Foreclosure occurs when lenders take back the property as collateral from the mortgagor due to default on the payments agreed upon at the loan's origination. Default can happen for a variety of reasons: unemployment, divorce, medical difficulties, terms of the loan, property management disputes, and even death. Buyers can find great properties and fractions of the cost. Sellers have some options to them before seizure of the foreclosed property actually occurs.
With interest rates at all-time lows and the stock market looking like an investor’s nightmare, many people are turning to real estate to invest their money. A small investor can purchase a bargain in a foreclosure property as their residence, rental, or for resale. The myth used to be that only poverty stricken neighborhoods were lush with foreclosure, but, with today’s economy, that myth just isn’t so! There are million dollar homes, beach front properties, newly built homes, and just about everything in between – all for a fraction of the cost had you bought them a few years ago!
Once you’ve picked the property you’d like to purchase, you must arm yourself with a few “tools” in your bargaining belt. While you can see many of these distressed properties go for 30 - 40% less of their original cost, you must know HOW to buy them:
Bank owned, or REO (Real Estate Owned) properties are probably the safest sales out there. Usually there are no taxes, no liens, and no tenants to evict. If you come prepared with a pre-qualification or sizable down payment, the escrow process can be very quick and you can take ownership of the property in no time. Because the bank has already done an appraisal, the buyer might not have to pay an appraisal fee.
As you can see, purchasing a foreclosure has many rewards. Lefton and Associates is here to help you find that perfect property, no matter if it’s for you to reside in, rent or flip. Helping buyers throughout Simi Valley,Moorpark,Thousand oaks,Camarillo,Newbury Park,Westlake Village,and surrounding Ventura County & Los Angeles areas.Call us to help you through the home buying process (805)407-6453 begin_of_the_skype_highlighting (805)407-6453 end_of_the_skype_highlighting.
Lefton and Associates can help you with your foreclosure. Call us before you let the banks take your home - YOU HAVE OPTIONS! Click here for Short Sale information.