The road to Foreclosure???
Are Foreclosures coming back? I’ve received several calls from clients that think they’ve spotted foreclosures and want help buying them. When I checked, the two properties in questions had gone through foreclosure, been sold, and may appear for sale to the public at some point. Is this a foreclosure pattern? I have to say that after 25 years in the real estate industry in the Coachella Valley, having done hundreds of short sales after the crash in 2007, I am not experiencing this. If you are looking to buy or sell here in the Coachella Valley, give Kim a call at 760-285-3578.
I really hope we aren’t going to get another wave of foreclosures, but none of us know for sure what’s up. I follow the foreclosure websites, but haven’t found them to be very accurate. I myself have seen just 2 properties over the past couple of weeks, one a condo in PS, one a 10 acre abandoned date farm in Thermal.
Because buyers have had to come up with the standard 3% down for FHA, and a conventional loan for 20% down, they have some skin in the game and aren’t carrying bad notes as they did in the past crash, “The Big Short”, if you will. Good movie by the way.
The potential problem I am thinking may happen is that many people have tremendous amounts of equity in their properties. If times get tough, finances get squeezed, it seems to me that more and more people will be tapping into their home equity. This could for sure contribute to people having to walk away. Which of us knows what’s in the future? NONE of us. Take a tour of this lovely Santa Fe style home, located on an over sized corner parcel in the La Quinta Cove. 2375 sf with 3 beds/2.5 baths/pool & spa/fully fenced lot, saltillo tile floors, vaulted ceilings, $874,500.
