Can you actually buy a house or it all short sales and reo? (Riverside: bank owned, real estate) - San Bernardino and Riverside Counties - California (CA) -The Inland Empire - City-Data Forum

maggie2102 · 11-09-2009, 12:41 PM

Are there houses in IE that you can actually buy the old-fashioned way, look, offer,(naturally inspect etc) buy? Or are they all short sales, bidding against many others, bank owned etc. Retired, looking to move maybe to Hesperia, Hemet or somewhere cheap but safe, but I don't want to be in bidding wars, or waiting for banks to choose an offer. Have limited budget of $150,000

Have excellent credit, 20% etc.
Any thoughts?

streetscenes · 11-09-2009, 01:49 PM

Yes there are standard sales in all areas but in an area like Hesperia the market is still dominated by distressed sales (REO, shorts, etc.). You will have to look in a more established tract with older homes. Some of the owners who bought 10+ years ago do sell for whatever reason (moving, retiring, etc.) and this would be what you are looking for. Don't be afraid of looking at REO and shorts, you may get lucky and get a good deal on a perfectly good house. There are also some flips (look for a prior thread on this) and if you are careful this may also work for you. Best bet if find a good realtor specializing in the area you are looking for and make them work for their commision.

maggie2102 · 11-09-2009, 06:16 PM

Thank you for the reply. Will be going to IE are in two weeks and hope to be able to put in some offers. Am looking for a good real estate pro for that area.

Thanks again.

mikelovato · 11-10-2009, 07:29 AM

We just bought a 2 year old foreclosure about 6 months ago and found you still get a lot of the whole "looking around" experience. At the same time we've got friends that have definitely been outbid multiple times (one family's put in 10 offers and gotten none of them). But if you're patient you can get a great deal on a short sale. And the foreclosure hunt isn't that bad either. We got our house in Riverside that sold for $400,000 brand new in 07 for just $179,000 in March 09. You'll definitely find stuff in your price change in either Hesperia or Hemet.

maggie2102 · 11-10-2009, 10:53 AM

Thanks for the vote of confidence that our plan is doable.

I guess we will have to put some offers in and just wait. We wanted to move in the next 60 - 90 days, but now will figure it might be spring before it actually happens. Thank you again.

theJORYgroup · 11-14-2009, 11:01 PM

There is no cost with using a "buyers agent" but the benefits can be outstanding. Please let me know if you'd like property lists of available REO or Standard Sales. With 20% down ( Conventional Loan) , you stand a much better chance of getting your offer accepted, but there are some tricks an experienced agent will use to get your offer considered above others.

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Whereto? · 11-15-2009, 11:14 AM

The only person cutting checks at closing is the buyer so don't tell us there's no cost!
To the op, there are a couple in Temecula along La Serena you may be interested in. I saw them the other day on the site where you posted this question too

maggie2102 · 12-04-2009, 01:23 AM

We are currently in Temecula looking for an agent to show us homes. Waiting for an approval letter before we can look at any homes. We have a verbal on the approval, just not the letter. Spoke to two agents so far, one emailed me listings of some available homes within my criteria. I narrowed that list of five to three and he contacted the listing agents to check on offers and the real scoop on the status. Also, he found some bank approved short sales. This agent seems to know how to maneuver the system so far. The second agent called me sounding like she was doing me a huge favor. She also gave me a contact for the approval letter. When I get the letter in hand, she will schedule showings.

Unfortunately, most of the documents requested are at home in another state with no one available at my home to get them and send or fax them to me. So this might be a wasted trip.

In either event, we will also check out Hesperia area before returning home.

All in all, Temecula looks like a very nice place, even though I haven't seen inside any homes yet. Lots of families out walking tonight for a holiday event.

streetscenes · 12-04-2009, 07:50 AM

Quote:

Originally Posted by maggie2102

Unfortunately, most of the documents requested are at home in another state with no one available at my home to get them and send or fax them to me. So this might be a wasted trip.

If you spend your time driving around, walking around, interviewing agents, looking at houses and getting a general feel for the area the trip will be very worthwhile. No need to rush into one of the biggest financial decisions of your life. Make sure you do some research for listings on your own and make any agent you decide on work for their money. Try and see as many homes as possible and talk to as many homeowners, neighbors, sellers, agents, etc. as possible. Good luck.

dweej · 12-04-2009, 12:36 PM

And if it all possible, avoid Rancho California Rd. between Margarita and Meadows Pkwy. They've been doing this repaving project for the last couple of months, and I guess all of a sudden realized that Christmas is right around the corner and have kicked it into high gear. With only 1 lane open each way, a speed limit of 35, and period stops because of construction vehicles needing to cross the road, plus the main post-office being right there, it makes for slow going these days....