Real Estate Investing: Buying Santa Cruz Foreclosures

Posted by Lauren Spencer on Sunday, June 26th, 2011 at 11:01pm.

According to a nationwide survey from Move, Inc., real estate investors are likely to be three times more active than other types of homebuyers in their local markets within the next two years.  If you’re one of those soon-to-be real estate investors, you may want to consider buying Santa Cruz foreclosures.

Here are a few tips to help you get the best buy:

• Don’t judge Santa Cruz foreclosures by their appearance.  A million dollar mansion may have a beautiful façade but may be hiding extensive termite damage to its foundation.   On the other hand, a fixer-upper may look rundown but may have excellent structure and can be fixed up easily for a fairly small amount.  Always get a professional home inspection to determine exactly what you’re buying.

• Don’t focus on sales price alone.  You still need to take into consideration the location, school districts, crime rates, and price for repairs.

• Work with a real estate agent.  You knew this one was coming, didn’t you?  But it’s true.  Because real estate agents are knowledgeable about the market, they frequently know about local properties that are nearing foreclosure before the average buyer. They also know the Santa Cruz foreclosures to stay away from and those that are true diamonds in the rough.

• Don’t buy in a neighborhood with a lot of foreclosures.  You’re looking for an investment that is going to increase in price sooner rather than later, so move on to another neighborhood where the real estate market is doing better.

• Think like a real estate investor.  There’s a lot of money at stake here, and you cannot allow emotions to get in the way.  Do the math and your research to figure out if this is a good financial choice for you, not whether or not you like the house. 

Whether you’re a real estate investor looking for a foreclosure or a traditional property to purchase, I can help you find it and get it at the best price and terms.  Give me a call today at 831-662-6522 or email me at Lauren@LaurenSpencer.com.

For more information, please visit my website at www.MySantaCruzRealEstate.com.

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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