Buying a Foreclosure Top Tips and Strategies

    foreclosure tipDuring our travels throughout our real estate representation business, we have come across some really clever strategies to buying foreclosures, short sales, bank owned listings, real estate owned properties and other “distressed” types of housing.

    It all started when the market turned to a majority of Foreclosures and Short Sales back after the fall of 2007. We were asked by Citi Bank to be their agents in their representation of the selling off of their REO assets.

    There was a lot of training involved, passing of tests and constant grading of our performance.

    It was a great experience and now that the market is returning to the normal levels of distressed real estate for sale, that “need” has died down.

    However, there are still foreclosures, bank owned, reo, short sales and other types of distressed homes in any real estate market, even a healthy one. (see below for the links to the foreclosures)

    When a real estate market is healthy, about 1% of the homes that are for sale are of the Foreclosure and Distressed Variety. Currently we are more than the 1% mark when it comes to the current distressed real estate inventory in the Santa Clarita Valley Cities. Side note – not much more. 25 Foreclosures are currently on the market for sale in the Santa Clarita Valley Cities. I also have a current lit of 119 short sales which are currently for sale in the SCV.

    Resource – View the bank owned real estate inventory in Santa Clarita Valley

    Resource – View the Short Sale inventory for sale in the SCV.

    Resource – View all of the Distressed Southern California real estate for sale.

    What I covered on today’s real estate radio show – our Foreclosure Intelligence broadcast, was where to find the short sales, foreclosures and other distressed property types.

    I also talked about the best strategies in buying them.

    What is Highest and Best when it comes to buying a Foreclosures or Bank owned real estate listings?

    And more.

    When you want to listen to the newest foreclosure real estate broadcast, just click on the player below this text.

    Foreclosure Real Estate is not so hard to obtain. The bank just wants to have the best offer as the one they choose.

    There is a two fold test to being the best offer. They are looking at their net and the type of financing and downpayment you are using.

    To break it down further. They want to also see if you are going to constrict your inspection time frames, reduce escrow times, get an underwriter approval letter instead of a regular, run of the mill, garden variety pre approval letter, and what specific type of financing you are using.

    Do you need financing or are you paying cash? – that could be a real game changer, especially if the cash offer if matching the highest “financed” offer the bank has received.

    Love Letters for Bank Owned homes work too!

    Have you every considered writing a letter about how much you want the home you are writing an offer on? Maybe including some verbiage in your contract (offer), which will advise the agent for the seller to have them review it with the offer?

    It works – here is our latest Love Letter from Buyer to Seller Posting

    Paris and Connor MacIvor

    Connor and Paris MacIvor are in the Top 1% of Realtors Nationwide, starting their real estate business in 1998 with RE/MAX Gateway - Santa Clarita Valley and Valencia CA. Their becoming licensed real estate consultants and representatives came from the horrible experience they had when they bought their first home. There were many things that the agent they had hired did not explain and disclose, which per law he should have. Getting that agent on the phone after they closed escrow and after he had gotten paid was impossible. Paris and Connor called the broker, the board of realtors, the office manager and all they received was the promise of a phone call back. The remedy did come, but not as fast and in the way they wanted. That act - that bad agent was the reason why Paris and Connor became Realtors. That was all they needed to vow to never let the same fate befall anyone else, that befell them. Today Connor and Paris are focused on client service. Protection and top-shelf service with regard to their real estate clientele. They primarily work within the Santa Clarita Valley and Valencia CA. However, for a referral, where 80+ of their business is referrals they have License and Will Travel to other parts of Ventura County, Los Angeles County, and Orange County to handle real estate transactions for those who trust their real estate operation. Writing on their Real Estate Blog is a passion. SCVnest.com/blog is where you will find over 10,000 real estate articles. Go to SCVnest.com/radio to listen to their latest real estate radio broadcast.
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