You are correct in seeing that there are great opportunities to buy homes here for less than in the past.
Interestingly enough, there are so many buyers looking for a great value right now, that you may easily find yourself in a multiple offer situation for the best deals.
Foreclosure activity has brought all prices down, so I would suggest focusing on what you want, rather than if it is a foreclosure or not. Many of my most savvy clients do not want to get involved in short sales, because the process is lengthy and uncertain.
My advice is to work with a great agent and offer quickly for a home that meets your needs!
I specialize in Newport and represent primarily buyers, many are from out of the area and buy a second home here. Please let me know how/if I can help you further!
Carol Iversen Lee
the [beach + bay] group
"It is now almost September, and the current inventory of houses has drifted down a bit, as it usually does, at this time of the year.
I am working with buyers in 3 price ranges, one lower, one medium, and one in the higher range, over a million. Here's an actual fact we have encountered. There are a LOT of buyers out there - for NICE properties. I'm bumping up against multiple offers in both of the lower tiers, on properties only days on the market.
The real, local truth is that the inventory of available listings in becoming smaller, not larger, and interest rates are still unbelievably low. In MY humble opinion, this next 4 or 5 months will be THE best time to buy a house, that we have seen in the past few years, because while inventories will decline, even slightly, so will the number of competing buyers, which ALWAYS happens as we approach the Holidays.
If you are truly interested in getting a good buy, now is a great time to either start, or intensify your search."
Please contact me with your questions, and I would send you list of properties that are now scheduled for trustee auction sales.
Keep in mind that buying properties through CA trustee sale auctions process is risky and complicated. You would need to do your due diligence prior to auction sale, get preliminary title report, make sure what lien you would be buying and subject to what other liens, determine for yourself whether the property is worth your bidding and price. Then be prepared to buy with cash or its equivalent at the day and time of trustee auction.
Most properties purchased at trustee sale auctions in Orange County CA are bought by experienced investors or groups with cash to use for this and renovation, so properties can be fixed up and put back on the market for sale within two months.
Please contact me with your ideas and plans and questions.
Harrison K. Long, Realtor and broker associate - CA DRE 01410855 - Coldwell Banker NRT, Irvine, CA
You're looking in a very unique market. Set yourself up for failure in any attempt at getting a "Deal" in NB. A deal is defined by a few hundred thousand dollars compared to millions. It's all relative. You want the DIRT, the SAND, or the BEACHFRONT? You pay the piper.
Even if you are lucky enough to trip over a foreclosure or short sale don't hoLd your breath. There's soooooo much money in Newport waiting to buy. As they say in the Godfather.......................Fogedboutit. You got the doe,rey, me? Step up or move on.
Issues you should consider are:
Are you buying cash (distressed properties are easier to buy all cash)?
Are you willing for wait for the bank to approval on a short sale?
Are you okay with not finding out some issues with the house from the owner that they would have had to disclose (this applies to REO sales)?
If you can let me know what you're looking for I can find the owners who are in default & then we can negotiate a price directly with the bank without any other competition from other buyers. I've done this with buyers in other cities & we are almost always able to get a much lower price than the 'on the market REO competition'.
Email me directly if you'd like to talk about it some more, I won't look back on this same Trulia thread for answers after mine.
Realtor Since 1996
Main Street Realtors
Short Sale Expert
Scott Bingham - Beach Cities Real Estate
If you are aggressive in your search, you can get a home with good value. If you give us more specifics on your search, we can set up a personal webpage for you. It's a great way to keep informed on new listings and real estate activity. http://www.ochometalk.com/get-your-personalized-webpage-here-2/