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Thursday, September 29, 2016

The flipside to foreclosures


If there was once a stigma attached to buying a foreclosure, it’s long gone. When O’Shana first came across his 644-square-foot Portia Street house, the bank was asking $252,000. That price drew three other rival offers. So, O’Shana raised his full-priced bid by $30,000 to claim victory.

O’Shana was not happy about having to raise his bid. But with a monthly mortgage payment far below the $2,000 he paid in New York, the new Echo Park homeowner says his purchase makes financial sense. On a recent Sunday afternoon he checked off his to-do list, which includes removing the bars off the windows, perhaps scraping the stucco of the wood siding, creating a studio space and building a garage.

“I wanted Echo Park. I wanted a view. My price range was below $400,000,” O’Shana said. “This was the right one.”



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