The largest blunder most folks make when purchasing  Costa Mesa foreclosures is getting in over their heads monetarily, claims Leo Nordine, owner of Nordine Realtors in Hermosa Beach.

“If you simply cannot afford to get a 30-year fixed, you just cannot afford the house. I cannot tell you how many houses I have marketed a lot more than once because the buyer didn’t do their homework and ended up losing the house to foreclosure two years down the road,” said Nordine, who has specialized in foreclosure property since 1990.

Thinking about purchasing  Costa Mesa foreclosures? Here are five suggestions from Nordine:

Understand the marketplace. Subscribe to ForeclosureRadar. The map-based system makes it possible for subscribers to track foreclosures through California as well as the West Coast with 60 criteria (lender, value and map, as an example). The site has a foreclosure learning center and features a three-day trial (free of charge) or a monthly subscription ($49.95). “You can target properties and look up the sale date and other data,” Nordine states. “You can know about the property details prior to the listing agent.”

Acquire smart. “The cheap stuff is bottoming out. The high end is even now heading down. So Costa Mesa  is often a superior place to purchase proper now since it’s at the bottom. Brentwood, in my opinion, is still going to drop,” he adds. Nordine claims South L.A., Riverside, North Long Beach and East L.A. are good bets for foreclosure bargains. “Those are places which are fairly safe for investments, because you aren’t likely to invest in and watch the price drop 10% six months later,” he says.

Be prepared to beat the pack. Very good  Costa Mesa foreclosures garner multiple offers, so write a clean “as-is” offer that permits for the seller’s “choice of title” and “choice of escrow.” Sellers are drawn to offers that require less work for them, Nordine states. So be ready to jump through all the hoops. “If the property is owned by Chase, and Chase requires pre-qualification by a Chase loan rep, for example, get the pre-qualification right away. If they want proof of funds or a credit report, have that documentation prepared to go,” he states.

Leave feelings at the door. “It is a tough marketplace with a lot of individuals searching for deals, so it is easy to get discouraged, Nordine says. “But if you’re careful and keep trying, you will eventually locate a very good foreclosure.”

Get the huge picture. With fewer disclosure requirements on most foreclosures, Nordine claims it’s significant to do your due diligence on the history of the house and get facts regarding the property, past and present. Continue to keep an eye out for outstanding liens, loans, fees and tax debts that could reassign and become your own personal post-sale aggravation.