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Foreclosure -Contact us Today

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.

Buying Foreclosures

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:

• The bank doesn’t want houses, they want MONEY. Be prepared to bargain with lenders – name your price.
• Research public records or with the help of Lefton and Associates whether there are liens attached to the property.
• LOCATION, LOCATION, LOCATION! Consider homes in a good area with high resale values.
• Don’t be afraid to ask the lender to reduce or waive some of the closing costs.
• The lender could likely offer a break on the interest rate or the down payment – if you ask.
• Most foreclosure properties are sold “as is”, so, skimping on that home inspection could make for costly repairs later on.
• Most homes that are in foreclosure have likely been neglected of the proper repairs or general maintenance. Hold your nose and be prepared to put in a little elbow grease.
• Know that most, if not all, foreclosures require a daunting level of research, preparation, patience, and persistence.

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.

Facing Foreclosure

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.