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Figures released by E-Foreclosuresearch.com show that there were 63,988 new foreclosure filings across California in April 2008. In May 2008, there were 891 new foreclosures in Santa Ana alone. The average sale price n April 08 in California according to them was $ 285,226, which was a saving of 29% as compared to the same period last year.
The market is set to see some respite after President Bush signing the ‘Mortgage Reform Act’ into law. For first time homebuyers, a $7500 tax credit is also included in the Act with a repayment period of fifteen years.
This does make it a good time for people interested in looking at the market for either their first home or as an investment option. Foreclosure listings for Santa Ana Foreclosures can be found on-line (using a search engine such as Google) or going through newspapers. You can also get in touch with banks and real estate agents for the same.
Buying a bank owned property is seen as a safer option by many because there are no existing taxes or liens on the property in question; the bank would have taken care of that. One must also keep in mind that a bank does not wish to hold on to a property for any period of time because of the costs it has to incur with maintaining the property. Therefore, whilst dealing with a bank, bargain hard.
Properties facing foreclosures are also an attractive option for many, because the home owner needs to funds as soon as possible to pay his or her lender off. The lender in turn does not mind getting lesser than what the property is worth, because if given a choice, no lender likes the idea of foreclosing on a property, the reason, being the same as having to maintain a foreclosed property.
Buying at auctions and buying HUD homes are seen as a lucrative opportunity by many investors. Buying at auctions, more often than not, either requires the buyer to present a cashier’s check or cash, thereby reducing the number of people interested in the property.
No matter what option you go in for, do make sure you study all available foreclosure listings. Take time making a decision. Buying a house is definitely no small matter.
