Are there bargains in the Inland Empire ?

Yes is the answer........but as with all parts of this market that does not mean it is easy to get one.

Riverside/San B Counties has one of the highest foreclosure rates in the USA this year, and this inventory must come to market at some point; the banks seem to be starting to release some of it slowly. Whether they release enough to undermine price levels even more is yet to be seen.

I believe there will be plenty of opportunity in those areas over the next 12 to 24 months, with little chance of significant price increases. If they release too much we may even see further decreases but I personally doubt it as there is a lot of demand “pent-up” trying to buy at these lower levels. That is probably reflected by the fact that you are reading this!

Fannie Mae and Freddie Mac are appointing Realtors to sell large numbers of foreclosures and I do expect to see more houses available over the next few months. Some agents sell them in poor condition, often wrecked by frustrated owners losing their home, and some agents do actually fix them up/clean them up before selling.

When you find a good one, you need to put in a very clean, attractive offer. The good REO ( bank-owned) listing agent will have LOTS and LOTS of offers for anywhere that is in good shape and will not mess with badly written offers or attempts to bargain on the price.

Don't even think about under-bidding the list price, you will probably have to over-bid to get it.

The high-volume bank-owned Real Estate Agents specialize in this type of property and do nothing else. They are very, very busy, often handling over 100 properties at a time………...don’t expect them to spend time talking to you !!!!!!!!………...you want the house, you send them a well presented offer with the right documentation and you send it first-time.

If you send them a silly or badly-written offer then all you will hear is…………..silence!

I repeat one of the things I have said before:

The smart investors are now out there picking up good deals which will pay off over the next few years.

The unrealistic "investor" is sitting on his hands waiting for that one "steal" that will pay off next week, and he will end up buying nothing at all........and probably blame someone else later for missing out on this market!

Feel free to call me to discuss buying or selling Real Estate...that's what I do.