      
 Updated Pre-Approvals Crucial to Home Auction SuccessPublished: Thursday, May 28, 2009 Interest rates are climbing and many pre-approval letters are now outdated. Since having guaranteed financing is particularly relevant to home auction purchases, update your financing approvals today for foreclosed home auction success. Interest rates hit 5.42% this week, up slightly from 5.38% earlier in the month. Although not a significant increase, when you're bidding at a foreclosed home auction, every penny counts and an increased interest rate can have a significant impact on your maximum bid price. Knowing what you're now qualified for is crucial to a successful auction purchase and you don't want to be the winning bidder on your perfect Southern California foreclosed home auction only to discover you have lost your guaranteed financing. Low Prices on area Foreclosures Counter Rising Interest RatesEven with rising interest rates the current low prices on area foreclosures are keeping many buyers in the market, however. When buying foreclosures at a home auction prices are even further reduced so many buyers will still be able to afford a foreclosed home in their top choice neighborhoods. By way of comparison, the median home value among Lake Elsinore foreclosures is $155,000. Murrieta foreclosures are hovering around $227,000 and Orange County foreclosures are remaining affordable at $329,000. These prices reflect phenomenal bargains and interest rates have little effect on the average bidder's ability to buy at a foreclosures auction. Meet with Lenders to Insure Pre-ApprovalStill, it is a good idea to meet with your lender and update your pre-approval letter. You will want to have all the relevant information about your income and financial status when you contact the lender, to avoid any confusion or risk a higher rate than the average for the market. Let the lender know you are aware that interest rates have risen slightly but also let them know that you are a quality borrower and you're not above shopping for a better rate from other lenders if they limit your credit line too much. Now is a great time to purchase Southern California foreclosures at a real estate auction. Record low prices and modest interest rates are helping more buyers than ever find perfect bank homes and successfully close the deal! 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. |
