Homebuyers: The Pros and Cons of Pre-Foreclosure Sales

By
Real Estate Agent with Keller Williams Realty-California Coast Property Group

As an extended courtesy to my colleagues, I'm submitting this through Active Rain to shed some light when faced with a homebuyer who thinks they can go this avenue alone. Just stating the simple merits of how you can help them successfully realize their goals is valuable:

Are you looking to buy a new home?  If so and you need more information, you may use the Internet to research foreclosures. I've got a direct link you can utilize at www.CaliforniaCoastPropertyGroup.com to find all of Ventura County's latest foreclosures and their status. The sale of foreclosed properties is on the rise, due to their affordable prices and the lowest interest rates we've seen since 1963!  Somewhere in the mix, you may find homes for sale that are in the pre-foreclosure stages.  As you can likely gather from the name, these are properties that are headed for foreclosure, but not yet there.

As stated above, some pre-foreclosure properties are listed available for sale online.  These may appear on foreclosure listing websites, but not always.  There are two main ways in which pre-foreclosures are sold.  A real estate agent is used or the current homeowners list the home as for sale by owner.  As for who you should do business with, it depends on your own personal preference but my suggestion, like with any large investment, is to utilize a well-educated Realtor when making this, probably your largest single investment transaction, particular investment.

One of the many pros or plus sides to buying a pre-foreclosure that is listed through a real estate agent is communication.  The Realtor you select in representing you is an important choice and it's imperrative that you be selective when enlisting someone to represent you and your side of the transaction. It is no secret that homeowners facing foreclosure are angry and upset.  You can discuss the property and talk freely with your Realtor, but without having to offend the owner, lender, or listing agent when making your offer. A qualifed and adept Realtor can keep the ball in motion on the home of your choice.

As it was previously stated, many homeowners are dealing with extreme stress when faced with foreclosure.  You may see this in the form of uncertainty.  A homeowner may want to try and put-off the selling process as long as possible.  Deep down, all homeowners wish for a last minute reprieve that will allow them to keep their properties.  If you want to buy the property, it's again best that you consult and hire an expert in Distressed Property Sales. They will know how to work with both the homeowner and the lender and will often be able to put you in a favorable light thus getting your offer submitted and most importantly, accepted.

For more information on how you can get started in your search and successful purchase of REO and short sale homes, enlist a local, respected, and qualified Realtor in your neighborhood today!

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Sheila A. Rasak, Distressed Property Specialist

To utilize my u[pdated lists of pre-foreclosure and foreclosure properties, visit us at: www.CaliforniaCoastPropertyGroup.com

 

 

 

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Rainmaker
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Carol West
Carol West Real Estate, LLC - Hillsboro, OR
Real Estate Agent, Hillsboro, Beaverton, Portland

Sheila,

The short sales and foreclosures can be the most draining and negative experiences for agents, let along homebuyers w/o the assistance and experience of a Realtor. Thanks for your post!

Oct 03, 2010 04:35 PM #1
Rainer
370,054
Tish Lloyd
BlueCoast Realty Corporation - Wilmington, NC
Broker - Wilmington NC and Surrounding Beaches

Always so important to have a comprehensive list of professionals on-hand.

Oct 03, 2010 10:28 PM #2
Rainer
39,820
Sheila Rasak
Keller Williams Realty-California Coast Property Group - Camarillo, CA

Tish & Carol,

I couldn't agree with you more. There's so much important information here that I couldn't cover it all. One of the main things that I always recommend is getting a home warranty as the lender is almost always certain to sell it "as is" and won't offer to pay for the warranty. It's such a nominal investment on future expenses.

Enjoy your week!

Oct 04, 2010 02:59 PM #3
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Rainer
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Sheila Rasak

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