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Buying Foreclosure Homes in Temecula  

Article by Stefan West

What are the options for buying foreclosure homes? What causes a foreclosure auction? Usually a borrower fails to make house payments, and the owner of the loan is entitled to sell the property to the highest bidder at a public auction. Whatever the reason, if the property appears on usa-foreclosure.com, it is on track to be publicly auctioned.Find an agent experienced in foreclosures like Temecula CA Real Estate. Unless you are represented by a Temecula CA Real Estate agent, some sellers will not accept an offer. The Temecula Real Estate Market Update is a good place to search for foreclosure properties. Here are some typical steps to purchasing a foreclosure property:When you buy a foreclosed home, you are cashing in on a home someone was longer able to pay for. Foreclosures are difficult both to locate and to execute, but the potential to turn them over for tidy profit is there. Foreclosure means that a homeowner is no longer able to make payments on their mortgage, and therefore the lender will take back the property. It is to your advantage to investigate the legal steps as they differ from state to state. Many banks use a Deed of Trust to finance home purchases. You are sometimes able to purchase a foreclosed property for as much as 30% below the market value as the bank or lender would want to recover as much of their investment as possible. If possible, take an inspection tour of the property. While some of these properties might be in fairly good shape, others might require a lot of maintenance. Have your Temecula CA Real Estate agent check whether the asking price for the property is within reason by making comparisons. Make sure that your credit report is up-to-date and to correct any defaults or discrepancies in information. Check with your Temecula Real Estate agent if a pre-mortgage is required. Make sure that the property has no unpaid property taxes. With a foreclosure you can expect more paperwork than with a more traditional purchase.Having located a property that meets your requirements and is within budget, you will have to make a decision on an offer. In some instances prices may be higher than expected of a foreclosure home due to a competitive market. Ask your Murrieta Real Estate agent or your Temecula CA Real Estate agent for a comparative market analysis to establish a guideline in a purchase price. The CMA will reflect the prices of foreclosure homes similar to the home you wish to purchase. It is also a good idea to take into account renovation costs if the foreclosure home is in poor condition. With the help of your Temecula Real Estate agent you can write an agreement of sale. The agreement should specify price, eventualities, and any conditions that need to be met before the sale is contracted. Again, it is wise to inspect the property before you make an offer to purchase.

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