Leave Your Emotions at the Door when buying Palm Springs Foreclosures
The primary mistake most folks make when buying Palm Springs foreclosures is getting in over their heads monetarily, claims Leo Nordine, owner of Nordine Realtors in Hermosa Beach.
“If you cannot afford to have a 30-year fixed, you just can’t afford the home. I can’t tell you how many houses I have marketed far more than once simply 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 Palm Springs foreclosures? Here are five suggestions from Nordine:
Recognize the market. Subscribe to ForeclosureRadar. The map-based system allows subscribers to track foreclosures through California and the West Coast with 60 criteria (lender, value and map, for instance). The website has a foreclosure learning center and provides a three-day trial (free) or perhaps a monthly subscription ($49.95). “You can target properties and look up the sale date and other facts,” Nordine says. “You can know about the property details prior to the listing agent.”
Acquire smart. “The cheap stuff is bottoming out. The high end is even now going down. So Palm Springs can be a excellent place to obtain appropriate now mainly because it’s at the bottom. Brentwood, in my opinion, is even now likely to drop,” he adds. Nordine claims South L.A., Riverside, North Long Beach and East L.A. are very good bets for foreclosure bargains. “Those are places which are relatively safe for investments, because you are not likely to invest in and watch the price drop 10% six months later,” he claims.
Be prepared to beat the pack. Superior 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 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 a credit report, have that documentation ready to go,” he claims.
Leave attachments at the door. “It can be a tough market with many folks searching for deals, so it’s easy to get discouraged, Nordine says. “But if you’re careful and continue trying, you’ll eventually locate a very good foreclosure.”
Get the huge picture. With fewer disclosure requirements on most foreclosures, Nordine states it is essential to do your due diligence on the history of the home and get info concerning 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 aggravation.
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