Redlands Foreclosed Property
Filed Under Refinance
The number one error most men and women make when purchasing Redlands foreclosures is getting in over their heads financially, says Leo Nordine, owner of Nordine Realtors in Hermosa Beach.
“If you just can’t afford to obtain a 30-year fixed, you can’t afford the home. 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 house to foreclosure two years down the road,” said Nordine, who has specialized in foreclosure property since 1990.
Thinking about purchasing Redlands foreclosures? Here are five tips from Nordine:
Know the marketplace. Subscribe to ForeclosureRadar. The map-based system allows subscribers to track foreclosures through California plus the West Coast with 60 criteria (lender, value and map, for example). The site has a foreclosure learning center and provides a three-day trial (free) or a monthly subscription ($49.95). “You can target properties and look up the sale date and other info,” Nordine says. “You can know about the property details before the listing agent.”
Purchase smart. “The cheap stuff is bottoming out. The high end is still going down. So Redlands is really a superior place to invest in correct now mainly because it is at the bottom. Brentwood, in my opinion, is still likely to drop,” he adds. Nordine says South L.A., Riverside, North Long Beach and East L.A. are superior bets for foreclosure bargains. “Those are places that are fairly safe for investments, mainly because you are not likely to obtain and watch the cost drop 10% six months later,” he says.
Be prepared to beat the pack. Good Redlands 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 driven to offers that need much less work for them, Nordine says. So be ready 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 prepared to go,” he says.
Leave attachments at the door. “It is usually a tough industry with lots of people seeking deals, so it’s easy to get discouraged, Nordine says. “But if you’re careful and continue trying, you’ll eventually discover a great foreclosure.”
Get the big picture. With fewer disclosure requirements on most foreclosures, Nordine claims it is essential to do your due diligence on the history of the home and get data regarding the property, past and present. Continue to keep an eye out for outstanding liens, loans, fees and tax debts that could reassign and become your own personal post-sale headache.
