Five Tips For Buying Palm Desert Foreclosures

May 28, 2010 Real Estate Information Foreclosures, 2

The major mistake most individuals make when purchasing foreclosures.org/" target="_blank">Palm Desert foreclosures is getting in over their heads financially, states Leo Nordine, owner of Nordine Realtors in Hermosa Beach.

“If you can’t afford to have a 30-year fixed, you just can’t afford the house. I cannot tell you how many houses I have marketed 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 buying foreclosures.net/buying-foreclosed-property-published-in-the-la-times.html" target="_blank">Palm Desert foreclosures? Here are five suggestions from Nordine:

Understand the marketplace. Subscribe to foreclosureRadar. The map-based system enables subscribers to track foreclosures all through California plus the West Coast with 60 criteria (lender, value and map, for instance). The website has a foreclosure learning center and offers 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 states. “You can know about the property details prior to the listing agent.”

Buy smart. “The inexpensive stuff is bottoming out. The high end is still heading down. So Palm Desert is often a good place to invest in correct now mainly because it’s at the bottom. Brentwood, in my opinion, is still going to drop,” he adds. Nordine claims South L.A., Riverside, North Long Beach and East L.A. are great bets for foreclosure bargains. “Those are places which are relatively safe for investments, simply because you aren’t going to obtain and watch the price drop 10% six months later,” he claims.

Be prepared to beat the pack. Very good foreclosures.org/" target="_blank">Palm Desert 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 require less work for them, Nordine says. So be prepared to jump through all the hoops. “If the property is owned by Chase, and Chase demands pre-qualification by a Chase loan rep, as an example, get the pre-qualification right away. If they want proof of funds or perhaps a credit report, have that documentation prepared to go,” he says.

Leave emotions at the door. “It is really a tough industry with lots of folks seeking deals, so it’s easy to get discouraged, Nordine says. “But if you’re diligent and keep trying, you will eventually discover a good foreclosure.”

Get the big picture. With fewer disclosure requirements on most foreclosures, Nordine claims it’s crucial to do your due diligence on the history of the house and get data concerning 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.

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