      
 Planning on Buying a Foreclosure in Riverside Via Auction Don’t Under Estimate The power of an inspectionPublished: Monday, December 22, 2008 A real estate auction is an excellent place to purchase bank owned property in Riverside County. Buyers can expect to purchase property at a significant discount. However a word to the wise, if you are thinking about buying a foreclosure in Riverside via real estate auction be sure to complete a home inspection. This article details the benefits of foregoing a home inspection. Why inspect if you can't negotiate? Because failure to get a thorough inspection can cost. Foreclosed homes are sold as is. Typically that means there are no negotiations in terms of repairs. When you purchase real estate from a private seller they will generally entertain offers based on contingencies. For example during the inspection you realize that there is a leak. You and the seller agree that the purchase will be made contingent that the owner gets the leak repaired. Unfortunately things don't work that way at real estate auctions. Although there is not a lot of room for negotiations, getting a home inspection will provide you with an accurate estimate of your investment and give you a clear idea of just how much your final bid should be. I'm already getting a good price why should I pay for an inspection? All that sparkles is not gold. Sure the sale price may look good. But what happens when the home repairs, stymie the profit? What is the benefit in buying a home at a 30% discount, when you have to put 40% back into it? Banks have nothing to hide, in fact they encourage buyers to conduct a thorough inspection before bidding on any property. What exactly does a home inspector do? When you hire a home inspector they will conduct a comprehensive evaluation of the homes condition. They will inspect the major visible and accessible areas of the home. When they have completed inspection they will provide a written report detailing the homes condition. The report is unbiased and includes the scope of work that is needed. At the end of the day your profit is going to be determined by the amount of leg work you did. Failure to take the right precautions can open a can of worms. Yes you will have to pay the inspector yourself, but this small investment can save you thousands of dollars in the long run. If you would like up to date information about real estate auctions in Riverside County subscribe to this RSS feed. 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.  December 2008
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