I've been finding a lot of material on the Internet lately about foreclosures on the rise. And while that's bad news for many homeowners who lost their homes, it's also great news for people wanting a great deal on a property.

Stefan West is a real estate broker working the Inland Empire of California, specifically the Menifee Valley area. Menifee Valley is among the top 1% of areas (by zip code) experiencing the most foreclosures.

West recently published an article providing tips on buying a foreclosure home, "Foreclosure Homes in Menifee, CA".

I have to admit, I wish I had the money to buy a foreclosure home. I'm seeing some great deals. Banks are wanting to unload on these debts and get some money back.

The Menifee Valley market will certainly bounce back. The population in SoCal is still growing by leaps and bounds, because this area is still producing more jobs.

For example, I read a blog post from another Realtor about a nearly 3,000 square foot foreclosure home, with 5-bedrooms, in Menifee, and recently built. The bank was asking for $250,000! She had a family wanting to buy it, but at the last moment, backed out, saying that it was going to present hardship for them. Her argument was that it was such a great deal, that you OUGHT to find ways to trim your expenses and buy this. It's sure to make a profit in about five years.

Labels: Foreclosure-Homes