Lake Nacimiento is getting ready to kick off the New Year and my team and I at Oak Shores Realty are excited for 2011! Experts predict that foreclosure listings will flood the market and we’re ready! The Oak Shores Realty team is well-trained and certified in distressed and foreclosure properties. We’re able to help all those interested in buying a short sale or foreclosed home on Lake Nacimiento through the entire home buying process.
While we know that going into foreclosure is not an ideal situation for sellers, buyers do not need to shy away from this opportunity. Many looking for a home in Oak Shores or Heritage Ranch on Lake Nacimiento don’t want to consider a distressed property home as the process can tend to take a little longer. However, if you have the patience and are willing to walk through each step of the process; you can find a great deal on a beautiful Lake Nacimiento home! Below are 7 steps to get you started as you consider buying a foreclosed home on Lake Nacimiento:
1. Understand the Foreclosure Process- Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process can end one of four ways.
• The borrower/owner pays off the default amount to reinstate the loan during a grace period known as pre-foreclosure
• The borrower/owner sells the property to a third party during pre-foreclosure, allowing the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history
• A third party buys the property at a public auction at the end of the pre-foreclosure period
• The lender takes ownership of the property, usually with the intent to re-sell. The lender can take ownership through an agreement with the borrower/owner during pre-foreclosure or by buying back the property at the public auction.
2. Choose a Foreclosure Stage You’re Comfortable With- Whether you find a short sale or a bank owned foreclosure property; your Lake Nacimiento Real Estate agent can help you determine which type is right for you.
3. Find a Real Estate Agent- This is key in the foreclosure home buying process. Not every agent can easily navigate through the foreclosure process due to lack of experience. At Oak Shores Realty, we deal with foreclosure properties on a daily basis and have helped many Lake Nacimiento home buyers purchase a foreclosed home.
4. Find Foreclosed Properties- View an extensive list of foreclosed properties on our website, www.OakShoresRealty.com! Let me know if you find one that interests you, and I’d be happy to set up an appointment for you to take a look!
5. Check the Property Liens- A lien is a legal claim on a property by a lender or other entity that is owed money by the owner of the property. In addition to the outstanding mortgage balance, buyers need to be aware of other liens, which can drive up the purchase price. Examples include outstanding property taxes and unpaid repairs or remodeling done by a contractor. Your Lake Nacimiento Real Estate agent will be able to let you know if there are any outstanding liens on the home in which you’re interested.
6. Do the Math- While the asking price on the foreclosure may seem like a steal; be sure to calculate any repairs or upgrades that you plan to make in the home. This will help you determine how much money you’ll actually be putting into this home.
7. Find Financing- Before you begin your Lake Nacimiento foreclosed home search; be sure to secure financing. There may be many buyers looking at the same home and the home sale can easily come down to those who already have financing in place. This will also help you determine how much you can afford.
I hope these tips are helpful as you think about buying a foreclosed home in Lake Nacimiento! Please feel free to contact me with any questions you may have or to get started! I look forward to hearing from you and helping you through the home buying process!
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty
Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.
Please let us know how we can help!