If you’re looking for a good deal when buying a home, take a look at some Bakersfield foreclosure homes in Kern County. Foreclosures often offer buyers discounts that aren’t available on traditional homes and sellers (the banks) may even pay the closing costs! Investors can even take advantage of buying foreclosure homes in Bakersfield. Due to the affordable prices Bakersfield real estate has to offer, buyers looking for foreclosures in Bakersfield have the ability to find a really nice home at a good price.
Foreclosure homes are properties that the previous home owner has lost due to non-payment. These properties are also called real estate owned (REO) and bank owned properties. Many of the bank owned homes in Bakersfield and the surrounding areas are owned by two government entities. Fannie Mae and Freddie Mac account for the majority of the foreclosure homes in Kern County.
Buying Bakersfield Foreclosure Homes
Foreclosures in Bakersfield CA soared to new heights after the bubble in 2006 and 2007. Investors and homeowners that purchased homes in and around 2009 were able to capture some really great deals due to the super low prices the bursting bubble created. Bakersfield foreclosure homes for sale sometimes offer deep discounts depending on their condition. Buyers willing to roll up their sleeves and get a little dirty to do some work on these properties will see the fruits of their labor when they create sweat equity.
We have some great foreclosure deals going on now in Bakersfield CA. Buying a foreclosure home in Kern County gives a buyer the opportunity to purchase a great home without paying a premium price. If you’re a first time home buyer then you even have a program available to help pay your closing costs when you purchase a bank owned property. The HomePath Ready Buyer Education Program allows first time home buyers an opportunity to to take a course which educates them on home-ownership. Upon successful completion of this course and approval by HomePath, Fannie Mae will pay for some of the buyers closing costs.
Banks selling homes will also sometimes do repairs both before and after the home is in escrow. This is another major plus for first time buyers because FHA buyers will likely have a lender required repair list from their appraiser. Lender required repairs are a list of items that need to be fixed before the buyers lender will fund the buyers loan.
If you’re interested in learning more about Bakersfield foreclosure homes please contact us or leave a comment below. We’d appreciate the opportunity to assist you!