There are many good foreclosure bargains in the San Bernardino and surrounding areas for you to purchase. Prices are affordable and inventory is abundant. With the New Year, it’s a good time to get going and find your San Bernardino real estate treasure.
According to the National Association of Realtors, home sales in the west increased in November 2010 by 18.2 percent on a month to month basis. It was the only region to show an increase above a year ago, up 0.4% from November 2009. That’s good news for California and San Bernardino. Many of the homes sold have been foreclosures. First time home buyers and investors have been purchasing San Bernardino foreclosed homes the past couple years. With bargain prices and affordable interest rates, buyers have decided there is no time like the present to buy San Bernardino and surrounding area homes. The average price per sq. ft. in the Redlands area was $140, which was a decrease of 20.5% compared to the period September 10 to November 10, 2010. The average median sales price for a Redlands, CA home was $211,000. There were 571 homes in the foreclosure state for the week ending December 29, 2010. The average list price was $403,197 for the week ending December 29, 2010. Other nearby cities such as Calimesa reported average sales prices of $160,000 and average list prices of $129,257. Moreno Valley reported average sales prices of $160,000 and average list prices of $175,840, Loma Linda reported average sales prices of $218,000 and average list prices of $250,141, Highland reported average sales prices of $170,000, and average list prices of $230,179 and Oak Glen reported average sales prices of $893,161 and list prices of $2,239,500. Yucaipa reported average sales prices of $211,650 and average list prices of $287,148. There is something for everyone in most price ranges and neighborhoods.
Working with a San Bernardino Realtor
Working with a San Bernardino Realtor is recommended to help you sift through the mounds of paperwork to find the right foreclosed home. The Realtor can help you narrow down the home, price and neighborhood and other criteria saving you time in your bargain hunting. Also, you can drive around the area and let your Realtor know about homes you are interested in that have short sale and bank foreclosure signs so the Realtor can research the home and set up an appointment for you. When it comes time to make an offer, the Realtor can provide you with a comparative market analysis so you know what price to offer the bank.
Auctions
San Bernardino auctions are another place to find foreclosed houses. Auctions allow you to purchase homes at deep discounted prices. They do require cash. Make sure you do your due diligence ahead of time. Inspection dates are announced on line at the auction company website so you can plan accordingly. You will not be able to purchase title insurance for the auction property. The properties are sold as is, and you have to pay off any liens and evict any former tenants or owners. Be careful not to get carried away during the bidding process and overbid. Check home prices in advance with a local Realtor so you know where to stop bidding, and allow for repairs. Most foreclosure auction properties need repairs. Some need major repairs. They are usually in bad condition and have not been maintained for awhile and their angry former owners have stripped them of appliances, cabinets, countertops, toilets, sinks and lighting fixtures.
