The 4 Steps to Buying a South Lake Tahoe Foreclosure » South Lake Tahoe Real Estate - (530) 541-2465 -
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The 4 Steps to Buying a South Lake Tahoe Foreclosure

bank owned home in lake tahoeIn my last blog I told you the steps to foreclosure – Pre-Foreclosure, Auction and Foreclosure.  We’re now going to cover what to do next….buy a South Lake Tahoe foreclosed home!

1. Find the Foreclosure

The foreclosure process starts with a notice being filed at the County Recorder’s Office.  You could go through the public records or you could use my new website feature.  Once a home is bank owned and listed for sale you’ll find South Lake Tahoe foreclosures in both Nevada and California on my website.

2.  Determine your offer or bid

One of the most difficult things about buying real estate, whether it’s a traditional sale or a foreclosure sale, is determining how much to pay.  There are many variables involved in determining how much to pay.  Knowing what the current market is by looking at all homes for sale in the area:  new homes, real estate listings, for sale by owner listings and even Craigslist.  Another thing that is needed in order to make the right offer is to know what your desired outcome is. Do you want to buy the home as an investment and flip it in a couple of years?  Do you want to have the home no matter what the price is since you’ve fallen in love with it?  Are you going to own the home so you can keep it as a rental?  I am your South Lake Tahoe foreclosure expert and can help you in this process.  I know what homes are selling for and what the market can and cannot do.  Many buyers focus only on a handful of comparable sales to come up with what they want to offer, instead of looking at the bigger picture. A good offer is the result of knowing the whole market. What makes sense for you to fulfill your goal is the key.  If you really want this home, coming in with your biggest and best offer at the beginning will give you a better chance of  having your offer accepted.  I have been involved in several multiple offers on homes for sale over the last 2 months.

3.  Make your offer or place your bid

This is the stage where you have to be patient and not worry too much.  There are many real estate buyers out there looking for a foreclosure to buy so the competition is huge. There is a saying among the home auction pros: “Sometimes the best one, is the one you didn’t buy”. Of course you’d be disappointed if you didn’t get the home , but remember that it better to have no deal, than a bad deal. So take your time, stick to your numbers, and if a deal is getting too difficult or pricey, just walk away. There will always be another one.

4.  Close the deal

Your work is not done when the offer or bid is accepted, it may be just be beginning. This is especially true for preforeclosures, and REOs if you need financing—the lending markets have never been crazier. So stay on top of everything: financing, inspections, escrow & title, and never assume anything will go as planned. If you are buying a preforeclosure, pay extra attention to the auction date if scheduled, since many properties are sold at auction despite being just days from closing escrow. If there is a sale date scheduled before your escrow is set to close, be sure you get the bank to agree to postpone the sale in writing.  Again, this is where I can come into the picture and help you with this process so it’s not so confusing or scary.  Contact me and I’d be honored to help you.

 

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