      
 Southern California Foreclosures Still the Bulk of Home SalesPublished: 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 home auction properties. According to market researcher MDA DataQuick over 40,000 new and resale homes sold last month, down slightly from the 20-year average of 44,000. Of that number, 41.9% were bank owned homes that had been foreclosed on in the last year. Again, this is slightly lower than the all time high of 58.8% last February, but still a good indication of the number of bank homes available on the market. To accommodate these high numbers of REO properties, lenders are continuing to use foreclosed home auctions as a means of selling large numbers of homes quickly, and at rock bottom prices. Foreclosed Home Auctions Bring Out the BuyersThere is some increased competition at area foreclosed home auctions, however, as traditional sales are rapidly finding multiple offers on the same properties and making it difficult for non-cash buyers to get an acceptance. Yet there is a bright side to home auctions, and that is the fact that lenders are guaranteed to accept the best market offer at the auction, and buyers that do their homework and arrive with lender financing from the auction-approved lenders will find a successful transaction. For best results at Southern California foreclosed home auctions follow these basic rules:
Real estate auctions offer prospective home buyers one of the best opportunities to own one of the many Southern California foreclosures still available. Lenders are working hard to clear their inventories of REO properties, and using the major auction houses to hold massive multi-property auctions is a fast an efficient way of selling dozens or more foreclosures quickly. If you find you're shut out of the traditional buying route, consider bidding at a foreclosed home auction in your area. 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. Lenders Using Foreclosed Home Auctions As Top Selling ToolCategory: Auction Notes Published: Monday, October 12, 2009 Foreclosed home auctions are becoming the hottest place to buy Southern California foreclosures, as banks are stepping back from multiple offers and finding the ease of real estate auctions more to their liking. Homeauctionexpo.com points out the benefits of shopping the foreclosures auctions. |
