El Monte foreclosure listings and properties form a kaleidoscopic panorama of luxurious homes at alluringly low price tags to command the attention of prospective homebuyers. The property auctions have caused a stir among the residents of El Monte. The homes available for purchase cover the entire gamut from modest condos and elegant single-family homes to spacious multifamily complexes.
El Monte lies in Los Angeles County, in the US state of California. As the city lies in the suburb of Los Angeles, it is commonly referred to as East Los Angeles, although this is a misnomer. Other cities in close proximity to El Monte include West Covina, Pasadena, Torrance, Pomona, Lancaster, Glendale, Santa Clarita, Downey, Palmdale, Long Beach, Norwalk, Burbank and Inglewood.
Government Foreclosures: Home-buying & Flipping
The El Monte government foreclosures are merely a minuscule part of the millions of owners losing their homes to the lenders of their mortgage loans owing to default in paying the due installments. From 1 million foreclosed houses all across the US in 2006, this figure had climbed up to over 1.5 million for 2007, and 2008 has already witnessed 1 million seized homes so far. Indeed, the number of national foreclosure filings has grown by 27 percent in the second quarter of 2008 over the first quarter, and by 121 percent over the corresponding figure for 2007. There appears to be little respite from this trend in the foreseeable future.
Prospective homebuyers in El Monte perceive in the ongoing property auctions a rare business opportunity to acquire marvelous homes at rock-bottom prices, regardless of the gloom that government foreclosures might spell for the dispossessed home owners. Even astute investors are viewing the current crisis with diehard optimism. They are liberally investing in real estate, with the expectation of reaping tremendous dividends once the tide turns, as it invariably will, with the passage of time. Thus, the property auctions are drawing both genuine homebuyers and speculative investments from professional flippers in large numbers.
Agents Rule the Real Estate
As elsewhere, the real estate sector in El Monte is also dominated by its property brokers. In particular, Belinda Riesgo, Hernan Rojas, Elmar Lorenzo, Irma Mercado and R. Sanchez are quite influential in El Monte, each with years of experience and a vast clientele. The agents perform the function of getting intending sellers and prospective buyers of houses to the negotiating table, and leading to actual transactions. It would be imprudent for a first-time buyer to bid for a home at the property auctions totally unaided by a seasoned agent. There are millions of government foreclosures all over the US to warn that a faulty judgment in real estate investments can prove costly to the buyers. Therefore, you should duly search for an efficient and responsive agent and chalk out a cogent home-purchase strategy in tandem with him. Your agent can offer you invaluable advice regarding the specific homes that you should bid for, the loan that you take, and the maximum bid price that you can afford. At the end of the day, it is perhaps your agent who will determine the degree of your success at the real estate listings auctions.