Leave Your Emotions at the Door when buying Palm Springs Foreclosures

The largest miscalculation most folks make when purchasing  Palm Springs foreclosures is getting in over their heads financially, claims Leo Nordine, owner of Nordine Realtors in Hermosa Beach.

“If you simply cannot afford to get a 30-year fixed, you simply cannot 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 home to foreclosure two years down the road,” said Nordine, who has specialized in foreclosure property since 1990.

Thinking about buying  Palm Springs foreclosures? Here are five tips from Nordine:

Understand the market. Subscribe to ForeclosureRadar. The map-based system enables subscribers to track foreclosures all through California and the West Coast with 60 criteria (lender, value and map, for instance). The site has a foreclosure learning center and features a three-day trial ( free) or even a monthly subscription ($49.95). “You can target properties and look up the sale date and other information,” Nordine claims. “You can know about the property details prior to the listing agent.”

Purchase smart. “The cheap stuff is bottoming out. The high end is still going down. So Palm Springs is usually a excellent place to purchase appropriate now due to the fact it’s 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 great bets for foreclosure bargains. “Those are places that are fairly safe for investments, simply because you aren’t likely to purchase and watch the price drop 10% six months later,” he claims.

Be prepared to beat the pack. Superior  Palm Springs 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 attracted to offers that require reduced work for them, Nordine says. So be ready to jump through all the hoops. “If the property is owned by Chase, and Chase requires pre-qualification by a Chase loan rep, for instance, get the pre-qualification right away. If they want proof of funds or perhaps a credit report, have that documentation ready to go,” he states.

Leave feelings at the door. “It is usually a tough industry with many folks looking for deals, so it is easy to get discouraged, Nordine states. “But if you’re hardworking and keep trying, you will eventually discover a good foreclosure.”

Get the huge picture. With fewer disclosure requirements on most foreclosures, Nordine says it’s crucial to do your due diligence on the history of the home and get details in regards to the property, past and present. Continue to keep an eye out for outstanding liens, loans, fees and tax debts that could transfer and become your own individual post-sale headache.