There are record amounts of foreclosures in Temecula, and through out Riverside county. According to the website, foreclosureradar.com, Riverside led the state in the number of foreclosed homes sold at auction. In June alone, 1093 repossessed homes were sold at auction. If you remember the housing boom of 2003-2004, you can recall that a number of buyers opted to get adjustable rates on their mortgage, hoping that the increase in their homes equity would allow them to refinance with better terms.

Sadly, buyers did not anticipate a slowing in the real estate market. They were confident that their homes equity would grow substantially. In the absence of conventional financing and the rise in interest rates, people are struggling to make ends meet. This has pushed many homeowners into default, or even worse foreclosure. Many people found themselves defaulting on their mortgages between 12-18 months of their purchase. Foreclosed homes in Temecula have hit an all time high. The loan value of foreclosed homes in Riverside county the first three months of 2007 was 12 billion dollars.

What was once a sellers market had evolved in to a buyers market. As a buyer there are a number of different ways you can purchase foreclosed homes in Temecula. The first is at an auction, however this is a very competitive market that requires immediate payment. In addition you must do lots of legwork, finding out what is owed, making sure that the property tax is up to date, and there are no outstanding liens on the property. In some cases, the owners who are being foreclosed on, do structural damage to the property. You can not be sure what condition the inside of the home is in until you have already purchased the home. Make sure that you have financing in place to make needed repairs and upgrades.

A much safer way for a person to purchase a foreclosed home in Temecula, is to locate property that has been reacquired by the lender. Due to the recent increase of this type of property, lenders are willing to sell at less than market value. Saving you money.

Buying foreclosed property is lucrative, however it is important that you find a real estate agent that is knowledgeable. Janice Kraft is an authority. She is very knowlegeable in the area of foreclosures. She receives emails directly from the lenders in reference to defaulted and foreclosed property in Temecula. Because of her level of expertise she is able to assist her clients in making smart investments.

Janice Kraft, has been a real estate agent in Temecula for over ten years. She is recognized as one of REMAX’S Platinum agents. Janice looks at today’s market, as a prime opportunity to help her clients get the optimum return from their investment. She specializes in foreclosures, and short sales in Temecula. With so many possibilities in the real estate market today, Janice Kraft provides a wealth of information about Temecula’s real estate market. If you would like more information or Janice Kraft’s assistance, you can contact her at 951-529-2089 or via email at jrkraft@myexcel.com