The most significant error most men and women make when buying  Costa Mesa foreclosures is getting in over their heads monetarily, claims Leo Nordine, owner of Nordine Realtors in Hermosa Beach.

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

Thinking about purchasing  Costa Mesa foreclosures? Here are five tips from Nordine:

Understand the market. The map-based system makes it possible for subscribers to track foreclosures through California as well as the West Coast with 60 criteria (lender, value, and map, as an example).

Acquire smart. “The cheap stuff is bottoming out. The high end is even now heading down. So Costa Mesa is usually a great place to acquire perfect now mainly because it’s at the bottom. Brentwood, in my opinion, is even now likely to drop,” he adds. Nordine says South L.A., Riverside, North Long Beach, and East L.A. are good bets for foreclosure bargains. “Those are places that are fairly safe for investments since you aren’t likely to invest in and watch the cost drop 10% six months later,” he claims.

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

Leave attachments at the door. “It is usually a tough industry with a lot of people trying to find deals, so it’s easy to get discouraged, Nordine says. “But if you’re diligent and keep trying, you’ll eventually find a great foreclosure.”

Get the huge picture. With fewer disclosure requirements on most foreclosures, Nordine says it’s critical to do your due diligence on the history of the home and get info about the property, past, and present. Keep an eye out for outstanding liens, loans, fees, and tax debts that could reassign and become your own personal post-sale headache.