Buying Foreclosures In Mammoth Lakes, California

Buying Foreclosures in Mammoth LakesAs the economy has slowly slid downhill, the tough conditions have made it much more difficult for many home owners to keep up with housing payments. This is especially true in resort areas where many of the houses are primarily used for vacation purposes. Foreclosures in Mammoth Lakes are a great opportunity to pick up a bargain on a valuable piece of property.

The first thing to do is to make sure you know exactly what kind of price range you can afford for a house. Unless you are a cash buyer, getting pre-qualified will make the whole purchasing process much easier. Also, most of the time the owner of a home, whether it is a private party or an institution such as a bank, will require a letter from your lender that states you have been qualified to make the purchase.

One thing to remember about these types of home sales is that just because it is listed as a foreclosure doesn’t necessarily mean it is a good deal. Many houses have been foreclosed on because the owner owed more than the house was actually worth. Doing your homework before deciding on what property you may want to buy is always a good idea.

A local Mammoth Lakes Realtor should be able to provide you with a comparative market analysis, or CMA, on any home that catches your eye. This type of report compares houses currently listed for sale and any that have sold over a certain time period that are similar to the property you are interested in. This comprehensive analysis should give a fairly accurate estimate of a properties actual worth.

Once you have chosen the right property for you, make your offer. If you will be asking for the owner to help pay your closing costs on a loan, take this into account when structuring the offer. Most of the time, the net price the owner can expect to get after concessions such as repairs and closing costs, may be more important than the purchase price.

When making the offer remember that the asking price is not necessarily the price the owner is willing to take. Some banks and other owners of foreclosures have a certain goal of how much they are willing to go down on the asking price. The longer the property has been on the market, the lower they are usually willing to go down on the price.

Once you have an accepted offer, schedule inspections on the property. A foreclosed home may be more likely to have deferred maintenance than other listings. A good inspection by a qualified professional can save you from unpleasant and costly surprises that may be discovered after closing on the purchase.

Foreclosures in Mammoth Lakes can be a good investment if you are careful and do it the right way. Doing your homework and getting help from professionals can go along way to ensure you are getting a good deal. Once you have completed the process, you will be ready to enjoy the beautiful scenery and many amenities that owning a home in Mammoth Lakes will provide.

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About Deanna

Deanna is an experienced "LOCAL" REO Listing Agent providing foreclosure services in primarily the resort areas of Mammoth Lakes, Crowley Lake, June Lake, Bishop, and Big Pine, CA. Successfully closing over $40 million in REO Real Estate transactions and sales since 2005, Deanna provides professional and prompt REO Real Estate services. Click here to view my Featured Properties.

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