Don’t Get in Over Your Head When Buying a Newport Beach Foreclosure
May 27th, 2010
The most significant blunder most folks make when buying Newport Beach foreclosures is getting in over their heads monetarily, claims Leo Nordine, owner of Nordine Realtors in Hermosa Beach.
“If you can not afford to have a 30-year fixed, you just can’t afford the house. I cannot tell you how many houses I have sold far more than once mainly because the buyer didn’t do their homework and ended up losing the house to foreclosure two years down the road,” said Nordine, who has specialized in foreclosure property since 1990.
Thinking about purchasing Newport Beach foreclosures? Here are five ideas from Nordine:
Understand the marketplace. Subscribe to ForeclosureRadar. The map-based system allows subscribers to track foreclosures throughout California and also the West Coast with 60 criteria (lender, value and map, as an example). The site has a foreclosure learning center and provides a three-day trial (free of charge) or a monthly subscription ($49.95). “You can target properties and look up the sale date and other facts,” Nordine states. “You can know about the property details prior to the listing agent.”
Buy smart. “The cheap stuff is bottoming out. The high end is even now heading down. So Newport Beachis often a superior place to acquire proper now since it is at the bottom. Brentwood, in my opinion, is still going to drop,” he adds. Nordine states South L.A., Riverside, North Long Beach and East L.A. are excellent bets for foreclosure bargains. “Those are places that are relatively safe for investments, since you aren’t going to invest in and watch the cost drop 10% six months later,” he claims.
Be prepared to beat the pack. Great Newport Beach foreclosures garner multiple offers, so write a clean “as-is” offer that makes it possible for for the seller’s “choice of title” and “choice of escrow.” Sellers are attracted to offers that require much less work for them, Nordine states. So be ready to jump through all the hoops. “If the property is owned by Chase, and Chase requires pre-qualification by a Chase loan rep, for instance, get the pre-qualification right away. If they want proof of funds or even a credit report, have that documentation ready to go,” he claims.
Leave feelings at the door. “It can be a tough market with many individuals trying to find deals, so it is easy to get discouraged, Nordine states. “But if you’re careful and continue trying, you’ll eventually discover a very good foreclosure.”
Get the huge picture. With fewer disclosure requirements on most foreclosures, Nordine states it’s crucial to do your due diligence on the history of the home and get information regarding the property, past and present. Continue to keep an eye out for outstanding liens, loans, fees and tax debts that could transfer and become your own individual post-sale aggravation.