No doubt you’ve heard about the soaring number of Santa Cruz foreclosures. If you're thinking that now would be a good time to jump on the Santa Cruz real estate bandwagon by purchasing a foreclosure, here are a few tips to help you find (and buy) your dream home.
Arrange for Financing
Know how much home you can afford so you can determine your price range. You don’t want to waste any time looking at property that won’t fit your financial needs. If you do, you might even miss the deal you’re looking for. Many lenders will pre-qualify you. The process doesn’t take long and you’ll be able to look at Santa Cruz foreclosures with confidence.
Get a List of Santa Cruz Foreclosures.
Most banks and other lenders have a list of their properties that are in foreclosure. Some government agencies and mortgage brokers have access to current foreclosure lists. Your number one best resource for foreclosures is your Santa Cruz real estate agent who is able to guide you to the properties that best fit your needs as well as show you the properties.
Research Your Favorites
Narrow down the list of foreclosures to your favorites. Then, investigate the properties and the areas they're in because the neighborhood has an impact on the value. In addition, carefully assess the foreclosed properties for damage and calculate the cost of the repairs. After you’ve done the math, pick the house that suits your needs. If you don't want to do all the assessments and make all these decisions on your own, work with a professional Santa Cruz real estate agent who can guide you through this process.
It’s Time to Make a Bid
Okay, you’ve found the foreclosed property you want to buy. What should you do now? It’s time to put in a bid on the property. If you aren't comfortable negotiating (or if you aren't good at it), let your Santa Cruz real estate agent place your bid and negotiate the deal for you.
Ready to get a great deal on Santa Cruz foreclosures? Call me today at 831.662.6522 or email me at lauren@laurenspencer.com
LINKS:
1. Know how much home you can afford
2. Foreclosure
3. Repairs
Posted by Lauren Spencer on
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