The number of foreclosures in San Diego, as well as throughout the country is quite high. Never has there been a better time to purchase a home, especially if you are searching for an excellent deal. Do expect to be up against at least some competition when attempting to buy a foreclosure. It is certainly no secret that these property can be offered for way less than their true value.
Consider the following tips when purchasing a foreclosure:
- Prepare in advance. San Diego foreclosures sell quickly. Often selling within 30 days of being listed. Banks want to get rid of these home as fast as possible, and the price of the property often reflects this fact. Have your mortgage pre-approval or bank statement ready in advance. Either of these will show that you are a qualified buyer
- Be ready to work. Though some foreclosures are in excellent condition, other foreclosures in San Diego may require a bit of work. If you wish to truly pay the lowest possible price, consider properties that are in need of some repair and then get to work on getting the house back in shape
- Make a home inspection a must. Many foreclosures are sold in as-is condition. For this reason, a home inspection should be considered a must. You could be qualified to perform a general visual inspection on your own. However, some of the most costly problems of all are those that you cannot see or are not trained to look for
- Don't try to haggle too much. Foreclosures are already priced to sell, which leaves little room for negotiation. Should you not be willing to pay the full asking price, chances are that someone else will be. Save your negotiation skills for purchasing homes that are not priced as low as 60% of their value
- Don't forget the realtor. The decision to work with a realtor when shopping for foreclosures in San Diego could save you a lot of money. These individuals tend to know the neighborhoods, and even specific properties better than anyone else. They are trained to know where resale potential exists or does not exist. Consider making use of the expertise they offer
Despite current economic conditions, real estate remains a good investment for most people. Should the economy rebound, as it historically has after such times, those who own real estate stand to make a lot of money. Knowing that good deals are out there and actually going after them are two different things. Prepare yourself in advance in order to get the best deals on foreclosures in your city.
