August 31, 2007
California Gold?
I just heard on KTVU this morning, coming out of Washington D.C., that Alameda County reports 1,522 homeowner foreclosures just for the month of July. That is scary. But for investors it is a gold mine.
One of the ways of purchasing foreclosures is to buy a ‘pre-foreclosure’ home. This can be a win-win situation for both the buyer and seller. Just make sure to cover all the bases when either buying or selling in this situation. Having a good agent to help you through all of the legal implications is a very good idea. “For instance, few people realize that the purchase contract is the most important step in purchasing a home — the details of this agreement determine what you buy and how you buy it.”
Do some investigation into the property you are thinking about buying. Drive by the property. There may be other reasons (other than just mortgage payments) that the owner is having trouble when trying to sell the property. Is it on a busy street? Is there a train close by? What is the neighborhood like? This is where the Redfin bloggers shine by providing a more in-depth look at real estate.
Real Estate Terminology:
Building Line - Often called a setback line; a building line is a line running a certain distance from the street, in front of which an owner cannot build. These lines are set by law.
