Families Join Forces to Buy from Foreclosed Homes Listings
May 16th, 2009 by 
Joseph Smith
During these difficult times, most families come together. Family members not only help bear the severe effects of the foreclosure crisis, they also help each other to capitalize on opportunities brought about by foreclosed homes listings.
Several families have been pooling their resources to be able to buy properties from foreclosed homes listings that they could have not afforded in better times.
Catherine Swanson’s retired father who lives in Michigan told her that he would purchase a multi-family apartment building in the San Francisco Bay Area if she agrees to occupy one of the units and manage the other units as rental apartments.
Swanson said her father has been thinking of the idea of buying a rental apartment building for several years, but it is only now when the prices of apartments and other properties in foreclosed homes listings have gone down that he was able to realize his dream.
Linnette Edwards, an agent working with Prudential California Realty, said that around half of her prospective buyers are being backed by their parents who have seen opportunities in the falling prices of homes and other properties in foreclosed homes listings.
Edwards said that in the past, parents helped their adult children to buy homes in areas with good schools, but now parents are helping because they are witnessing the financial difficulties of their children. Besides, the low mortgage rates and the bargain prices of properties in foreclosed homes listings are enticing both parents and adult children to buy.
Jane Bethard-Tracy and Bick Hopkins are among adult children being helped by their parents. They are not yet getting married, but their parents have already given them their cash wedding gift so they can take advantage of low home prices.
Another illustrative case is that of Nai Saelee, her sister and their mother. Saelee, her sister and their mother pooled their money so they could buy a house in Oakland for $180,000, an affordable price certainly resulting from the falling prices in foreclosed homes listings.
The family’s doubts about buying a home were erased when they made calculations and found out that their monthly loan payments would be lower than their rent for a similar two-bedroom home. Even an older brother helped in the down payment.
Neha Sampat and Nishant Patel have also decided to share a house with Patel’s parents so they could buy a bigger East Bay house priced at around $800,000.
Indeed, the crisis brought about by foreclosed homes listings is not all about dark clouds. It also has its bright rays for some families.
