Red Hot Repos/Foreclosures

As of our current date (March,2012), our current inventory of bank owned properties (foreclosures) here in the Coachella Vally is down to approximately 300. These are current active listings -- that number does not include any in escrow or pending -- also excludes both Coachella and the city of Desert Hot Springs.

The banks/lenders appear to have far more foreclosed properties on their books and have slowed down placing them on the market. We have seen a trickle but anticipate more and more of these properties to be released for sale in the upcoming months.

Most of the properties that are in good condition and are in a good location are selling quickly -- sometimes with multiple offers.

From my personal experience, I was waiting for a particular property to come on the market. The day it was released into our multiple listings, I viewed it for out of town buyers. We placed a full price all CASH offer. There were four other offers that came in the same day. Four out of the five offers were all CASH. Since it was a multiple offer situation, we were given the opportunity for best and final offer -- we placed an offer $16,000 over the asking price. That home in 2005 sold brand new for $585,000. My buyers picked it up for $275,000.

Once again, it is so important to be prepared. If you need to secure a loan, have a pre-qualification letter from a major lender. If you are going to pay cash, make sure you can provide proof of funds to close the transaction.

Be prepared and don't hesitate.

Visit our free website: www.redhotrepos.com

PDIWWC Fundraiser 211

Bank Foreclosures in the Coachella Valley

The inventory of foreclosed properties is still down more than 65%. At the peak of the inventory, approximately 9 months ago there were nearly 1000 of these properties for sale valley wide. More recently we have been hovering around 300-350 listings in this category.

There are still some wonderful opportunities to be had. Good properties in good areas often sell quickly (some within the same day) with multiple offers.

If you are seriously considering purchasing one of these homes, you must be prepared. In order to submit a purchase contract, have a prequalification letter from your lender and verification of funds in the event of a cash offer and to also confirm adequate funds to close the transaction.

Check out our free website: www.redhotrepos.com