Foreclosures in South Lake Tahoe

All foreclosures in South Lake Tahoe are not created equal!

I have a lot of clients tell me that they want to buy a “foreclosure.” There is a common misconception that just because it is a foreclosure, it is a bargain. There have been some incredible deals on foreclosures listed on the South Lake Tahoe MLS, and there are some not so great deals. The keys to foreclosures are research, preparation, and the ability to act quickly when the right opportunity arises.

Research means knowing the current inventory on the South Lake Tahoe MLS. If you do not know what homes to compare the new foreclosure  to, how will you know if it is a good deal?  There are always the clients that just want me to call them when a good opportunity on a foreclosure comes up. I always suggest that we go look at the current inventory, and become informed what is available in there particular price range. Having this knowledge will allow you to decide if a new foreclosure, or any new listing is a good deal, or a not so good deal.

Preparation is very important when looking for foreclosures in South Lake Tahoe. There are other buyers looking for these opportunities also! It is essential that you have been pre-approved by a lender for a loan, or that you have proof of the funds that you wish to purchase with. Make sure that the lender gives you a pre-approval or buyer-ready letter.  In most cases, the bank that owns the house will require this letter to accompany the offer.

Once you know how to evaluate foreclosure in South Lake Tahoe, and have your pre-approval letter, it is time to shop! If there are not any homes currently on the South Lake Tahoe MLS that will work for you, you will be prepared when the right home hits the market! You should be using the “New Listing Notification” feature on my website bjohnson.idxcentral.net.

 When I see a new foreclosure or a good opportunity on a new listing, I contact my clients in that price range as quickly as possible.

Submitting the first offer on a foreclosure can be the difference between winning, or loosing out on the deal!