Buying Costa Mesa Foreclosed Property
Filed Under Refinance
The most significant mistake most folks make when buying Costa Mesa 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 simply cannot afford the house. I cannot tell you how many houses I have marketed a lot more than once because 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 Costa Mesa foreclosures? Here are five ideas from Nordine:
Understand the marketplace. Subscribe to ForeclosureRadar. The map-based system allows subscribers to track foreclosures all through California as well as the West Coast with 60 criteria (lender, value and map, as an example). The site has a foreclosure learning center and offers a three-day trial (free) or even a monthly subscription ($49.95). “You can target properties and look up the sale date and other info,” Nordine states. “You can know about the property details prior to the listing agent.”
Invest smart. “The cheap stuff is bottoming out. The high end is still going down. So Costa Mesa is a very good place to purchase perfect now due to the fact it’s 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 great bets for foreclosure bargains. “Those are places which are fairly safe for investments, due to the fact you are not going to acquire and watch the price drop 10% six months later,” he says.
Be prepared to beat the pack. Very good Costa Mesa 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 drawn 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 demands pre-qualification by a Chase loan rep, for example, 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 emotions at the door. “It is a tough industry with many folks searching for deals, so it is easy to get discouraged, Nordine states. “But if you’re careful and keep trying, you’ll eventually discover a superior foreclosure.”
Get the huge picture. With fewer disclosure requirements on most foreclosures, Nordine claims it is critical to do your due diligence on the history of the house and get information about the property, past and present. Keep an eye out for outstanding liens, loans, fees and tax debts that could reassign and become your own personal post-sale headache.
