How to Buy Foreclosed Homes in Temecula & Murrieta
Category: Real Estate Trends
Published: Wednesday, August 27, 2008
Murrieta and Temecula, with over 200,000 combined residents, are often cited as being the fastest growing cities in the United States. Located in one of the last undeveloped regions of Southern California, these two Riverside County cities are high on every homebuyer's list when looking for real estate bargains. To smart foreclosure shoppers, however they rank even higher. Why? Murrieta and Temecula offer some of the newest homes at some of the most affordable prices!
Picking up a Murrieta or Temecula bank home isn't difficult, if you know what to look for and how to find it. There are three basic ways to buy a foreclosed home:
Get the Better of the Bank
The first step in the foreclosure process is to notify the borrower they are in default on the mortgage. Banks file these Notices of Default (NOD) at the county courthouse, essentially starting the foreclosure clock for the homeowner. Banks give anywhere from 90 to 120 days for the borrower to bring the mortgage current before moving on to the next step.
By reviewing these NODs at the courthouse you can find some real bargains. If something catches your eye, the next step would be to approach these pre-foreclosure homeowners and make them an offer. You can do this either in person or by letter, pointing out the benefits of selling their home before it reaches the actual foreclosure stage.
Once a deal is struck, the homeowner can usually work with the bank to extend the foreclosure sale date in order to complete the escrow. With over 600 new foreclosures in Murrieta and Temecula during July alone, you will find that banks are willing to wait a few extra weeks if it means not increasing their real estate owned (REO) inventories.
Riverside County Trustees Sales
If the mortgage isn't brought current, the bank will foreclose and offer the property for sale on the courthouse steps. Coming prepared with a cash down payment and guaranteed financing can mean real savings at these auctions, sometimes referred to as sheriff's sales. However these sales can be tricky, especially if there are liens against the property or unseen structural problems, which become your responsibility after the "as is" auction is complete.
Raking in Murrieta and Temecula REO Bargains
Banks unable to sell a property at auction add it to their bank owned inventory. There are currently over 5,000 Murrieta and Temecula bank homes available for the smart foreclosure shopper. While you could contact the banks directly, working with an agent is your best bet at finding real bargains. The professionals at Oak Tree Realty Group have established relationships with the REO divisions of all the major lenders, and when a property comes on the market, they are the first ones to hear about it. Because of their strong relationships, these banks will entertain all offers coming from Oak Tree Realty Group clients and can net you the best savings. Banks want to sell their inventories fast and they know working with buyers represented by agents is the fastest way to reduce their REO inventories and get back in the business of writing loans!
The $8,000 first time homebuyer’s credit is set to expire in November and buyers are busy finding the best deals on Murrieta foreclosures and Temecula bank homes. The team at Oak Tree Realty Group Murrieta points to possible neighborhoods for great deals on affordable Murrieta bank homes.
Murrieta foreclosures led Southwest Riverside County home sales during the month of July according to market analyst MDA DataQuick. Nearly 1,000 homes changed hands last month and the experts at Oak Tree Realty Group Murrieta put the numbers in perspective.
Buyers of Temecula foreclosures may have less competition from first time homebuyers in the coming months, thanks to a plan by the City of Temecula to complete 110 half-finished condominiums and turn them into affordable housing apartments for rent. The team at Oak Tree Realty Group Murrieta offers insight into the plan.
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