The largest mistake most folks make when buying  Redlands foreclosures is getting in over their heads monetarily, says Leo Nordine, owner of Nordine Realtors in Hermosa Beach.

“If you just can’t afford to get a 30-year fixed, you can not afford the house. I cannot tell you how many houses I have sold a lot 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  Redlands foreclosures? Here are five ideas from Nordine:

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

Purchase smart. “The cheap stuff is bottoming out. The high end is even now going down. So Redlands is really a excellent place to invest in right 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, because you are not likely to purchase and watch the cost drop 10% six months later,” he says.

Be prepared to beat the pack. Great  Redlands 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 attracted to offers that need reduced 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 example, get the pre-qualification right away. If they want proof of funds or perhaps a credit report, have that documentation ready to go,” he claims.

Leave feelings at the door. “It is often a tough market with many people looking for deals, so it is easy to get discouraged, Nordine says. “But if you’re diligent and continue trying, you will eventually locate a very good foreclosure.”

Get the big picture. With fewer disclosure requirements on most foreclosures, Nordine states it is significant to do your due diligence on the history of the home and get information about the property, past and present. Keep an eye out for outstanding liens, loans, fees and tax debts that could reassign and become your own personal post-sale problem.

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Filed under: Foreclosures Investing

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