Owner Occupants are not typically able to purchase homes at the foreclosure action, the Trustee Sale in our state,  because they must have all cash, in hand, to purchase the home, often times, offered at well below market value price. So, this leaves those purchases only available to investors at prices that allow those investors to handle the legal issues and repair issues, remarket the home in a condition that a typical owner occupant can procure financing, and the investor makes money too.

In this proposed bulk sale, there were be an even smaller pool of investors who can afford to purchase a bulk sale, a much smaller number of investors, given that the top selling homes at the aforementioned auctions are actually in the under 300,000 price range because small time investors can’t risk putting too much into one property. So the sale price of the bulk sale will be even lower in comparison to market value of the properties and since the article doesn’t say anything about being able to resale the property, the more restrictions there are, the more the pool of investors shrinks. However, I speculate that the bulk sales would not be planned if there wasn’t already an investment company who came to their top exec pals at Fannie and Freddie. This transaction of bulk selling homes cheaply to investors who are going to own and manage rentals is not some big win/win as it is being purported in the article.

Aside from the owner occupants who are losing these homes and would LOVE a loan modification, some deserving and some not, but that is a topic for another article, there are ready willing and able buyers who want to be owner occupants who will pay considerably more for these properties if sold individually, as we have been doing for many years now, and would likely make better neighbors than a landlord. Reselling these homes to new owner occupants was sometimes, occasionally, the silver lining to watching the prior homeowners loose the homes to foreclosures. It at least allows for the presumed shift of wealth from one household to another but this looks like another way for a corporation to get rich and increase the pool of renters, while diminishing the likelihood of homeownership for some.

Last month, I wrote an offer on a property with 5 offers. Last weekend, another with 3 offers. Last night one with 3 offers. All in the under 400,000 price range. There are buyers who want and can afford homeownership and it makes sense to purchase vs rent in this price segment in our area. We don’t need this prospective inventory converted into rentals. What do you think?

You Can read the original article here

 View Foreclosure Homes in Thousand Oaks, Moorpark and Simi Valley

Showing properties 1 - 5 of 23. See more Moorpark Bankowned.
(all data current as of 2/22/2012)

1. $325,000 : 14643 Stanford Street, Moorpark
   
   3 beds, 2 full baths

   Home size: 1,241 sq ft

   Lot size: 6,637 sq ft
2. $179,900 : 6453 Marquette Street #B, Moorpark
   
   3 beds, 1 full, 1 part baths

   Home size: 1,295 sq ft

   Lot size: 1,742 sq ft
3. $297,500 : 4871 Elderberry Avenue, Moorpark
   
   3 beds, 2 full baths

   Home size: 1,587 sq ft

   Lot size: 3,200 sq ft
4. $319,000 : MLS # 12002414 in Moorpark
   
   3 beds, 2 full baths

   Home size: 1,241 sq ft

   Lot size: 7,589 sq ft
5. $389,900 : 12076 Alderbrook Street, Moorpark
   
   3 beds, 2 full, 1 part baths

   Home size: 2,112 sq ft

   Lot size: 5,113 sq ft

Listing information deemed reliable but not guaranteed. Read full disclaimer.

1. Decorate your home festively, but don’t go overboard and cover up important features. Also, put treats out for buyers and crank up the heat for a cozy winter escape.
2. Post top-quality photos and videos of your house on the web. Many buyers do their shopping from the warmth of their homes when the weather is bitter.
3. Make sure your curb appeal is striking! Keep fallen leaves raked and snow neatly groomed.
4. Get yourself a reliable real estate agent and seek out serious buyers such as work re-locators.
5. As always, price to sell!!

1. Types of homes. Choose the type of home that is the most appealing yet practical for you. In addition to single family homes, there are multifamily homes, condominiums and co-ops. Multi-family homes are often good for first time home buying because they can have rental income to help with their mortgage.

2. Budget and investment considerations. Find a balance between your needs, wants and budget. Decide whether you should buy a newly constructed home, a bit older home or a “fixer-upper”. If you may sell your home in the future, the following are best for re-sell value:

• Homes with 3 or more bedrooms; condos with 2 or more
• Homes with “curb appeal” always sell best
• Homes that are NOT unusual or unique and not the most expensive on the block

3. While house-hunting you will probably look at many homes for sale, so keep careful and complete notes and compare.

4. When you finally find your dream home, don’t hesitate! If you snooze, you may lose!

Don’t confuse appraisals with inspections! An appraisal is for a lender to estimate the value of the home, and to make sure it meets minimum FHA standards. The FHA does NOT guarantee the value or condition of your would-be new home. If you find problems with your home after closing, don’t expect the FHA to help. It’s your responsibility to inspect the home for problems before closing.

Finally, radon gas testing is recommended for all houses by the EPA and the Surgeon General of the United States. For more information on radon testing, call the National Radon Information Line at 1-800-SOS-RADON, or 1-800-767-7236.

Inspections may be done before or after signing as long as your contract states that the home sale depends on the inspection.

1. HO-2, the least expensive type, covers only named perils such as fires or lightning. If the peril is not named, it’s not covered.
2. HO-3, generally recommended as the minimum coverage, includes open perils protection. It covers all direct physical losses with certain exceptions such as earthquakes, floods and intentional loss.
3. HO-4, renters and tenants insurance, covers personal property rather than the structure itself. There are also exclusions for which types of perils are covered.
4. HO-5 covers open perils and adds a rider, which includes protection of personal property. Exceptions also apply.
5. HO-6 is for condos or co-ops. It is similar to HO-4, but also covers improvements you may have made to the dwelling.
6. HO-8 is for older homes. It insures the home for the repair cost or market value instead of the cost to replace it.