There are pros and cons to everything but for buyers considering foreclosure homes and properties for sale, we think the pros outweigh the cons. While homes in foreclosure were once seen as damaged goods, they are now being viewed as a viable option for home buyers  As with anything in life, there are always unknowns but these tips should help with the home buying process, with regard to foreclosures.

So what are the pros of Buying Homes in Foreclosure 

Foreclosures and REO’s provide options.

California real estate has seen a decrease in inventory in recent years. Combine this with the fact that the economic downturn led to an increased number of homes and properties in foreclosure.

If you are willing to look at foreclosure and short sale homes, you and your Realtor have a much larger pool of possible properties to search from.

Homes and properties in foreclosure are more affordable.

 California home buyers can save money and get great deals when considering the option of buying homes in foreclosure.

Although the competition is high, foreclosure properties are usually priced at least 5% below current market value. Sometimes they can even be up to 15% less. Bank-owned properties in California are sold as-is, without disclosures. It’s important to do your homework so that if you do find out a home in foreclosure has a major problem, you can negotiate a lower price.

Foreclosured properties can be hidden gems.

 While some homes in foreclosure need some TLC, there are many options of foreclosure and short sale homes that are actually great finds as is. Just because a California property for sale is in foreclosure doesn’t mean there is anything wrong with the property. Homes in every price range were affected by the economic downturn so it’s not unusual to find luxury homes in foreclosure that are also in good condition.

Banks are ready to sell.

 Properties in foreclosure or sold in short sale are usually bank-owned. Banks are not in the home-owning business. We find that banks want quick turnaround for taking foreclosures and short sales off their hands. If you are a well-qualified buyer serious about making a purchase, banks will want to work with you.

These are just a few of the possible reasons to consider looking at a home or property in foreclosure or being sold in a short sale. If you are looking for your next home in San Diego, Oceanside, Pacific Beach or another nearby area, our team here at Big Block Realty wants to help!

If you would like any additional information or have any questions, please contact us anytime.

Your friends and local real estate experts,

San Diego Realtors

Oliver, Sam, Sandro

The Home Team

Contact us today:

Oliver Graf – Direct: (760)237-8006
Sandro Natale – Direct: (949)290-2599
Sam Khorramian – Direct: (858)518-1533

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Big Block Realty
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