The Long and Short of Long Beach Foreclosures
Data collected by E-Foreclosuresearch shows that in May 2008 there have been 616 new foreclosures across Long Beach. According to Default Research there has been a staggering increase in foreclosure properties in the last one year in the Los Angeles County; from 4,243 in June 2007 to 12,727 in June 2008. That is a 227.40% increase.
Relief is on its way though, with President Bush finally signing the “Mortgage Relief Bill”. This is seen by many to provide stability in the financial markets besides providing assistance to around 400,000 under pressure home owners. $3.9 billion has been earmarked for neighborhood grants. This would not only help existing home owners reeling under the pressure of foreclosure, but also those who are looking to buy their first new home. People looking to invest in property are also viewing this as a good time to invest.
Lists of foreclosed properties and properties in the process of foreclosure are readily available with estate agents and banks. Other sources would include newspapers or the internet. A good idea is to get your financing woes taken care of early in the process. This not only qualifies you to buy the property you want to, it also helps you in the bargaining process.
Options of buying in the Long Beach Foreclosures market are aplenty. Homes facing foreclosures, bank owned properties, auctions and HUD properties are amongst options one would have.
Homes facing foreclosures are known to have sold for as little as 50% of the market value. This of course, is not the norm. Lenders do encourage homes being sold before being foreclosed even if it means getting lesser than expected. Banks are not very keen on foreclosing because, at the end of the day, they are banks, not real estate agents.
When dealing with banks on foreclosed properties one must keep in mind that there is always room for the banks going down on their initial offers. Keeping a property with them means extra costs in terms of maintaining the property.
Before you finalize on the first property you like do make sure you study all available options you have. Patience is the key here.