The largest oversight most men and women make when purchasing  Costa Mesa foreclosures is getting in over their heads financially, states Leo Nordine, owner of Nordine Realtors in Hermosa Beach.

“If you can’t afford to obtain a 30-year fixed, you cannot afford the house. I can’t tell you how many houses I have sold much more than once mainly because the buyer didn’t do their homework and ended up losing the house to foreclosure two years down the road,” said Nordine, who has specialized in foreclosure property since 1990.

Thinking about buying  Costa Mesa foreclosures? Here are five ideas from Nordine:

Know the marketplace. Subscribe to ForeclosureRadar. The map-based system makes it possible for subscribers to track foreclosures through California plus the West Coast with 60 criteria (lender, value and map, for example). The site has a foreclosure learning center and offers a three-day trial (free) or even a monthly subscription ($49.95). “You can target properties and look up the sale date and other information,” Nordine claims. “You can know about the property details before the listing agent.”

Purchase smart. “The inexpensive stuff is bottoming out. The high end is even now going down. So Costa Mesa  is really a superior place to acquire proper now because it’s at the bottom. Brentwood, in my opinion, is still likely to drop,” he adds. Nordine claims South L.A., Riverside, North Long Beach and East L.A. are superior bets for foreclosure bargains. “Those are places which are fairly safe for investments, mainly because you are not going to obtain and watch the price drop 10% six months later,” he claims.

Be prepared to beat the pack. Excellent  Costa Mesa foreclosures garner multiple offers, so write a clean “as-is” offer that allows for the seller’s “choice of title” and “choice of escrow.” Sellers are driven to offers that need less work for them, Nordine says. So be ready to jump through all the hoops. “If the property is owned by Chase, and Chase demands pre-qualification by a Chase loan rep, for instance, get the pre-qualification right away. If they want proof of funds or a credit report, have that documentation prepared to go,” he says.

Leave attachments at the door. “It can be a tough marketplace with a lot of folks seeking deals, so it is easy to get discouraged, Nordine states. “But if you’re careful and continue trying, you will eventually locate a good foreclosure.”

Get the huge picture. With fewer disclosure requirements on most foreclosures, Nordine states it’s significant to do your due diligence on the history of the house and get info concerning the property, past and present. Keep an eye out for outstanding liens, loans, fees and tax debts that could transfer and become your own personal post-sale head ache.