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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: pre-foreclosures Posted by Craig in LA on August 25, 2006 at 10:47 PM In Reply to: Re: pre-foreclosures posted by Rick, the Probate Guy on August 25, 2006 at 8:48 AM : : Hi Ward : : Question - I am sending out postcards now seeking pre-foreclosures, distressed sellers, short sales, etc. What are your thoughts about the Riverside area (Temecula, Hemet, Murrieta, etc?) Have you had any success there? Thanks. Any suggestions or advice? : : Mr. Hamilton : ======================================= : Howdy, Mr. Hamilton! Most of us go on either a first name basis or a informal handle (alias) so you may find other posters respond more favorably with such a tag. Just my thought... : Another little item is that pre-foreclosure is an ambiguous term and I presume that you mean property owner in "default" but prior to trustee sale. If we all speak the same language here it'll be much easier to get the answers that we're seeking. : Historically, the areas that you refer to have been some of the worst hit by lack of demand and decreeased market value. I'm not an expert in these area but I do a lot of probate work here so I do keep up with value trends. : While I expect the carnage in these areas to be heavy, I would also expect two other troubling factors: : 1) Many owners who are over-financed, upside-down without equity : 2) Dwindling demand for bedroom/commuter communities where owners are discouraged from paying high fuel bills and travel time to work in more populated work centers like Orange County and LA. : I'd continue to do more research, such as Bruce Norris, or follow trends of other investors. Of course, many (if not most) newcomers will analyze this market to death while always staying on the sidelines, failing to get into the arena, and miss the big opportuntities. For that, I am grateful. : Rick IMHO, you need to be west of the 15 freeway to make the commute attractive in an era of $3.00 gasoline and stagnant wages. Moreno Valley, which is closer than where you are looking, was a ghost town in the mid 1990's. If you concentrate of entry level stuff gaming industry and warehouse type workers can afford you should be OK, but avoid the higher end. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : Hi Ward : : : Question - I am sending out postcards now seeking pre-foreclosures, distressed sellers, short sales, etc. What are your thoughts about the Riverside area (Temecula, Hemet, Murrieta, etc?) Have you had any success there? Thanks. Any suggestions or advice? : : : Mr. Hamilton : : ======================================= : : Howdy, Mr. Hamilton! Most of us go on either a first name basis or a informal handle (alias) so you may find other posters respond more favorably with such a tag. Just my thought... : : Another little item is that pre-foreclosure is an ambiguous term and I presume that you mean property owner in "default" but prior to trustee sale. If we all speak the same language here it'll be much easier to get the answers that we're seeking. : : Historically, the areas that you refer to have been some of the worst hit by lack of demand and decreeased market value. I'm not an expert in these area but I do a lot of probate work here so I do keep up with value trends. : : While I expect the carnage in these areas to be heavy, I would also expect two other troubling factors: : : 1) Many owners who are over-financed, upside-down without equity : : 2) Dwindling demand for bedroom/commuter communities where owners are discouraged from paying high fuel bills and travel time to work in more populated work centers like Orange County and LA. : : I'd continue to do more research, such as Bruce Norris, or follow trends of other investors. Of course, many (if not most) newcomers will analyze this market to death while always staying on the sidelines, failing to get into the arena, and miss the big opportuntities. For that, I am grateful. : : Rick : : IMHO, you need to be west of the 15 freeway to make the commute attractive in an era of $3.00 gasoline and stagnant wages. Moreno Valley, which is closer than where you are looking, was a ghost town in the mid 1990's. If you concentrate of entry level stuff gaming industry and warehouse type workers can afford you should be OK, but avoid the higher end. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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