Working the Foreclosure Market to Find Your Perfect Home

The Foreclosure MarketThe market is being bombarded weekly with new foreclosures in every area in the USA, including Mammoth Lakes, California. How can you find them? Simple, contact your local foreclosure agent in your area and ask them to send you daily listings that meet your criteria, don’t be vague, be as detailed as possible and within a realistic price range. In other words if you qualify for a $350,000 loan don’t focus on $1,000,000 custom homes, odds are you will never get an offer accepted. Also be specific on the area of town you would like to own and the preferred size of the home including optimal bedrooms and bathrooms. For example if you were looking for a foreclosed condo in Mammoth Lakes, you would let your agent know what area of town you were looking to purchase, if you needed covered or underground parking, and what type of common area amenities you could not live without. This process takes time and energy and in order to find exactly what you are looking for you must be patient and work the market.

Once you start receiving the list of foreclosures from your real estate agent, start researching the properties that best fit your needs. Work on developing a good working relationship with your agent, why? Because you will need a lot of hand holding and you are looking for an advocate, someone that will go the extra mile for you. Every property you like, you will need market reports, property information, etc. In addition you will need to be looking at properties weekly with your local agent. It is important for both of you to see eye to eye. Remember you are looking for the diamond in the rough, and believe me, they are out there you just have to look.

The most pressing piece that many folks ignore is that you have to, no way around it make offers every week. The more REO offers you submit the better; your agent will guide you with the right wording to enable you to accept the right offers and walk away from the ones that do not work for you. The bottom line is that if you don’t make offers it’s impossible to put together a transaction. Your foreclosure agent will help you put together a well packaged offer. Make sure you provide the pre-qualified letter, proof of funds, etc. The better you look on paper the easier it will be to get your offer accepted. If you can close escrow in 10 days, put it in the contract. Every detail helps the bank decide in your favor.


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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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