Long Beach Foreclosure Condos
There are some great values on Long Beach condos that have been foreclosed on by the bank.
Many people think that when you miss a payment, you are going to lose your condo quickly to the foreclosure process. In reality, losing a Long Beach condo to through foreclosure can take over 200 days to complete. Understanding that it takes quite some time to go through foreclosure will prepare you for what you need to do when you want to purchase a foreclosure condo in Long Beach.
Preparing to buy a Long Beach foreclosure
Here are some of the items that you need to be prepared to do to buy a foreclosure condo. No matter who your Long Beach real estate agent is, you need to be properly prepared when you want to get that great value on the condo you have been waiting for. These 5 items will save you time and some headache, so get them ready ahead of time.
- Offer Preparation – Each bank is different and may require different information, however it would be a safe bet to have the following: copy of a check, proof of funds to close, pre-approval letter, copy of FICO scores. Know that if you do not have this ready the listing agent will probably not even submit your offer to the bank because the bank only wants to look at complete offers. Also be aware that you may need to approve with the bank that owns the condo. If it’s a Countrywide listing then be prepared to also get a Countrywide bank approval. You don’t have to end up using that bank for the loan, but it will be required to get your contract presented to the bank.
- Contracts – Understand your contract! Most banks will have you sign an “Addendum” to the traditional real estate purchase contract. This Addendum usually overrides aspects of the real estate purchase contract and can shorten important items like inspection periods. Take the time to read it and realize that your offer is not officially “accepted” until the bank returns that addendum back to you with their signature as well.
- Discounts – The banks aren’t in the business of giving away their assets. So, even though you are just positive it is a “buyers market” the bank is unlikely to take 50 cents on the dollar. Have your real estate broker show you the active inventory and the closed sales so you can see how well it is priced.
- Don’t be late! – The banks want to sell their property and they don’t care that you couldn’t get your paystubs over to your lender in time :). The banks will usually charge $100+/day for every day you run late on your escrow so make sure you are prepared with all items dealing with your loan. If the bank is slow getting you necessary documents, make sure your agent documents it and asks for an extension so you don’t have to pay.
- The leaky faucet isn’t getting fixed – You are getting a deal so know that those annoying items that came up on your inspection report aren’t getting fixed. The bank complies with items like water heater strapping and smoke detectors (usually), but don’t think they are changing the carpet for you
Find your Long Beach foreclosure condo
Purchasing a foreclosure condo is a great experience when you know what to expect. There are certainly some items that are inconvenient, but you do get some great savings!
We have helped many buyers purchase condos that have gone through foreclosure and are happy to guide you to the one that is the best fit for you. Use our Hot List to start receiving forclosures in your e-mail or search the Long Beach MLS to see what is currently available.
Get that extra help you need by calling us today at 562-989-7111 and one our professional buyers agents will be happy to give you more information on the great foreclosures available in the neighborhood that is right for you.