Foreclosures

This Shasta County foreclosure page is set up to assist you in your home or investment property search. If you have any questions about a particular property on here you can contact me via email at john@shastahomes.com or calling me at 530-351-2188 and I will respond in like manner. Your personal email address will not be shared at any time!

How to Buy a Foreclosure

So you want to buy a foreclosure? Remember, there are both advantages and possible problems in this segment of the real estate market.

First, you have to decide at what stage of foreclosure you want to buy. There are three options: 1. Pre-foreclosure (Short sale); 2. Sheriffs auction; 3. Repossesion, called REO ( real estate owned by the bank). The best and safest way I have found to buy Redding and Shasta County foreclosed property is when it's a bank owned property. I have had many transactions related to Redding REO's and they are by far much easier and faster than the (shortsale) properties.

Pre-foreclosure: (Shortsales) These homes are in the foreclosure process and have not been to the auction at this point. Owners are looking to "move" these properties because they either can't afford them any longer or they're "upside down" owing more than they're worth. As a result, the buyer will have to negotiate a deal with the lender and the owner which makes buying at this stage a slow and complicated process as I mentioned earlier. You do however have time to do any and all inspections to satify your decision to move forward.

Sheriffs Auction: These sales yield the lowest prices and these are the most difficult possibly costly because often the house is unavailable for inspections and there may be a long list of repairs that need to be made. These are better left to the contractors, professionals and investors who regulary bid on these types of properties because of their expenence.

Repossession: These are the homes that have already gone through the foreclosure process and did not sell at the sheriffs auction. Homebuyers may not always get the best deal at this stage, but they can always perform a thorough inspection before closing. Plus, the property comes with a clear title. Even in this safer stage from my experience in Redding the homes are usually sold in "as is" condition and that means the bank won't pay for any cosmetic repairs.

Please contact me any time with your questions!