Current economic and real estate market conditions in California offer investors and buyers an opportunity to purchase property foreclosure properties. You might want to start by looking at Concord Bank to see if they have properties that meet in your criteria and price range. Concord’s foreclosures are advertised on the Internet and with local Realtors. You can find a mix of properties available from beach front to desert properties in a variety of neighborhoods and price ranges. Investing in Concord Bank foreclosed property deals give you an opportunity to buy them for anywhere from 10% to as high as 50% below market value. A smart way to purchase the foreclosed homes is by directly contacting the Bank. You can save some money on your closing costs by negotiating with the lender directly.
Searching for foreclosures
You have to allow about 5-10 hours a week searching through all the MLS and Internet property descriptions to find the right foreclosure property. Do your research by looking at what other properties in the area sold for. A local Realtor can be quite helpful in this regard. The Realtor can prepare a free comparative market analysis giving you the information about the recently sold similar properties in the California neighborhood you are interested in. This way you will be prepared when you do find a Concord Bank or other foreclosure that you are interested in making an offer on. Being prepared and educated ensures that you won’t make a mistake and buy the wrong property for the wrong price.
You may also be able to find a concord Bank short sale by working with a local Realtor or driving around the California neighborhood looking for short sale signs. The short sale is a pre-foreclosure property that the owner still owns but is no longer able to afford. Since the owner is upside down on their mortgage, the Bank has to approve the sale. The process can take awhile anywhere from three to six months or longer, unless you find a property that fell out of contract and is already pre-approved by the Bank. If you have the time, you can pick up a good property that probably doesn’t need much work. Generally, short sales are in much better condition than bank owned REO’s or foreclosure auction properties because the owners or tenants are still living at the properties.
The local newspaper is another great place to find foreclosure properties. Auctions are advertised in local newspapers in the county where the property is located. Auctions offer properties at cheap prices because they are sold without any warranties, no title insurance is available and you have to pay off any liens on the property. If you know what you are doing and are familiar with the auction process, you will save money. No Realtors are involved in auctions. You simply bid at the auction and the highest bidder is awarded the property. You have to pay cash for auction properties. Sometimes, the Bank buys back their own property and resells it as an REO if they think they can get a higher price for the property. However, REO’s are still good values.
REO’s Safer Investments
Concord Bank REO’s are safer investments than purchasing their foreclosure properties at auctions because you can inspect the property, the Bank has already paid off all the liens and you can obtain title insurance. All you need to do is have a property inspection and have your cash or financing available and you are ready to close. REO’s close quickly, because the Bank wants to get their money and get the property off their books. Banks are not in the real estate management business and are overwhelmed right now with foreclosure properties. If you have cash, you have a higher chance of securing a Concord Bank foreclosure property because they Bank knows you are qualified and can close quickly.
There is no reason not to purchase a Concord Bank California foreclosure property. When you find the right one, don’t hesitate because it will be gone. Investors and first-time home buyers have been scooping up California foreclosures because they recognize the great investment opportunities they offer.