Cashing in By Buying a Santa Cruz County Foreclosure

Posted by Lauren Spencer on Tuesday, December 7th, 2010 at 11:01pm.

Buying a home that has been foreclosed on is a great way to get deals whether you are an investor or want to live in the home you purchase. There are a few things about buying a Santa Cruz County foreclosure that differ from an average real estate purchase.  Here are a few tips to help you cash in by buying a foreclosed property:

Hire an Agent who Specializes in Foreclosures

Not all real estate agents have experience in buying Santa Cruz County foreclosures. If you have a professional agent on your side who understands the process, you’re one step ahead of the game.

Inspect Closely

Like all real estate you’re considering buying, it’s important to inspect a potential foreclosure purchase. The former residents most likely didn’t move out under favorable conditions, and it is often reflected inside the home. Before buying the home, carefully consider any repairs you will have to make.

Is It Really a Bargain?

Add the cost of all repairs needed into the price of the foreclosure.  Then, determine if the property is really a bargain.
Also consider the price of the home.  Just because it’s a foreclosure doesn’t automatically mean it’s a bargain.  With the fluctuation in real estate prices, homes that were priced high when they were for sale before foreclosure might still be over priced as a foreclosed property. Make sure you and your real estate agent carefully research the market and determine if this is a true bargain.

Background Check

Your bank will check your background, credit, etc; you need to do the same in regards to your prospective purchase. Homes that have been repossessed may also carry encumbrances on the title from past debts the previous owner incurred.  Don't let yourself fall into a nasty surprise.  Check to ensure there are no liens or encumbrances on the title before purchasing the property.

If you would like more information on buying Santa Cruz County foreclosures, give me a call today at 831.662.6522 or email me at Lauren@LaurenSpencer.com or visit my website at www.MySantaCruzRealEstate.com.

Links:

buying Santa Cruz County foreclosures

cost of all repairs

liens or encumbrances on the title

 

About Lauren Spencer

Award-Winning Santa Cruz REALTOR®

Lauren Spencer is your local real estate expert, specializing in Santa Cruz real estate and surrounding communities—this is where she lives, works, and plays too. Let her know your questions about the community and county and she'll be happy to fill you in on all you want to know! Lauren Spencer has consistently been voted best local REALTOR in Santa Cruz and is always happy to offer her advice and expertise. Call her at: 800.226.4717.

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