This is a question that I got just the other day

Q:  HI! Happy New Year! How was your Christmas? Mine was busy as usual. Anyways I have a few questions for you. Which source do you think is the most reliable to find current foreclosures? Motivated Real Estate Agents or Brokers,  the court house or those foreclosure list they sell? On to the next question. Do you know of any other sources I can look into?

A: Okay so here is my answer, Part 1 since its going to be a long and lengthy answer. So look out for part 2 later. 

The best way to find foreclosures is going to depend on you for starters on how much time you have to invest as well as how much money you have.   So I am going to give you several ideas on how to find foreclosure properties and the sources in part 2 and you can decide what works best with you.

First question is working with a motivated Real Estate agent or Broker?       

They are pretty much the same a Real Estate agent works for a Broker and the Broker is basically the person responsible for Real Estate agents in a particular office or offices.  Now all things being equal and when dealing with reputable agents this is for the most part how things work.   Now some food for thought.. there is a reason why a motivated Real Estate Agent is a good idea he is motivated!!! He only gets paid if he can find you a house that you like and can negotiate a transaction on your behalf that you will be happy with.  SOMETHING TO THINK ABOUT !!!!! When you call an agent who has his sign on the property REMEMBER HE IS WORKING FOR THE SELLER TO GET THEM THE BEST PRICE AND DEAL. There are usually two agents involved in buying property, the listing agent, and then you have the buyers agent.  There are Real Estate agents that can do a decent job for both parties but when you are dipping on both sides of the transactions and you were originally hired by the seller and you are representing the seller you have a fiduciary responsibility to get him the BEST PRICE AND SCENARIO FOR THE SELLER, its pretty hard to see how its not a conflict of interest. But for all intents and purposes its not considered to be one but imagine going through a divorce and the same attorney is representing the wife and husband,, first of all its not even allowed and I personally believe the same thing should be in real estate as well.   When you hire a buyers agent he is looking after you and has a fiduciary responsibility to see that the terms of the transaction and the details are in your best interest.   If he is a full time agent he has had experience on circumstances to look out for and PLEASE , PLEASE work with someone local, if you ask me about neighborhoods and stuff in Riverside, I WOULD BE USELESS TO YOU.   When it comes to real estate it is best to work with some one that knows the area remember you are not buying a TV!!!  So if you are looking to buy a Santa Maria foreclosure and it’s a Santa Maria home for sale or on the Central Coast home use someone local not from LA and vice versa, hey yes this is where I say use me.

Last but not least and probably the most important thing is working with someone that is reputable not just someone with a business card, and does this on the side for some extra cash, try to find out some info on who you plan on working with.  They do not have to be 20 year vets but are reputable, good character etc etc.  Remember its not a TV you are buying here and this is for most people their most important investment and biggest purchase decision they may make in their life.

Just keep a few things in mind when working with an agent, and you are out shopping for a home  there really are not that many homes on the market as there was last year.  Its not that there are no homes for sale and foreclosures are dwindling its just that the banks have gotten smarter on the number of homes that they put on the market at any given time. There will be foreclosures to come for a few more years to come, so that is not something you should not even worry about.  But being that there are less homes on the market you will have competition and it really is an artificial sellers market not a buyers market like so many think it is, and that is what the banks want but it really is a perfect time to buy.  Rates are going up, and you get 8k if you are a first time home buyer, and $6,500.00 if you qualify and not a ftb, and then next year qualifying for a home loan is going to get tougher I will do a blog later, on some of the changes happening.   But do not get frustrated in buying a home and give up if you are competing with multiple offers and yours are not being accepted.

But to give you an idea on the changes on the homes available ..on 11/24/08 the number of homes for sale in Santa Maria, Ca. under 200k was 110 vs the number of homes for sale in Santa Maria, Ca. 12/28/09 under 200k is only 22!. I did not do a search on the number of Central Coast homes for sale or any other area but from what I hear from other agents it is pretty much the same thing.  The thing here is to keep in mind if  you want to get a home you will have to be competitive and watching Carlton Sheets late at night and low balling homes for sale is not going to get you an accepted offer.

Buying homes this way using and using a reputable and motivated real estate agent you will not have to invest as much time as well as a ton of money.  Your agent should be letting you know of homes as they hit the market and homes that are back on the market that fall out of escrow.  He can also find out for you why they fell out of escrow?  Big thing is most of these homes do not need to be paid for in cash etc.   look out for my answers to the half of her questions.

Second question – the court house or those foreclosure list they sell?

Third question – Do you know of any other sources I can look into?

I am not really into buying a lists when the information is free I will answer this question right now ,,, most of the information you can find on foreclosures today is free and its public info so why buy lists?  The banks and the govt. are trying to get rid of  what they have for sale.

I will answer in more detail later, in part 2.

Please help me out in giving you the information that you may be interested. If there is a topic that you are curious about need more clarification let me know.

Thank you

If you want to search for any homes for sale in Santa Maria or the Central Coast you might want to buy just go to www.GenePerez.net.

If you have any questions about this article or buying a Santa Maria home for sale or any properties on the Central Coast or need to get a loan in Santa Maria, CA or on the Central Coast as well as other real estate related questions please contact me by sending me an email at: GenePerez@GMSLoans.net

my goal is to provide you with resources you need. I can also help in getting the financing for your home.  If you have any suggestions or questions in how I can provide more or better information please let me know.  I have been helping my clients for the last 15 years  on the Central Coast,  Gene Perez,  Ph. 805.448.7101, Fax, 805.352.1109 – DRE 01321588