Buying Foreclosed Property in Palm Springs
The most significant blunder most men and women make when buying Palm Springs foreclosures is getting in over their heads financially, claims Leo Nordine, owner of Nordine Realtors in Hermosa Beach.
“If you simply cannot afford to have a 30-year fixed, you can not afford the house. I cannot tell you how many houses I have marketed far more than once due to the fact the buyer didn’t do their homework and ended up losing the home to foreclosure two years down the road,” said Nordine, who has specialized in foreclosure property since 1990.
Thinking about purchasing Palm Springs foreclosures? Here are five tips from Nordine:
Understand the marketplace. Subscribe to ForeclosureRadar. The map-based system makes it possible for subscribers to track foreclosures all through California and also the West Coast with 60 criteria (lender, value and map, as an example). The website has a foreclosure learning center and features a three-day trial (free of charge) or perhaps a monthly subscription ($49.95). “You can target properties and look up the sale date and other details,” Nordine says. “You can know about the property details prior to the listing agent.”
Purchase smart. “The cheap stuff is bottoming out. The high end is even now heading down. So Palm Springs is usually a superior place to purchase correct now simply because it’s at the bottom. Brentwood, in my opinion, is even now likely to drop,” he adds. Nordine says South L.A., Riverside, North Long Beach and East L.A. are great bets for foreclosure bargains. “Those are places that are relatively safe for investments, since you aren’t likely to acquire and watch the price drop 10% six months later,” he states.
Be prepared to beat the pack. Excellent Palm Springs foreclosures garner multiple offers, so write a clean “as-is” offer that allows 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 prepared to jump through all the hoops. “If the property is owned by Chase, and Chase requires pre-qualification by a Chase loan rep, for example, get the pre-qualification right away. If they want proof of funds or a credit report, have that documentation prepared to go,” he claims.
Leave emotions at the door. “It is usually a tough industry with many individuals looking for deals, so it is easy to get discouraged, Nordine says. “But if you’re diligent and continue trying, you will eventually find a great foreclosure.”
Get the huge picture. With fewer disclosure requirements on most foreclosures, Nordine claims it is important to do your due diligence on the history of the house and get facts regarding the property, past and present. Keep an eye out for outstanding liens, loans, fees and tax debts that could transfer and become your own personal post-sale head ache.
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