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California Real Estate and Foreclosures

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By : Paul Escobedo    99 or more times read
Buying foreclosed homes in California is tricky, especially in the present real estate market. Even with the ever-growing numbers of foreclosures, bargains at auctions can be difficult to find. The main problem with auctions at the moment is that banks gave out such large mortgages on properties that their bottom-line bids can be relatively high. The homes are discounted but you might not get the best deal and you may end up with repairs and maintenance costs that make your investment less valuable.

During 2008, itís predicted there will be four times as many foreclosures as there were last year. So it seems reasonable to assume that over the next few months, banks and other mortgage holders will soon be offering their foreclosed properties at a greater discount. If youíre ready and able to buy now then find the best deal and purchase a home. However, if youíre just looking for an investment, or are in the market just looking around, you may find better deals in the coming months.

Other than auctions, there are other options if youíre searching for foreclosed California real estate. One good idea is to look for properties almost in foreclosure and to approach the homeowner directly to see if you can acquire the property before its actually foreclosed. The homeowner will want to avoid foreclosure, and damage to their credit report, so theyíll be willing to offer you a better deal on the property. In many cases, these homes are still well maintained.

Another possible route to acquire discounted California real estate is to attend auctions, not to bid, but to look for houses that fail to sell. You may then be in a position to approach the bank or owner and make a deal with them. Itís possible they might consider an even lower bid after facing the reality and disappointment of not selling during the auction.

You don't have to be a millionaire to acquire a California Real Estate Foreclosure. The bank-owned homes, referred to as real estate owned houses or REOs, are often available to first-time buyers. These are usually homes that failed to sell through auction, and the bank that owns the property is anxious to sell and mortgage the home to recover some of the loss.

The next few months will present individuals searching for California real estate foreclosures with tons of opportunity to find a great deal on a house. The pressure will be on individuals trying to sidestep a foreclosure and save their credit rating, and on banks that are left with the burden of taking care of and selling foreclosed properties. These unfortunate problems create a unique opportunity for many people searching for a great value on a new family house or investment.
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