Budget deals are abundant in Sunnyvale, CA. Just drive down the street, and you see for sale signs advertising foreclosure properties and pre-foreclosure short sale properties. REO’s and government foreclosures can be found by working with area Realtors. You can also access information about foreclosure sales and foreclosed houses on the Internet and the local newspaper. If you go down to the county courthouse, you will find a list of properties being auctioned.
You should first narrow down the price range and type of property you want. Single-family, multi-family, apartment, condo or townhouse. Commercial property foreclosures can also be found if you are interested in buying an office building, warehouse or shopping mall.
Sunnyvale Property Auctions
Property auctions are popular with investors right now. They offer deep discounts on properties in all price ranges with built in equity opportunities. In fact, some investors are purchasing multiple properties at auctions. If you are a new investor, you might want to work with a seasoned investor if you are planning on purchasing a property at an auction. The auction properties are sold to the highest bidder for cash and offer more risks because you have to pay off liens and evict former owners or tenants. You cannot get property title insurance, and you may not be able to inspect the property. Auction properties are sold in an as is condition, and you can expect that they are in poor condition needing repairs, some major. If you are willing to take a risk, you get to purchase a property in an area you might not have been able to afford prior to the housing bust.
REO’s are more popular with first time home buyers because they offer less risk. You deal directly with the bank, who owns the home, and you can inspect them. You get title insurance because the bank pays off any prior liens, and you know you are getting free and clear title or the property transaction won’t close. Some homes need repairs, but you have the opportunity to conduct a property inspection so you can decide if you want to go forward with the transaction. Cash is king right now in the Sunnyvale area so if you have cash you have a bigger selection of budget deals to choose from. Short sales require cash and auction properties require cash as well. REO's do not require cash, but lenders prefer cash buyers because they know they will close and they can close quickly.
So with market conditions in favor of buyers/investors in the Sunnyvale area and surrounding areas right now, you should take advantage of the abundant inventory, low interest rates and affordable housing. No one can tell how long these opportunities will last.