Today celebrity foreclosures are nearly as common as those in the general public. Of course, a headline stating Mrs. Jones home is now subject to bank foreclosure is not nearly as attention getting as a Kristen Bell home foreclosure!
In this case, the young starlet purchased her home at the height of the housing bubble, 2006 and it was on the foreclosure listings by January 2012.
Why would someone who makes plenty of money, (millions if the reports can be believed) allow their home to go into foreclosure?
Kristen Bells lovely home was originally purchased for $3.1 million in 2006, however today it is listed for a mere $1.9 million, which is a significant difference.
Did Ms. Bell simply decided to cut her losses since the value of the home was much less than the current appraisal? No one knows for certain her reasoning or even if it were her idea at all, it could be her advisers have played a big role in this decision.
At the end of the day, it simply goes to show that even the wealthiest among us are not exempt from bank foreclosures.
Are you considering a new home? Perhaps you are ready to put some serious thought into real estate investing, but have been a tad bit gun shy. This is perfectly understandable given the real estate, financial horror stories of the past few years, and yet the time may never be better for investing or new home purchases! If you have the credit and the money to get started, you could quickly build a nice bank of investment properties.
Bank foreclosures can be opportunity in disguise as long as you are willing to perform due diligence. Inspections, comp reports and more are all a part of the buying process, so do not get too excited and jump the gun otherwise you may find your newly acquired property on the foreclosure listings!