The Reality of Foreclosures in Long Beach

As many people search the web for "Foreclosures" or Short Sales to find that beach home for $200,000 or respond to the ad for "Buy a home for $1,000" it is important to realize the reality of the market.

1. If the Naples Island Home or Belmont Shore Home is available for $200,000 instead of $2,000,000, the general public (including realtors) won't get access to the deal. Investors who have relationships with banks often buy notes from the bank, but rarely could they even get a home for 10 cents on the dollar.
2. You can buy a Foreclosure property using a real estate broker! Yes, they are listed on the MLS and it takes a little digging to find them, but ask your real estate broker for what is available. The banks like prepared offers so make sure to include your FICO scores, pre-approval, and proof of funds.
3. Closing Costs - With a well prepared offer, you can get the bank to help you with your closing costs if it is a Foreclosure that is on the MLS. They may not give you all of your costs, but they certainly may help, especially as they are selling the property "as-is" they might help to get you in the door!
4. Buying at the Court house - Yes you can purchase a foreclosure at the court house steps when it goes to auction, but remember these are cash purchases! You don't get an inspection period so be prepared and remember to contact your Title Officer ahead of time so you can find out if there are any other liens on the property.

Looking for the deal can be a challenge, but having a professional real estate broker, title officer, and lender can sure make it a much more enjoyable experience. Make sure you learn as much as you can so you can make your purchase one that is filled with success!