Redlands Foreclosures are Great but Avoid This Mistake

The most significant oversight most individuals make when purchasing  Redlands foreclosures is getting in over their heads financially, says Leo Nordine, owner of Nordine Realtors in Hermosa Beach.

“If you can not afford to get a 30-year fixed, you can not afford the house. I cannot tell you how many houses I have marketed far more than once due to the fact the buyer didn’t do their homework and ended up losing the house to foreclosure two years down the road,” said Nordine, who has specialized in foreclosure property since 1990.

Thinking about buying  Redlands foreclosures? Here are five ideas from Nordine:

Recognize the market. Subscribe to ForeclosureRadar. The map-based system allows subscribers to track foreclosures through California as well as the West Coast with 60 criteria (lender, value and map, as an example). The website has a foreclosure learning center and features a three-day trial ( free of charge) or perhaps a monthly subscription ($49.95). “You can target properties and look up the sale date and other information,” Nordine says. “You can know about the property details before the listing agent.”

Purchase smart. “The cheap stuff is bottoming out. The high end is still heading down. So Redlands is usually a great place to buy proper now because it is at the bottom. Brentwood, in my opinion, is still likely to drop,” he adds. Nordine claims South L.A., Riverside, North Long Beach and East L.A. are excellent bets for foreclosure bargains. “Those are places which are fairly safe for investments, because you aren’t going to acquire and watch the cost drop 10% six months later,” he says.

Be prepared to beat the pack. Superior  Redlands foreclosures garner multiple offers, so write a clean “as-is” offer that allows for the seller’s “choice of title” and “choice of escrow.” Sellers are drawn to offers that need much less work for them, Nordine says. So be ready to jump through all the hoops. “If the property is owned by Chase, and Chase demands pre-qualification by a Chase loan rep, as an example, get the pre-qualification right away. If they want proof of funds or a credit report, have that documentation prepared to go,” he says.

Leave emotions at the door. “It is really a tough industry with a great deal of people seeking deals, so it is easy to get discouraged, Nordine claims. “But if you’re hardworking and continue trying, you’ll eventually find a very good foreclosure.”

Get the huge picture. With fewer disclosure requirements on most foreclosures, Nordine says it’s critical to do your due diligence on the history of the home and get information about 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 head ache.