Barden Ridge Property

The major miscalculation most folks make when purchasing  Santa Ana foreclosures is getting in over their heads monetarily, claims Leo Nordine, owner of Nordine Realtors in Hermosa Beach.

“If you just can’t afford to obtain a 30-year fixed, you can not afford the home. I can’t tell you how many houses I have sold far more than once because 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 getting  Santa Ana foreclosures? Here are five suggestions from Nordine:

Know the marketplace. Subscribe to ForeclosureRadar. The map-based system enables subscribers to track foreclosures through California and the West Coast with 60 criteria (lender, value and map, for instance). The website has a foreclosure learning center and provides a three-day trial ( free) or perhaps a monthly subscription ($49.95). “You can target properties and look up the sale date and other details,” Nordine states. “You can know about the property details before the listing agent.”

Buy smart. “The inexpensive stuff is bottoming out. The high end is still going down. So Santa Ana is usually a superior place to invest in perfect now due to the fact it’s at the bottom. Brentwood, in my opinion, is even now likely to drop,” he adds. Nordine claims South L.A., Riverside, North Long Beach and East L.A. are very good bets for foreclosure bargains. “Those are places which are relatively safe for investments, simply because you are not going to acquire and watch the price drop 10% six months later,” he states.

Be prepared to beat the pack. Great  Santa Ana foreclosures garner multiple offers, so write a clean “as-is” offer that permits 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, for instance, get the pre-qualification right away. If they want proof of funds or even a credit report, have that documentation prepared to go,” he states.

Leave feelings at the door. “It is usually a tough industry with a lot of folks trying to find deals, so it is easy to get discouraged, Nordine states. “But if you’re diligent and continue trying, you’ll eventually locate a very good foreclosure.”

Get the big picture. With fewer disclosure requirements on most foreclosures, Nordine states it’s essential to do your due diligence on the history of the home and get info concerning 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 personal post-sale head ache.