Before You Make an Offer on That REO in Southern California Do a Comprehensive Market Analysis.
Category: Press Releases
Published: Monday, December 22, 2008
Shopping for a REO in Southern California? Before you place your offer make sure you do a comprehensive market analysis. Market analysis, eek! Sounds scary right? Well it's not as scary as you think. Taking this small precaution can actually ensure that you see a larger profit. Read this article to find resources that can help you conduct your market analysis.
Public records are one of the most accessible resources a buyer can rely on. Here is how it works. When a home is purchased a deed is created, the deed is then recorded with the county recorder's office. It details sales information. A deed is typically used to aid the county assessor's office to determine the property value for the purpose of county taxes. As a buyer you can access this information to determine a reasonable sales price. Provided there have been no additions to the property, the information available from the public record is usually correct regarding sales price, square footage, and numbers of rooms. This makes it easy to use the public record as a source of data for comparable sale information. The easiest way to access this information is contacting a title company. Typically a title company will provide you this information at no cost.
The next resource is the MLS. You can access the MLS via the Internet or through your real estate agent. The information you collect from the MLS will give you an idea of the average asking price for similar homes in the area. This information works in conjunction with the information you collected from the public record. Once you know the average asking price for homes similar to the one you intend to purchase you have a good starting point for negotiations.
Buying bank owned property in Southern California is a great way to invest your money and like all good things, it requires a little work. You can increase your profits and make a smart investment by simply learning how much similar homes in the same area are listed at, in addition to how much similar homes in the same area have sold for. This information is enough ammunition to bring to the negotiation table.
If you would like to speak to an agent about investing in Southern California foreclosures contact Oak Tree Realty Group at 951-973-7177. They have offices throughout San Diego, Riverside, San Bernardino, Los Angeles, and Orange County.
If you are a first time buyer or non investor take advantage of the FHA Energy Efficient Program.
If you plan on purchasing bank owned property in San Diego make sure your agent is committed to service, education, and negotiating the best sales price.
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