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How To... in Monterey County : Real Estate Advice

  • All26
  • Local Info1
  • Home Buying12
  • Home Selling2
  • Market Conditions1

Activity 3
Thu May 20, 2010
Larry G. Williams answered:
No quick easy answer. All California auctions are advertised in a local paper There are subscription sites on the Web that provide data. Auctions reuire all cash or cash equivalents; not a place for amateur investors. Usually auctions are held on court house steps or some other designated place. Look in your local paper for auctions. As to how they work, take a course. The subject matter is too complicated to quickly answer. ... more
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Tue Oct 21, 2008
Curt Abramson answered:
Curt Abramson from Bailey Properties here. I'd advise you to identify the homes you'd really like to consider, and then put together a strong offer that includes an option agreement. Just like any other offer, a lease-option has to meet the needs of both buyer and seller. Most sellers would prefer not to sell under these terms, and if you look specifically for one that has already decided to do that, you are limiting your pool of available homes. Sometimes, it's because the home won't sell any other way!

If you aren't working with another local agent, I'd be happy to talk with you about what a strong offer would look like, and what kinds of homes you might consider. You can contact me via my website, noted below, or directly via phone at 831-251-4718. Good luck with your quest!
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Sat Aug 30, 2008
Becky Jones answered:
Hi Theresa - as a listing agent for bank owned properties in Monterey County (also known as REO propeties) I can tell you the process is fairly easy but can be frustrating at the same time. First, get yourself preapproved for a loan. Most of the bank owned properties requires at minimum, a prequalification letter be submitted along with your offer or they won't consider it. Many of the banks are requiring you to be prequalified through that specific lender (you don't have to use them but they want to know that you have gone through their process and are qualified to make the purchase). This has become a much tougher process than ever before so it is important to get your finances in order before you begin the process. That being said, once you have the finances in place, find yourself a qualified Realtor who understands the process to represent you and is knowledgeable about the area in which you want to purchase.

A word about the "frustration" part - depending on the price range you are looking at, the low end of the market can be very frustrating as it is highly competitive right now and buyers and their agents find themselves competing for acceptance of their offers on bank owned properties.

It seems everyone wants to buy a foreclosure these days! Don't overlook the properties that are available as "traditional" sales. There are some fabulous opportunities out there at every price range that are NOT bank owned properties and the sellers are, in many cases, willing to complete necessary repairs, have a full set of disclosures, and have most likely maintained and/or enhanced their property in anticipation for the sale - all in your benefit. Bank owned properties in many cases are sold "as is", minimal disclosures (the previous owner is long gone so there isn't much history on the property to disclosure), and typically is in need of repairs.

If I can be of any further assistance or if you have more questions, don't hesitate to contact me.
Becky Jones
Broker Associate
Shankle Real Estate
phone: 831.601.0237
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