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Buying Tips – Foreclosures

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Mammoth Foreclosure ListingsLooking to buy a foreclosure property in or around Mammoth Lakes, California? Here are some tips to ensuring that you get a great deal and avoid some headaches often associated with buying distressed property.

In recent years the economy in California (and the United States as a whole) has declined. That means that many people have lost their jobs and investments. As a byproduct of this downturn in the economy, many people have been unable to pay their mortgages and have had their homes foreclosed on them. This has been especially true for resort towns like Mammoth Lakes, CA because a lot of the properties owned in areas like this are second homes or vacation properties. The long story short; foreclosures in Mammoth Lakes are a great opportunity to pick up a bargain on a valuable piece of property. Below are some tips on how to go about finding and buying a Mammoth Foreclosure Listing.

Know Your Price Range

This is one of the most important things to do before you buy any type of property, especially with foreclosures. Unless you are a cash buyer, getting pre-qualified for a home loan 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.

Do Your Research

Another very good piece of advice right here. 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. Make sure that you know the real value of the home and don’t settle for a mediocre deal.

Find A Local Agent

It is very important to have incite to the area and the real estate market. Make sure you hire a real estate agent that is local. As an added bonus, find one that specializes in distressed properties like short sales and foreclosures. A local agent will be able to provide you with information like the homes real value, the quality of the surrounding neighborhood and other helpful information that will help you make the best possible decision.

Making An Offer

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. Many sellers will be willing to go down in asking price and expect offers to be placed under the current asking price. Typically the longer the property has been on the market, the lower they are usually willing to go down on the price.

Schedule Inspections

Once the seller has accepted your offer, schedule inspections on the property. This is vital because many foreclosed homes have maintenance issues that have been put off because of the dire financial situation which got the home foreclosed on in the first place. Get a good inspection by an experienced and qualified professional. It could save you from costly repairs may be discovered after closing deal.

Winter is coming and ski & snowboard season is almost upon us. If you are looking to purchase a piece of distressed property to use as a rental property, time is running out. Closing on a Mammoth Real Estate purchase takes time and you will need ample time to make sure your rental is listed with time to spare. Contact us today to learn about how we can help you make a purchase on a Foreclosure Listing in Mammoth Lakes, CA. For more information about real estate in Mammoth Lakes please visit our Mammoth Real Estate Blog. Thanks for visiting, have a nice day.

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