home with the builder and often make selection changes like appliances, finishes and — if the home is being built now — the ability to specify everything about your home.</p> <p>The actual buying process is simple — homebuilders have this almost down to a process and sales associates are experts in streamlining the process and keeping you informed the whole way. And the financing process is also much more straightforward — financing is readily available to those that qualify.</p> <p>The price of new construction homes today is very attractive. While “you can buy foreclosures for as cheap as 30 or 40 percent below market, most foreclosures sell for 5 percent below market,” said <a href="http://money.cnn.com/1999/02/11/banking/q_bankrate/" onclick="javascript:pageTracker._trackPageview('/outbound/article/money.cnn.com');">John T. Reed, editor of Real Estate Investor’s Monthly</a>, a newsletter based in Alamo, California</p> <p>Today’s builders are looking to move inventory and they are making move-ins — especially on homes finished or nearing completion — very attractive to buyers.</p> <div class="sociable"> <div class="sociable_tagline"> <strong>Share and Enjoy:</strong> </div> <ul> <li><a rel="nofollow" href="mailto:?subject=Buyer%20Beware%3A%20Foreclosed%20Homes%20Have%20Risks%20That%20Construction%20Homes%20Don%27t%20&body=http%3A%2F%2Fmynewwesthome.com%2Fblog%2F2008%2F11%2F26%2Fbuyer-beware-foreclosed-homes-have-risks-that-construction-homes-dont%2F" title="E-mail this story to a friend!"><img src="http://mynewwesthome.com/blog/wp-content/plugins/sociable/images/email_link.png" title="E-mail this story to a friend!" alt="E-mail this story to a friend!" class="sociable-hovers" /></a></li> <li><a rel="nofollow" href="javascript:window.print();" title="Print this article!"><img src="http://mynewwesthome.com/blog/wp-content/plugins/sociable/images/printer.png" title="Print this article!" alt="Print this article!" class="sociable-hovers" /></a></li> <li><a rel="nofollow" href="http://digg.com/submit?phase=2&url=http%3A%2F%2Fmynewwesthome.com%2Fblog%2F2008%2F11%2F26%2Fbuyer-beware-foreclosed-homes-have-risks-that-construction-homes-dont%2F&title=Buyer%20Beware%3A%20Foreclosed%20Homes%20Have%20Risks%20That%20Construction%20Homes%20Don%27t%20" onclick="javascript:pageTracker._trackPageview('/outbound/article/digg.com');" title="Digg"><img src="http://mynewwesthome.com/blog/wp-content/plugins/sociable/images/digg.png" title="Digg" alt="Digg" class="sociable-hovers" /></a></li> <li><a rel="nofollow" href="http://del.icio.us/post?url=http%3A%2F%2Fmynewwesthome.com%2Fblog%2F2008%2F11%2F26%2Fbuyer-beware-foreclosed-homes-have-risks-that-construction-homes-dont%2F&title=Buyer%20Beware%3A%20Foreclosed%20Homes%20Have%20Risks%20That%20Construction%20Homes%20Don%27t%20" onclick="javascript:pageTracker._trackPageview('/outbound/article/del.icio.us');" title="del.icio.us"><img src="http://mynewwesthome.com/blog/wp-content/plugins/sociable/images/delicious.png" title="del.icio.us" alt="del.icio.us" class="sociable-hovers" /></a></li> <li><a rel="nofollow" href="http://www.stumbleupon.com/submit?url=http%3A%2F%2Fmynewwesthome.com%2Fblog%2F2008%2F11%2F26%2Fbuyer-beware-foreclosed-homes-have-risks-that-construction-homes-dont%2F&title=Buyer%20Beware%3A%20Foreclosed%20Homes%20Have%20Risks%20That%20Construction%20Homes%20Don%27t%20" onclick="javascript:pageTracker._trackPageview('/outbound/article/www.stumbleupon.com');" title="StumbleUpon"><img src="http://mynewwesthome.com/blog/wp-content/plugins/sociable/images/stumbleupon.png" title="StumbleUpon" alt="StumbleUpon" class="sociable-hovers" /></a></li> <li><a rel="nofollow" href="http://cgi.fark.com/cgi/fark/edit.pl?new_url=http%3A%2F%2Fmynewwesthome.com%2Fblog%2F2008%2F11%2F26%2Fbuyer-beware-foreclosed-homes-have-risks-that-construction-homes-dont%2F&new_comment=Buyer%20Beware%3A%20Foreclosed%20Homes%20Have%20Risks%20That%20Construction%20Homes%20Don%27t%20&new_comment=ChicagoWord+News+and+Opinions+on+the+Chicago+Real+Estate+Market&linktype=Misc" onclick="javascript:pageTracker._trackPageview('/outbound/article/cgi.fark.com');" title="Fark"><img src="http://mynewwesthome.com/blog/wp-content/plugins/sociable/images/fark.png" title="Fark" alt="Fark" class="sociable-hovers" /></a></li> <li><a rel="nofollow" href="http://ma.gnolia.com/bookmarklet/add?url=http%3A%2F%2Fmynewwesthome.com%2Fblog%2F2008%2F11%2F26%2Fbuyer-beware-foreclosed-homes-have-risks-that-construction-homes-dont%2F&title=Buyer%20Beware%3A%20Foreclosed%20Homes%20Have%20Risks%20That%20Construction%20Homes%20Don%27t%20" onclick="javascript:pageTracker._trackPageview('/outbound/article/ma.gnolia.com');" title="Ma.gnolia"><img src="http://mynewwesthome.com/blog/wp-content/plugins/sociable/images/magnolia.png" title="Ma.gnolia" alt="Ma.gnolia" class="sociable-hovers" /></a></li> <li><a rel="nofollow" href="http://www.mixx.com/submit?page_url=http%3A%2F%2Fmynewwesthome.com%2Fblog%2F2008%2F11%2F26%2Fbuyer-beware-foreclosed-homes-have-risks-that-construction-homes-dont%2F&title=Buyer%20Beware%3A%20Foreclosed%20Homes%20Have%20Risks%20That%20Construction%20Homes%20Don%27t%20" onclick="javascript:pageTracker._trackPageview('/outbound/article/www.mixx.com');" title="Mixx"><img src="http://mynewwesthome.com/blog/wp-content/plugins/sociable/images/mixx.png" title="Mixx" alt="Mixx" class="sociable-hovers" /></a></li> <li><a rel="nofollow" href="http://www.propeller.com/submit/?U=http%3A%2F%2Fmynewwesthome.com%2Fblog%2F2008%2F11%2F26%2Fbuyer-beware-foreclosed-homes-have-risks-that-construction-homes-dont%2F&T=Buyer%20Beware%3A%20Foreclosed%20Homes%20Have%20Risks%20That%20Construction%20Homes%20Don%27t%20" onclick="javascript:pageTracker._trackPageview('/outbound/article/www.propeller.com');" title="Propeller"><img src="http://mynewwesthome.com/blog/wp-content/plugins/sociable/images/propeller.gif" title="Propeller" alt="Propeller" class="sociable-hovers" /></a></li> <li><a rel="nofollow" href="http://reddit.com/submit?url=http%3A%2F%2Fmynewwesthome.com%2Fblog%2F2008%2F11%2F26%2Fbuyer-beware-foreclosed-homes-have-risks-that-construction-homes-dont%2F&title=Buyer%20Beware%3A%20Foreclosed%20Homes%20Have%20Risks%20That%20Construction%20Homes%20Don%27t%20" onclick="javascript:pageTracker._trackPageview('/outbound/article/reddit.com');" title="Reddit"><img src="http://mynewwesthome.com/blog/wp-content/plugins/sociable/images/reddit.png" title="Reddit" alt="Reddit" class="sociable-hovers" /></a></li> <li><a rel="nofollow" href="http://technorati.com/faves?add=http%3A%2F%2Fmynewwesthome.com%2Fblog%2F2008%2F11%2F26%2Fbuyer-beware-foreclosed-homes-have-risks-that-construction-homes-dont%2F" onclick="javascript:pageTracker._trackPageview('/outbound/article/technorati.com');" title="Technorati"><img src="http://mynewwesthome.com/blog/wp-content/plugins/sociable/images/technorati.png" title="Technorati" alt="Technorati" class="sociable-hovers" /></a></li> <li><a rel="nofollow" href="http://www.newsvine.com/_tools/seed&save?u=http%3A%2F%2Fmynewwesthome.com%2Fblog%2F2008%2F11%2F26%2Fbuyer-beware-foreclosed-homes-have-risks-that-construction-homes-dont%2F&h=Buyer%20Beware%3A%20Foreclosed%20Homes%20Have%20Risks%20That%20Construction%20Homes%20Don%27t%20" onclick="javascript:pageTracker._trackPageview('/outbound/article/www.newsvine.com');" title="NewsVine"><img src="http://mynewwesthome.com/blog/wp-content/plugins/sociable/images/newsvine.png" title="NewsVine" alt="NewsVine" class="sociable-hovers" /></a></li> <li><a rel="nofollow" href="http://twitthis.com/twit?url=http%3A%2F%2Fmynewwesthome.com%2Fblog%2F2008%2F11%2F26%2Fbuyer-beware-foreclosed-homes-have-risks-that-construction-homes-dont%2F" onclick="javascript:pageTracker._trackPageview('/outbound/article/twitthis.com');" title="TwitThis"><img src="http://mynewwesthome.com/blog/wp-content/plugins/sociable/images/twitter.png" title="TwitThis" alt="TwitThis" class="sociable-hovers" /></a></li> <li><a rel="nofollow" href="http://pownce.com/send/link/?url=http%3A%2F%2Fmynewwesthome.com%2Fblog%2F2008%2F11%2F26%2Fbuyer-beware-foreclosed-homes-have-risks-that-construction-homes-dont%2F&note_body=Buyer%20Beware%3A%20Foreclosed%20Homes%20Have%20Risks%20That%20Construction%20Homes%20Don%27t%20&note_to=all" onclick="javascript:pageTracker._trackPageview('/outbound/article/pownce.com');" title="Pownce"><img src="http://mynewwesthome.com/blog/wp-content/plugins/sociable/images/pownce.gif" title="Pownce" alt="Pownce" class="sociable-hovers" /></a></li> <li><a rel="nofollow" href="http://co.mments.com/track?url=http%3A%2F%2Fmynewwesthome.com%2Fblog%2F2008%2F11%2F26%2Fbuyer-beware-foreclosed-homes-have-risks-that-construction-homes-dont%2F&title=Buyer%20Beware%3A%20Foreclosed%20Homes%20Have%20Risks%20That%20Construction%20Homes%20Don%27t%20" onclick="javascript:pageTracker._trackPageview('/outbound/article/co.mments.com');" title="co.mments"><img src="http://mynewwesthome.com/blog/wp-content/plugins/sociable/images/co.mments.gif" title="co.mments" alt="co.mments" class="sociable-hovers" /></a></li> <li><a rel="nofollow" href="http://www.facebook.com/sharer.php?u=http%3A%2F%2Fmynewwesthome.com%2Fblog%2F2008%2F11%2F26%2Fbuyer-beware-foreclosed-homes-have-risks-that-construction-homes-dont%2F&t=Buyer%20Beware%3A%20Foreclosed%20Homes%20Have%20Risks%20That%20Construction%20Homes%20Don%27t%20" onclick="javascript:pageTracker._trackPageview('/outbound/article/www.facebook.com');" title="Facebook"><img src="http://mynewwesthome.com/blog/wp-content/plugins/sociable/images/facebook.png" title="Facebook" alt="Facebook" class="sociable-hovers" /></a></li> <li><a rel="nofollow" href="http://www.linkedin.com/shareArticle?mini=true&url=http%3A%2F%2Fmynewwesthome.com%2Fblog%2F2008%2F11%2F26%2Fbuyer-beware-foreclosed-homes-have-risks-that-construction-homes-dont%2F&title=Buyer%20Beware%3A%20Foreclosed%20Homes%20Have%20Risks%20That%20Construction%20Homes%20Don%27t%20&source=ChicagoWord+News+and+Opinions+on+the+Chicago+Real+Estate+Market&summary=You%27re%20thinking%20of%20buying%20a%20new%20construction%20home%2C%20but%20you%27ve%20heard%20there%20are%20deals%20to%20be%20found%20in%20the%20foreclosure%20market.%20Not%20so%20quick.%20More%20and%20more%2C%20the%20horror%20stories%20of%20what%20unknowing%20foreclosure%20buyers%20are%20finding%20is%20enough%20to%20make%20you%20quickly%20" onclick="javascript:pageTracker._trackPageview('/outbound/article/www.linkedin.com');" title="LinkedIn"><img src="http://mynewwesthome.com/blog/wp-content/plugins/sociable/images/linkedin.png" title="LinkedIn" alt="LinkedIn" class="sociable-hovers" /></a></li> <li><a rel="nofollow" href="http://www.furl.net/storeIt.jsp?u=http%3A%2F%2Fmynewwesthome.com%2Fblog%2F2008%2F11%2F26%2Fbuyer-beware-foreclosed-homes-have-risks-that-construction-homes-dont%2F&t=Buyer%20Beware%3A%20Foreclosed%20Homes%20Have%20Risks%20That%20Construction%20Homes%20Don%27t%20" onclick="javascript:pageTracker._trackPageview('/outbound/article/www.furl.net');" title="Furl"><img src="http://mynewwesthome.com/blog/wp-content/plugins/sociable/images/furl.png" title="Furl" alt="Furl" class="sociable-hovers" /></a></li> <li><a rel="nofollow" href="http://www.google.com/bookmarks/mark?op=edit&bkmk=http%3A%2F%2Fmynewwesthome.com%2Fblog%2F2008%2F11%2F26%2Fbuyer-beware-foreclosed-homes-have-risks-that-construction-homes-dont%2F&title=Buyer%20Beware%3A%20Foreclosed%20Homes%20Have%20Risks%20That%20Construction%20Homes%20Don%27t%20" onclick="javascript:pageTracker._trackPageview('/outbound/article/www.google.com');" title="Google"><img src="http://mynewwesthome.com/blog/wp-content/plugins/sociable/images/googlebookmark.png" title="Google" alt="Google" class="sociable-hovers" /></a></li> <li><a rel="nofollow" href="https://favorites.live.com/quickadd.aspx?marklet=1&url=http%3A%2F%2Fmynewwesthome.com%2Fblog%2F2008%2F11%2F26%2Fbuyer-beware-foreclosed-homes-have-risks-that-construction-homes-dont%2F&title=Buyer%20Beware%3A%20Foreclosed%20Homes%20Have%20Risks%20That%20Construction%20Homes%20Don%27t%20" onclick="javascript:pageTracker._trackPageview('/outbound/article/favorites.live.com');" title="Live"><img src="http://mynewwesthome.com/blog/wp-content/plugins/sociable/images/live.png" title="Live" alt="Live" class="sociable-hovers" /></a></li> <li><a rel="nofollow" href="http://myweb2.search.yahoo.com/myresults/bookmarklet?u=http%3A%2F%2Fmynewwesthome.com%2Fblog%2F2008%2F11%2F26%2Fbuyer-beware-foreclosed-homes-have-risks-that-construction-homes-dont%2F&=Buyer%20Beware%3A%20Foreclosed%20Homes%20Have%20Risks%20That%20Construction%20Homes%20Don%27t%20" onclick="javascript:pageTracker._trackPageview('/outbound/article/myweb2.search.yahoo.com');" title="YahooMyWeb"><img src="http://mynewwesthome.com/blog/wp-content/plugins/sociable/images/yahoomyweb.png" title="YahooMyWeb" alt="YahooMyWeb" class="sociable-hovers" /></a></li> </ul> </div>  </div> </div></div> <div class="clear"></div> <div class="comments_template"><div class="wrapper">  <h3 id="comments">2 Responses to “Buyer Beware: Foreclosed Homes Have Risks That Construction Homes Don’t”</h3> <div class="clear"></div> <ol class="commentlist"> <li class="alt" id="comment-866"> <div class="commentmeta"> <ul> <li><strong><a href="http://www.tore1.com" onclick="javascript:pageTracker._trackPageview('/outbound/commentauthor/www.tore1.com');" rel='external nofollow'>Chicago Real Estate Investment</a></strong></li> <li><a href="#comment-866" title="">December 5th, 2008 at 8:33 am</a></li> </ul> </div> <div class="commenentry"> <p>Your topic Buyer Beware: Foreclosed Homes Have Risks That Construction Homes Don’t was interesting when I found it on Friday searching for chicago real estate investment\”</p> </div> </li> <li class="" id="comment-889"> <div class="commentmeta"> <ul> <li><strong>Becky</strong></li> <li><a href="#comment-889" title="">December 8th, 2008 at 3:24 pm</a></li> </ul> </div> <div class="commenentry"> <p>Wow. I thought a foreclosed home was a good deal. I never thought of some of those things. Thanks for the heads up!</p> </div> </li> </ol> <div class="comments_form"> <h3 id="respond">Leave a Reply</h3> <form action="http://mynewwesthome.com/blog/wp-comments-post.php" method="post" id="commentform"> <p><input type="text" name="author" id="author" value="" size="22" tabindex="1" /> <label for="author"><small>Name </small></label></p> <p><input type="text" name="email" id="email" value="" size="22" tabindex="2" /> <label for="email"><small>Mail (will not be published) </small></label></p> <p><input type="text" name="url" id="url" value="" size="22" tabindex="3" /> <label for="url"><small>Website</small></label></p>  <p><textarea name="comment" id="comment" cols="60" rows="10" tabindex="4"></textarea></p> <p><input name="submit" type="submit" id="submit" tabindex="5" value="Submit Comment" /> <input type="hidden" name="comment_post_ID" value="152" /> </p> </form> </div> </div></div> <div class="clear"></div> <div class="navigation"> « <a href="http://mynewwesthome.com/blog/2008/11/25/women-in-real-estate-keeping-it-savvy/">Women in Real Estate- Keeping it Savvy</a> <a href="http://mynewwesthome.com/blog/2008/12/04/why-buy-now/">Why buy now?</a> » </div> </div> <div class="sidebar"> <ul> <li id="calendar" class="widget widget_calendar"><h2 class="widgettitle"> </h2> <div id="calendar_wrap"><table id="wp-calendar" summary="Calendar"> <caption>November 2008</caption> <thead> <tr> <th abbr="Sunday" scope="col" title="Sunday">S</th> <th abbr="Monday" scope="col" title="Monday">M</th> <th abbr="Tuesday" scope="col" title="Tuesday">T</th> <th abbr="Wednesday" scope="col" title="Wednesday">W</th> <th abbr="Thursday" scope="col" title="Thursday">T</th> <th abbr="Friday" scope="col" title="Friday">F</th> <th abbr="Saturday" scope="col" title="Saturday">S</th> </tr> </thead> <tfoot> <tr> <td abbr="October" colspan="3" id="prev"><a href="http://mynewwesthome.com/blog/2008/10/" title="View posts for October 2008">« Oct</a></td> <td class="pad"> </td> <td abbr="December" colspan="3" id="next"><a href="http://mynewwesthome.com/blog/2008/12/" title="View posts for December 2008">Dec »</a></td> </tr> </tfoot> <tbody> <tr> <td colspan="6" class="pad"> </td><td>1</td> </tr> <tr> <td>2</td><td>3</td><td>4</td><td>5</td><td>6</td><td>7</td><td>8</td> </tr> <tr> <td>9</td><td>10</td><td>11</td><td>12</td><td>13</td><td>14</td><td>15</td> </tr> <tr> <td>16</td><td>17</td><td>18</td><td>19</td><td>20</td><td><a href="http://mynewwesthome.com/blog/2008/11/21/" title="Thanksgiving Safety Tips">21</a></td><td>22</td> </tr> <tr> <td>23</td><td>24</td><td><a href="http://mynewwesthome.com/blog/2008/11/25/" title="Women in Real Estate- Keeping it Savvy">25</a></td><td><a href="http://mynewwesthome.com/blog/2008/11/26/" title="Buyer Beware: Foreclosed Homes Have Risks That Construction Homes Don’t">26</a></td><td>27</td><td>28</td><td>29</td> </tr> <tr> <td>30</td> <td class="pad" colspan="6"> </td> </tr> </tbody> </table></div></li> <li id="text-177291682" class="widget widget_text"> <div class="textwidget"><a href="http://www.mynewwesthome.com/"><img src="http://mynewwesthome.com/blog/wp-content/uploads/2009/01/nwhome.jpg" border="0"></a></div> </li> <li id="categories-177291681" class="widget widget_categories"><h2 class="widgettitle">Categories</h2> <select name='cat' id='cat' class='postform' > <option value='-1'>Select Category</option> <option value="4">Chicago (23)</option> <option value="25">Environment (8)</option> <option value="11">Events (13)</option> <option value="282">Good to Know (9)</option> <option value="12">New & Notable (25)</option> <option value="3">New West Realty (7)</option> <option value="10">News & Annoucements (24)</option> <option value="14">Photos & Videos (4)</option> <option value="276">Things to Do (8)</option> <option value="13">Things to Think About (20)</option> <option value="48">This is cool! (10)</option> <option value="37">Tours (5)</option> <option value="5">Welcome! (3)</option> </select> <script type='text/javascript'> /* <![CDATA[ */ var dropdown = document.getElementById("cat"); function onCatChange() { if ( dropdown.options[dropdown.selectedIndex].value > 0 ) { location.href = "http://mynewwesthome.com/blog/?cat="+dropdown.options[dropdown.selectedIndex].value; } } dropdown.onchange = onCatChange; /* ]]> */ </script> </li> <li id="archives" class="widget widget_archive"><h2 class="widgettitle">Archives</h2> <select name="archive-dropdown" onchange='document.location.href=this.options[this.selectedIndex].value;'> <option value="">Select Month</option> <option value='http://mynewwesthome.com/blog/2009/12/'> December 2009 (2)</option> <option value='http://mynewwesthome.com/blog/2009/11/'> November 2009 (3)</option> <option value='http://mynewwesthome.com/blog/2009/10/'> October 2009 (5)</option> <option value='http://mynewwesthome.com/blog/2009/09/'> September 2009 (4)</option> <option value='http://mynewwesthome.com/blog/2009/08/'> August 2009 (5)</option> <option value='http://mynewwesthome.com/blog/2009/07/'> July 2009 (6)</option> <option value='http://mynewwesthome.com/blog/2009/06/'> June 2009 (6)</option> <option value='http://mynewwesthome.com/blog/2009/05/'> May 2009 (6)</option> <option value='http://mynewwesthome.com/blog/2009/04/'> April 2009 (3)</option> <option value='http://mynewwesthome.com/blog/2009/03/'> March 2009 (2)</option> <option value='http://mynewwesthome.com/blog/2009/02/'> February 2009 (6)</option> <option value='http://mynewwesthome.com/blog/2009/01/'> January 2009 (3)</option> <option value='http://mynewwesthome.com/blog/2008/12/'> December 2008 (5)</option> <option value='http://mynewwesthome.com/blog/2008/11/'> November 2008 (3)</option> <option value='http://mynewwesthome.com/blog/2008/10/'> October 2008 (4)</option> <option value='http://mynewwesthome.com/blog/2008/09/'> September 2008 (4)</option> <option value='http://mynewwesthome.com/blog/2008/08/'> August 2008 (2)</option> <option value='http://mynewwesthome.com/blog/2008/07/'> July 2008 (2)</option> </select> </li> <li id="recent-posts" class="widget widget_recent_entries"> <h2 class="widgettitle">Recent Posts</h2> <ul> <li><a href="http://mynewwesthome.com/blog/2009/12/07/tax-credit-matching-at-1555-wabash/">Tax Credit Matching at 1555 Wabash </a></li> <li><a href="http://mynewwesthome.com/blog/2009/12/02/brighter-future-for-downtown-chicago-condos-from-rented-spaces/">Brighter Future for Downtown Chicago Condos (From Rented Spaces) </a></li> <li><a href="http://mynewwesthome.com/blog/2009/11/18/video-homebuying-tax-credit-explained/">Video: Homebuying tax credit explained </a></li> </ul> </li> <li id="text-606480541" class="widget widget_text"> <h2 class="widgettitle">New West Realty Websites</h2> <div class="textwidget"><p><a href="http://www.NewWestRealty.com" target="_blank" onClick="javascript: pageTracker._trackPageview('/outgoing/NWR_Website);">New West Realty</a></p> <p><a href="http://newwestrealtytestimonials.wordpress.com/" target="_blank" onClick="javascript: pageTracker._trackPageview('/outgoing/Testimonials_Blog);">Testimonials</a></p> <p><a href="http://mynewwesthome.com/" target="_blank" onClick="javascript: pageTracker._trackPageview('/outgoing/MNWH_website);">Make an Appointment!</a></p></div> </li> <li id="text-606478011" class="widget widget_text"> <h2 class="widgettitle">Our Community Blogs</h2> <div class="textwidget"><p><a href="http://1555wabash.wordpress.com/" target="_blank" onClick="javascript: pageTracker._trackPageview('/outgoing/1555_blog);">1555 Wabash</a></p> <p><a href="http://eastgatevillage.wordpress.com/" target="_blank" onClick="javascript: pageTracker._trackPageview('/outgoing/EGV_blog);">Eastgate Village</a></p> <p><a href="http://heritagehomeschicago.wordpress.com/" target="_blank" onClick="javascript: pageTracker._trackPageview('/outgoing/HH_blog);">Heritage Homes</a></p></div> </li> <li id="text-606470451" class="widget widget_text"> <h2 class="widgettitle">Get Connected!</h2> <div class="textwidget"><p><a href="http://www.twitter.com/newwestrealty" target="_blank" onClick="javascript: pageTracker._trackPageview('/outgoing/NWR_Facebook);">Fan us on Facebook!</a></p> <p><a href="http://www.facebook.com/home.php?#/pages/Chicago-IL/1555-Wabash-South-Loop-Chicago/18085287191?ref=mf" target="_blank" onClick="javascript: pageTracker._trackPageview('/outgoing/NWR_Twitter);">Follow us on Twitter!</a></p> <p><a href="http://www.youtube.com/newwestrealty" target="_blank" onClick="javascript: pageTracker._trackPageview('/outgoing/NWR_YouTube);">Watch our YouTube Channel!</a></p> <p>Our Communities are on Facebook too!</p> <p><a href="http://www.facebook.com/home.php?#/pages/Chicago-IL/1555-Wabash-South-Loop-Chicago/18085287191?ref=mf" target="_blank" onClick="javascript: pageTracker._trackPageview('/outgoing/1555_Facebook);">1555 Wabash</a></p> <p><a href="http://www.facebook.com/pages/Chicago-IL/New-West-Realty/19855935804#/pages/Chicago-IL/Eastgate-Village-Near-South-Chicago/18085946987" target="_blank" onClick="javascript: pageTracker._trackPageview('/outgoing/EGV_Facebook);">Eastgate Village</a></p> <p><a href="http://www.facebook.com/home.php#/pages/Chicago-IL/Heritage-Homes-of-West-Village-Chicago/26315313834?ref=mf" target="_blank" onClick="javascript: pageTracker._trackPageview('/outgoing/HH_Facebook);">Heritage Homes</a></p> </div> </li> </ul> </div> </div></div></div> <div class="clear"></div> <div id="footer"><div class="wrap_center"> <p>Powered by <a href="http://www.wordpress.org/" title="Blog Tool and Weblog Platform">WordPress</a>. Using <a href="http://www.wpdesigner.com/" title="Wpdesigner Lust theme">Wpdesigner Lust theme</a>.</p> </div></div>  <script type="text/javascript"> var gaJsHost = (("https:" == document.location.protocol) ? "https://ssl." : "http://www."); document.write(unescape("%3Cscript src='" + gaJsHost + "google-analytics.com/ga.js' type='text/javascript'%3E%3C/script%3E")); </script> <script type="text/javascript"> var pageTracker = _gat._getTracker("UA-4122128-4"); </script> <script type="text/javascript"> pageTracker._initData(); pageTracker._trackPageview(); </script>  </body> </html>