Foreclosures in Town?
Posted by CityBlogCA on May 28th, 2007
Can anyone speak to the issue of foreclosures in Camarillo, California? Foreclosures are up around the country due to the sub-prime lending practices. Is there any foreclosure impact on real estate in Camarillo?
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Foreclosures and short sales are not a predominant in Camarillo as they are in other parts of California. That is not to say that there are not some fabulous buys out there right now. But just as sellers must be more realistic in this market, buyers must as well. What I, and many of the realtors I work network with are seeing is that buyers have some slightly unrealistic ideas about how low a sale price can go. Homes that were $1.6 million are not suddenly $900,000, but, they are $1.3 million or so. So I would always check the comps in the area before offering to determine what the true value is and then offer what you feel the worth is based on your assessment of the property, the amenities, the location, the market climate and all the other factors that go into determining fair market value. Often the foreclosure is not always the best deal and remember, the Bank has different disclosure liability than does a conventional seller. Lot’s to think about. My best advice, hire an agent who is experienced, has seen this market before (at least 15 years full time in the business) and whom you feel you can really trust and rely upon.