Oakland foreclosed homes and houses for sale have caused quite a stir among the residents of Oakland and its suburbs. The gorgeous homes attract, the classy localities impress, the ethical procedures of the auctions inspire trust and the unimaginably discounted prices compel bidding and buying.
Oakland is the county seat of Alameda County, in the US state of California. Oakland is ranked by the US Census Bureau among the 50 largest cities in the nation. Oakland is a busy West Coast port, and an industrial hub in East Bay. Oakland and Long Beach, California are regarded as the most ethnically diverse cities in the US, with over 150 languages spoken in Oakland. Cities in the vicinity of Oakland include Albany, Dublin, Berkeley, Piedmont, Emeryville, Newark, Hayward,Fremont, Livermore,Pleasanton, Union City and San Leandro.
Volatile US Real Estate Sector
Oakland foreclosures, in keeping with those all across the US, have been constantly on the upsurge. It may be recalled that from a relative “mere” 1 million in 2006, the foreclosures had reached 1.5-2 million in 2007, and the 1 million notch has already been scaled in the first nine months of 2008 itself. The real estate sector is in for a home-buying spree, as prices fall further. While the sociological analyst may jitter and frown at the millions of dispossessed owners, the time is ripe for prospective homebuyers to acquire their dream homes at affordable prices.
As per latest reports, homes with at least one bedroom and one bathroom are available for the asking at the unbelievably low prices of between $1,500 and $3,000 in such far-off cities as Jackson, Cleveland, Detroit, Michigan and Mississippi. The National Auctioneers Association estimates that residential real estate worth over $14.2 billion had been sold through auctions in 2005, and that this segment is witnessing a hike by about 10 percent annually, indicating the corresponding 2008 figure to touch $20 billion.
Agents Create or Ruin Fortunes
Oakland has hundreds of competent real estate agents to guide the first-time players at the property auctions. Ramona Chang, David Seyranian, Barry Gilnert, Peter Glenister and Maurice Jackson are a few of Oakland’s prominent dealers. Your agent can spell the vital difference between a bonanza and a debacle at the foreclosure auctions. You must choose an agent with great care. Select one who is experienced, knowledgeable, efficient, resourceful and prompt in responding to your requests. Your agent can play a key role in the selection of homes to bid for, in deciding what sort of housing loan would be convenient to you, in estimating the optimal bid that you should not exceed at the property auctions, and the like. The agent is remunerated by the seller in the form of a commission on the sale proceeds. So, though you may be hiring an agent, the agent would actually be functioning as a sub-agent of the buyer!
While investing in the Oakland real estate listings auctions, constantly bear in mind the plight of the millions of distressed owners as a warning against irresponsible choices. If you carefully investigate and plan matters, only then can you emerge a winner from the foreclosure auctions.