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How to Buy a Clovis Foreclosure: 5 Tips

Foreclosures accounted for nearly 40% of all homes sales this past month in Fresno County. And why not? Some Clovis foreclosures are selling at up to 50% less than comparable Clovis homes. Talk about a bargain. If you’re interested in rummaging through the bargain bin of Clovis homes here’s a primer on how to buy a Clovis foreclosure:

1. Find Clovis foreclosure listings – This is the easy part. You don’t need to show up at courthouse auctions or search through legal filings. All you need to do is let us know we’ll send you a current list of ALL Clovis Foreclosures. We’ll even send you an daily Clovis foreclosure list if you like. Just click here.

2. Work with a specialized agent – A Realtor who specializes in Clovis foreclosures is not only a time saver, but a necessity these days. They will guide you through the process, help you find the best Clovis properties, tip you off to the various issues, challenges, and risks, and do the ins-and-outs along the way, from researching property title documents to recommending reputable inspectors and contractors. If you’re looking for a foreclosure, Kim Harrell is our Clovis Foreclosure expert and Nicole Hamilton is our Fresno Foreclosure expert.

3. Understand your buying options – While you can buy directly from the owner (before they’re officially foreclosed on), or try your hand among the seasoned investors at an auction, the safest way to buy a foreclosed property is to buy it back from the bank (bank foreclosed properties are also called real estate owned, or REOs). That’s because you can inspect the home before you buy it, and you can finance the purchase with a mortgage. Furthermore, when a bank takes back a home, it will clear any outstanding liens.

4. Budget for repairs/renovations – Don’t underestimate the amount of work that may be needed to restore the home to a “livable” condition as these residences are sold “as is.” A good rule of thumb is to can factor in 10% for updates and repairs on any Clovis foreclosure purchase. Not all Clovis foreclosures require that much money for repairs. Some will be more. Some will be less.

5. Make an appropriate bid – Banks aren’t necessarily selling foreclosed homes at the kind of fire sale prices you’d find at a pre-foreclosed sale or at an auction, but that doesn’t mean you shouldn’t haggle – particularly if the bank has a huge inventory of foreclosed homes, and the property has sat vacant for some time. Just make sure you’ve done your homework, taking into consideration not only the price, but also the condition of the property, and the surrounding neighborhood. Ideally, you want to find a foreclosure in a Clovis neighborhood that doesn’t have very many of them. Also, you have to be pre-approved before you can submit an offer (banks won’t consider offers without a pre-approval letter). Need to get pre-approved or have financing questions? Click here.