California: Hotbed of Government Foreclosures
Concord foreclosure listings and properties presently number 1,505, and command the median listed price of $296,000. The government foreclosures have seen an increase all over the US, rising by 12 percent in August, 2008 over the previous month. During August, 2008 one in every 416 US households reportedly received a foreclosure filing. California accounts for one-third of all foreclosure activity in the US; and during Q2 or the second quarter of 2008, one in every 65 households in California reportedly fell to the government foreclosures ogre. However, the silver lining to this dark cloud is signified by the delightful business opportunity that the real estate listings auctions put forward to prospective homebuyers. Demonstrably, one person’s ruin seems to convert into the other’s bonanza.
Concord is the biggest city of Contra Costa County, California State, in the US. Concord is situated within 50 km of San Francisco and is an important regional hub as a part of the San Francisco Metropolitan Area. The sundry suburbs of Concord may be said to include San Pablo, Pinole, El Cerrito, Hercules, Richmond, Rodeo, Crockett, Port Costa, Kensington, Martinez, Danville, Walnut Creek, Lafayette, Alamo, Canyon, Pacheco, Diablo, Pittsburg, Oakley, Antioch, Brentwood, Discovery Bay, Bethel Island and Byron.
The Economics of Discounted Prices
The Concord real estate listings auctions offer a charming range of tempting homes that anyone would be keen to buy. There are tiny condominiums, duplexes as well as huge multifamily setups to cater to every prospective homebuyer’s requirement and taste. Several factors compel people to bid for the foreclosed homes. The primary reasons are: the splendor of the houses, their heavily discounted prices, the crystal-clear auction procedures, and clear titles of the properties. When a homeowner defaults in payment of the loan installments, the lender serves him a notice of default. In the event of the lapse continuing, the lender is constrained to seize the property. The lender, be it such a government agency as VA or HUD, or a bank, is not per se into the real estate business. So, the lender is keen to dispose of the asset at the earliest. Further, the lender is interested merely in regaining the balance mortgage loan due to it from the dispossessed homeowner. Hence, the lender lists the property at this minimal amount that it seeks to recover through its sale at the property auctions. All this spells a bonus for the intending buyers, because they get gorgeous properties at frequently half their actual market values.
The Concord foreclosure auctions are witnessing keen involvement from Kurt Sutton, Robert Burton, Eduardo Ledesma, Doris Cordobao and other property brokers. The agent facilitates sale transactions and gets compensation from the seller by way of a commission on the sale proceeds. It would be prudent for you to seek the expert advice of a veteran agent prior to putting your money in a house purchase. There are several factors that make for an appropriate choice of home, or the profitability of a real estate investment, and only an astute and capable agent can help you with these. Begin your real estate foray well by choosing the right agent to manage your fortunes!