      
 Foreclosed Home Auctions Remain Popular Despite Fewer ForeclosuresPublished: Thursday, September 10, 2009 August foreclosures have slowed and buyers are finding increased competition for Southern California bank homes on the open market. Fewer homes for sale translate into greater demand and buyers are starting to feel the pinch when it comes to having their offers accepted. In addition to having to up their prices on Southern California foreclosures, some buyers are finding banks even less responsive to their requests for basic home improvements to homes that may have sat vacant for months or been neglected by their previous owners. To avoid dealing with anxious buyers, banks are increasingly turning to foreclosed home auctions as a way to drop hundreds of properties from the real estate owned portfolios without having to make costly home improvements. While good for the banks, many buyers are unaware that real estate auctions are still a great place to buy foreclosed homes. Bank Home Auctions Offer Great Deals on Top Rated HomesThere are several benefits to buyers when finding a home at auction. First, buyers know they are paying true market price. They don't have to worry about the bank not accepted their offer, particularly if the foreclosed home auction is advertised with no reserve. Home auction buyers also have the reassurance of having inspected the property thoroughly, something traditional sellers or listing agents on traditional sales sometimes make difficult. Finally, foreclosed home auctions bring all the best listings together in one auction, so buyers are exposed to hundreds of properties at one time, not just the foreclosures offered by any particular agent or lender. Foreclosures Buyers Don't DespairDespite the reports that foreclosures have fallen off lately, there are literally thousands of Southern California bank homes still on the market. Inland Empire foreclosures, particularly the highly sought-after Southwest Riverside County area comprised of Murrieta foreclosures, Lake Elsinore foreclosures and Temecula foreclosures, offer home values that remain 35-40% below last year's record low pricing. Overall, some of these markets are as low as 50% their 2007 peak. Other high demand areas, such as San Diego foreclosures and Orange County bank homes remain equally as affordable. There are real estate auctions held several times a year in Southern California and if you can't wait that long, contact a real estate agent today that specializes in foreclosures. Don't let the news fool you into thinking the best deals on foreclosures are long gone. Other Recent ArticlesHome Buyer Tax Credit Extended Until April, 2010Category: Recent Articles Published: Thursday, December 10, 2009 The federal tax credit has been extended to April, 2010, including an expanded benefit to existing home owners who sell their homes and then repurchase a new primary residence valued at $800,000 or less. This could be the perfect opportunity for buyers who wanted to cash in on home auction bargains but were fearful of lower resales on their existing homes. 57,000 Foreclosures Remain in California – Lenders Scheduling More Home AuctionsCategory: Recent Articles Published: Thursday, December 03, 2009 The Southern California foreclosures market may be shifting, with fewer homes entering foreclosure than in previous quarters. However there are still 57,000 existing foreclosures statewide that need to be sold, and lenders are looking at foreclosed home auctions as a major tool to sell large numbers of foreclosures in a short amount of time. Southern California Foreclosures Still the Bulk of Home SalesCategory: Recent Articles Published: Friday, November 27, 2009 Southern California foreclosures still account for the bulk of area homes sales and lenders are finding real estate auctions the fastest and most efficient method of clearing their books of REO properties. Buying a home at auction requires a little prep work, however and the experts at homeauctionexpo.com share their insight on how to find the best auction properties.  September 2009
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