Know about foreclosures . . . . Try to find a better resource!

Arguably you can't find a more knowledgeable agent anywhere in or around Santa Cruz. I buy them at different courthouse steps with Investors cash about 1 time a month this last year. For years I find them, investigate them with contractors and analyze them with a razor sharp skill. I hook up buyers for them before they are seen on a Multiple Listing Service. I negotiate the deal with the bank too. This makes me quite unique.

I started buying up foreclosures in the 80’s with my own money. So I have first hand experience in the trenches. Make all the difference when it is your money, not a clients. A list of local foreclosures means nothing to a first time buyer. The waters are filled with alligators and a novice has no business being in those waters without a wrangler like me.

I'm pretty knowledgeable - I list and sell a lot of foreclosed real estate in Santa Cruz county. You can visit my web site to learn all about it. I have a special section just on foreclosures, and in there you will find a video presentation I did at the Santa Cruz County Housing Expo just on opportunities in the foreclosure market here in Santa Cruz county.

Anne, I believe there are some different possible answers to your question. There is a difference between buying a foreclosed home and a home being foreclosed on. To truly buy a home being foreclosed on you go to the county building on a set date and time with cashiers checks in hand and potentially face other bidders or bank representatives. You need to have done your home work. You are playing with the big boys at this point. Guys literrally walking around with hundreds of thousands of dollars in cashiers checks in their pockets. These guys have researched the title, know the liens against the house, may have seen inside and know what repairs need to be made etc. You don't need a real estate agent to represent you, but you do need to know whats going on. You can make money doing this. It isn't easy money, you have to work for it. Truthfully you need cash to go this route. If you have the time to learn it can be a rewarding and exciting business. If you buy a house that has been foreclosed on and is now owned by the bank, you are not really buying a foreclosure. In most cases you are buying from the bank or their REO department. (Real Estate Owned) Just as in a normal sale you can get inspections and investigate the property. Most likely you would want your own agent to represent you in this transaction. In many cases the bank may not want to hold the property and they are willing to let it go quicker and for less money than an unmotivated seller down the street. It is still the banks goal to maximize their return. If you are buying a property that was foreclosed on from a professional that bought it at the county building then most likely he is the guy getting the best deal, and maybe you save a little. Hopefully this is helpful. If I can clarify anything please let me know.

Hi! This is Sandi McGinnis-Garcia, Realtor with David Lyng Real Estate. I am a 4th generation local and have extreme local knowledge. I attended a seminar on 4/24/08 just on Foreclosures. The foreclosure process timeline and the quantity of loans resetting is probably the biggest indicator of where the bottom is and how many homes will be affected. I now have this information and as a buyers agent feel this is the benefit I bring to my clients. If you are thinking about buying foreclosures give me a call & visit my website at http://www.sandigarcia.com

Anne, Curt Abramson from Bailey Properties in Santa Cruz here. A seasoned Realtor or broker can help you find and buy a good value in a foreclosed home. There are some potential pitfalls to be aware of, and you will want someone with the experience to point those out to you. The issues can be specific to the property, so a local expert is best. You may need to learn more about the different opportunities with distress sales. You can find a brief summary on my website, at the link below.

Agents who list and sell foreclosed properties are probably not the best choice for a buyer. They are representing the seller (bank, etc). Some will not even agree to represent the buyer, due to conflict of interest.

If Santa Cruz is where you are considering, I'd not wait years to buy. We have the elements that tend to allow recovery in the market quickly: limited supply of homes and little land available for new construction, proximity to a major economic engine (Silicon Valley), and a beautiful and rare environment (the coast). The next few months will certainly be a buyer's market, and that's what you want if you expect to hold the home for a few years.

Good luck with your search! Let me know if I can offer you any help or advice.