Foreclosed Homes: Discussing Tips to Buy One

Foreclosed homes or bank foreclosed homes are the types of properties that are currently owned by a bank or financial institution as the previous owner miscarry with their debt or mortgage payments. These types of foreclosed homes are an attractive buy for any foreclosure or real estate investor. These types of properties are generally sold through auctions.

The bank calls for an auction and the highest bidder goes with the property. Generally foreclosed home auctions takes place after the bank accumulated a number of such homes. The main advantage of buying a foreclosed home or property is its sale value. A foreclosed home or property are sold at a price that is almost 40-50% less than the actual market value of such property. The banks offer such a low price for these properties as it has to be sold in order to curtail future recurring expenses arising from such foreclosed properties.

From such auctions the bank pulls off its money (in most of the cases nearly a fraction or same) it invested and the buyer is happy to get such great pieces of property at such low prices. Let’s discuss some tips that you may take into consideration while bidding at auctions for a foreclosed property.

1. The first thing that you should learn is about the procedures of bidding at auctions. This is required as it will prevent you from ending up buying an overpriced property and while making an informed decision. For this you can consult thousands of websites and articles on foreclosed home bidding tips or auction rules. Just get your doubts clear and bag a great deal.

2. You need to consult an expert before going out for a home auction bid. An expert advice can help you in judging the actual price of the property that you are planning to buy. You can also ask him about the previous point, i.e., ‘how to bid in a foreclosure auction?’

3. You can also take advices from your friends or relatives who have prior experience of involvement in a foreclosure auction.

4. You need to be smart while bidding or negotiating. You should be well aware of all the fact and figures, especially legal before the bidding procedure in order to avoid any kind of future hassles.

5. Before you start bidding, spend some time inspecting the house. Make a total estimate of your expenses and also don’t forget to consider the repair work that need to be done after having it.

6. Make sure that you are totally aware about all the facts and figures related to the house or property. In some cases, banks tend to auction a property or house that requires extreme repair or upgrading. Stay well informed and make your decision.
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Bob John Rock is a freelance real estate investor guide who has written many successful articles and books on real estate investors and investments. He currently lives in Tampa, FL and helps people to buy foreclosure properties, real estate investments and loves surfing at past time.

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California Real Estate Investments

One of the main factors that prevents many Americans from moving to California is the cost of living. Regardless of the increased salary one has to benefit from in order to afford housing in California, many people still choose to move to California. Because there is a constant movement of people into the city, the need for housing in the state has been quite regular. This is the reason why many investors in real estate have not yet withdrawn from real estate in California.

In an unstable market such as the California real estate watching out for housing trends is important. These trends will provide you with the necessary information in order to find out what will be the right time to sell your holdings and think on settling somewhere else. Two of the biggest factors to pay attention to are home price growth rates and sales rates. Also, it is of good use to have some knowledge of the average market time for California real estate. The shorter the market time is, the better the odds will be for California real estate investors. If there is an increase in the average market time of each reporting period, it won’t be wise to enter the market.

When California real estate investors start to perceive longer than average turnaround time on properties, it means that it is time to remove existing California real estate from the portfolio. Also, to sell the house, it might be necessary to do some price adjusting.

Some of the housing markets on the California real estate that have seen signs of decreasing in the near present are Sacramento and San Diego. Investors in these California real estate markets are usually given advice to sell their properties as quickly as they can in order to avoid losses. Bear in mind that, at this point, it might not be possible to recover any profits from current properties. As these markets continue to decline, it is more important to avoid huge losses.

California real estate investors that have condominiums on their current portfolio will be safe for the time being. There are no strong signals that this market is decreasing with the housing market.

Potential investors will be safe for the time being to invest in California real estate markets like Oakland, San Francisco, and Riverside. All these markets are still showing signs of development. Due to prices being on the rise in these areas, investors should get in and out of these markets as quickly as they can. Although there are gains for the near future which are guaranteed, there is no guarantee that the possibility for gains will last very long in those areas.


Ann Sommers is a contributing editor at RealEstatePropertyArticles.com. This article may be reproduced provided that its complete content, links and author byline are kept intact and unchanged. No additional links permitted. Hyperlinks and/or URLs must remain both human clickable and search engine spiderable.