The major blunder most individuals make when purchasing Palm Springs foreclosures is getting in over their heads financially, claims Leo Nordine, owner of Nordine Realtors in Hermosa Beach.
“If you can not afford to get a 30-year fixed, you cannot afford the home. I cannot tell you how many houses I have sold more than once simply 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 getting Palm Springs foreclosures? Here are five tips from Nordine:
Understand the industry. Subscribe to ForeclosureRadar. The map-based system makes it possible for subscribers to track foreclosures throughout California plus the West Coast with 60 criteria (lender, value and map, for instance). The site 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 facts,” Nordine claims. “You can know about the property details prior to the listing agent.”
Invest smart. “The inexpensive stuff is bottoming out. The high end is still going down. So Palm Springs is often a great place to purchase proper now mainly because it is at the bottom. Brentwood, in my opinion, is even now likely 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, due to the fact you are not likely to obtain and watch the price drop 10% six months later,” he states.
Be prepared to beat the pack. Very good Palm Springs foreclosures garner multiple offers, so write a clean “as-is” offer that enables for the seller’s “choice of title” and “choice of escrow.” Sellers are attracted to offers that need less work for them, Nordine claims. 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, as an example, get the pre-qualification right away. If they want proof of funds or a credit report, have that documentation ready to go,” he states.
Leave emotions at the door. “It is really a tough marketplace with lots of people trying to find deals, so it is easy to get discouraged, Nordine says. “But if you’re diligent and keep trying, you will eventually find a superior foreclosure.”
Get the big picture. With fewer disclosure requirements on most foreclosures, Nordine states it’s essential to do your due diligence on the history of the house and get info in regards to 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.
