      
 Record Foreclosures Lead to More AuctionsPublished: Thursday, April 16, 2009 The early part of 2009 saw a decrease in foreclosures hitting the market, in part because of revised federal regulations for the mortgage industry. But the banks have figured out the process and a new wave of foreclosures is hitting the real estate market, leading to lower prices and banks looking for ways to get rid of the properties without resorting to fire sale pricing. More and more lenders are turning to real estate auctions for their Southern California bank homes, particularly in areas with large numbers of foreclosure listings, such as San Diego County foreclosures, Orange County foreclosures and Inland Empire bank homes. The hardest hit markets, such as Murrieta foreclosures in Riverside County, Rancho Cucamonga bank homes in San Bernardino County, and El Cajon foreclosures in San Diego County, are seeing the most homes available at auction. Finding a Real Estate Auction Near YouThere are several real estate auction companies across the country offering sales in Southern California. The most popular, however, appears to Real Estate Disposition Company, or REDC, which offers numerous home auction sales, both in person and online, every week. Their website, Auction.com, currently lists 733 homes in Southern California available, with auctions being conducted as early as May 30th. This gives potential buyers plenty of time to view the available properties, make sure their financing is in order, and if necessary get a home inspection before offering a bid. It is important not to rush into bidding, particularly on bank homes, so that you can be sure you get exactly what you are looking for in the foreclosures market. Online Auctions Also UnderwayThere are currently over 500 homes available at online auction with REDC as well. That means you bid online and can follow along with other bidders without the pressure of the in person auction. A great way to buy foreclosed homes at auction, online bidding lets you bid from the comfort of your own home without having to face other bidders in person. If this is your first attempt at home auctions, consider getting your feet wet with an online auction. Bidding online does not mean you forego the inspection process, however. Protect your investment by reading all of the disclosures and taking advantage of the open houses and inspection times available for the online properties just as you would an in-person real estate auction. Most importantly, thoroughly investigate the neighborhoods before buying at a real estate auction. If you have any questions about whether a particular bank home is right for you, consult with one of the many real estate professionals specializing in Southern California bank homes before buying. 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. |
