Every Day there are Great deals at the Trustee's Sales. I was just going over the hundreds of buys made in Southern California in the last few weeks and here is just a sampling of the Great Buys on Foreclosure properties...
4BR/2.5BA Home on Livewood Way in San Diego sold for $759,000 Est Value: $904,473
2BR/1BA Home on Redondo Ave in Long Beach sold for $350,000 Est Value: $462,401
4BR/3BA Home on Mesa Verde Dr in Yucaipa sold for $393,000 Est Value: $462,881
3BR/2BA Home on Mountain View St in Alta Dena sold for $345,000 Est Value: $459,921
3BR/1BA Home on Bella Vista Ave in Pasadena sold for $555,500 Est Value: $750,376
4BR/3BA Home on Thoroughbred St in Rancho Cucamonga sold for $527,000 Est value: $695,099
The simple fact is that you can't win an auction or close an escrow without putting in the effort and the research. If you want to succeed you need to research properties and focus on your goal. You need to make offers. You need to drive to houses and look around. You need to review the many properties in default to find the ones that meet your needs. It is a commonly held axiom that when it comes to Real Estate it is all about location. This still holds true, but with foreclosures it is also about "Circumstance". What do I mean? Simple. The circumstance as defined by the loans owed, their positions, and the value of the property versus the amounts owed partially defines your options. Who is in the property? What is their mindset? Is it empty? What is the current condition of the home? If you ask Kurt, he will tell you without hesitation that most people do not buy these homes at the auction. Most people make offers like they would on any other house. They use conventional methods and only go the unconventional route if the path to closing an escrow is blocked. We are seeing that the rise in valuation over the last few years has created a perfect storm of Equity for the investor. But for the financially stranded borrower, the lack of income growth mixed with the growth of indebtedness is an absolute debacle. It is only a matter of time and they must sell or lose to the auction. So get out there and work this market. If you are in a position to buy, you are the exception to the rule. The more doors you knock on, the sooner you will be switching out a set of locks and slapping on a fresh coat of paint. So get crackin' and land yourself a deal. If you are not sure what to do next, check our Calendar of Upcoming Seminars for Kurt's next presentation. He will help you get your plan together so you can start prospecting and bring home the Gold!