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Real Estate Below Market (rebema.com) can help real estate investors find deeply discounted deals, evaluate the best opportunities, eliminate unnecessary risk, and save valuable time!
Our team finds the best deals available and then negotiates directly with banks to purchase properties at deep discounts. Most of these properties only need minor work; some have recently been remodeled and are almost move-in ready! After we buy the property we sell it for a small profit to other investors, rehabbers, contractors, landlords, or home-buyers looking for a deal.
Why invest in foreclosed real estate in California?
With interest rates at a 30-year low and the stock market looking too perilous for small investors, many people are putting money in an asset they understand - real estate. The current market conditions make it a perfect time for an investor to purchase one or more foreclosure properties for their private residence, rental or resale. In this difficult economy, more upscale homes are going into foreclosure, so the notion that foreclosed homes are only available in crime-ridden areas is inaccurate. Beachfront and homes in affluent areas are part of the mix of foreclosed properties available. Homes valued at $100,000 to $400,000 regularly appear in national listings. The availability of more desirable properties combined with the reduced interest rates allow many people to qualify for the mortgages on these homes.
What are the procedures for a buyer to purchase one of these properties?
- 1. You must qualify before you can submit your offer unless you have already purchased a property from us. You only have to qualify once. If you are a cash buyer, you must first submit a proof of funds statement (usually a bank statement with all sensitive information crossed out). We also accept a copy of a cashier's check for at least the amount required to purchase the property.
- 2. You can email proof of funds to pof@rebema.com or fax it to our secure line at 949-892-5185. If you are looking for hard money funding, you will need to demonstrate that you have the resources necessary to fix up the property plus you will usually need to put at least part of the purchase price into escrow…this amount varies depending on what value the hard money lender determines the property to be along with how much work it will take to rehab the property. We can put you in touch with several hard money lenders.
- 3. Once you have been qualified, you may make offers on the properties. Properties are sold on a first come, first served basis. For this reason, we strongly recommend that you qualify in advance. When we actively market a property, the first potential buyer to fax or email a copy of a $10,000 deposit check made out to Rebema will be first in line. A copy of a personal check for $10,000 is fine. The potential buyer will also immediately sign a purchase agreement with Rebema. The buyer then has 72 hours to perform due diligence and back out for any reason whatsoever. At the end of 72 hours, an actual $10,000 deposit must be sent overnight or wired. The buyer then has another 10 days to close, or as long as it takes the hard money lender to fund if using hard money. We reserve the right to accept an "all cash" buyer ahead of a "hard money" buyer.
- 4. If the potential buyer decides not to proceed with the purchase, then we will simply move to the next position in line.
- 5. We will mark the exact time that the (copy of) the deposit checks are faxed or emailed to us, and we will strictly follow "first come first served" based on when these copies are received.
If you would like to have the opportunity to hear about our deals before we begin actively marketing them, please fill out the form on the left. We will keep all of your information private. |
