Distressed homes are often a great deal if you can get them at the right price; however, they can also be a gamble. The process is complicated and can be frustrating. Before taking this large financial leap, hire a real estate agent to help you evaluate the risks, find a good deal and get the right price.
Don’t lose your cool when it comes to purchasing foreclosures in Santa Cruz. Below are tips for how you can stay on top of the process and get a great deal:
• Find a foreclosure expert. While many agents can probably help you navigate these tricky waters, it’s best to find an expert who specializes in distressed properties. Look for the SFR (Short Sale and Foreclosure Resource) behind the agent’s name or ask how many foreclosures in Santa Cruz he or she has successfully helped others buy. A foreclosure expert will be able to quickly move you through this complicated process.
• Be prepared to face competition. Foreclosures in Santa Cruz are often snatched up quickly, which means you might only get one shot at a bid. You’ll want a seasoned professional in your corner to help you make a smart offer the first time.
• Evaluate the home for repairs. An agent who is knowledgeable about foreclosures can give you a good evaluation on a distressed property. They’ll also have a list of home inspectors to give you a professional inspection and contractors to give you an estimate on repairs. You’ll want all of this information before you present an offer.
• Attain a loan from your bank. Not only will you need repair estimates for your offer, but you also need them when you apply for a loan. Banks are sometimes wary to provide loans on foreclosed homes, so be prepared to back up your figures with facts.
Be prepared to make quick decisions when it comes to making an offer on a distressed property. You can do this when you have an experienced real estate agent on your side.
If you’d like additional advice on purchasing foreclosed properties, please call me at 831.662.6522 or email me at Lauren@LaurenSpencer.com.
For additional information please visit my home page at www.MySantaCruzRealEstate.com.