If you are looking for real estate foreclosures in Cameron Park, CA, you have come to the right place at Wallen Realty! We can help you find Cameron Park foreclosures for your real estate investing needs.
What are real estate foreclosures?
When a homeowner does not make payments on the house, the bank has the right to take the house back. This is called a foreclosure.
There are many reasons why a house may go into foreclosure. A homeowner who could previously make the payments may stop being able to afford them. Family situations can change. Sometimes a person needs to move immediately and does not have the time or resources to sell the house; walking away and ceasing payments can actually be the best option in some cases, especially if the owner thinks that it will be very hard to sell the house.
Whatever the reason for the original owner not making payments on the house, the fact is that now the bank has the house. However, the bank does not need a house; it needs the loan money it paid out for the house in the first place, and which the original owner did not pay back. So the bank puts the house on the market for a very low price, usually about the same amount that the bank lost on the house. The goal is usually not for the bank to make a profit, but simply for it to recoup its losses as quickly as possible.
This is where you come in. You can get a great property for just a fraction of the actual market value by shopping foreclosures. But you need to move fast – these houses are priced to sell, and they go very quickly.
Foreclosure investment opportunities in Cameron Park
Foreclosures make excellent investment opportunities. You can snap a house at an extremely low price, and then turn around and sell it for the market value of the house minus any repairs that still need to be made on it. This is called “flipping” the house, and it is a great way to make profit simply by being the middleman. Or you can buy a foreclosure, fix it up, and sell it as a wonderful property for the full market value. Many people make really great profits by renovating and remodeling foreclosures, and then helping people into the homes of their dreams.
Another foreclosure investment opportunity in Cameron Park is to buy the foreclosure, fix it up, and then rent it out. Rent money is excellent passive income, and it is a great way to build capital and increase your income year over year by continuing to invest the profits in new properties.
There are many excellent investment opportunities from real estate foreclosures in Cameron Park. If you are looking to add to your income or begin a home remodeling business, let Wallen Realty help you find the foreclosure properties that are perfect for you.
Save on your dream home when you choose a foreclosure
Foreclosures aren’t just for investors. If you are looking for your dream home or a starter home, a foreclosure is a great way to get a lot more house for your money. You will be amazed at how much value you can get on a foreclosure. Give us a call today and let Wallen Realty help you find the perfect home for you in Cameron Park!
Things to consider when shopping for a foreclosure
If you are thinking that foreclosure deals sound too good to be true, you are half right. They are true, but there are some things you need to be aware of when you are shopping for a foreclosure so that you can be sure of getting a great deal and not getting stuck with a lemon.
- Foreclosures are usually sold “as-is.” This means that the seller (the bank) is not going to make any repairs. You are responsible for having an inspector come out and look at the property for you. It is in your best interest to make sure that you know exactly what needs to be fixed on the house before you buy. The last thing you want is to find yourself with a property on your hands that needs more repairs than the house is actually worth. It is easy to avoid a catastrophe like this, though, by having a thorough inspection done before you buy.
- Sometimes banks don’t want to lend for foreclosures. This is related to the fact that foreclosures are sold “as-is.” Banks will usually only lend for properties that have inherent value. If a house needs a lot of repairs, a bank will be very reluctant to make a loan for it. If you have your heart set on a fixer-upper, be prepared to put quite a bit of cash down for it up front.
- Don’t wait. If you find a foreclosure that you love, don’t wait. Make an offer as soon as possible, or someone else will. Foreclosures are priced to sell, and the strategy works incredibly effectively.
- Let Wallen Realty help you. Here at Walllen Realty, we have years of experience working with banks on foreclosures. We know all the tricks of the trade. We can advocate for you and help make sure that you get the best possible deal on the foreclosure you want. Give us a call today and let us help you find the perfect foreclosure for you, whether you are an investor or a home buyer.