In 2008, more than 72% of all homes sold in Brentwood and 81% of homes sold in eastern Contra Costa County were foreclosures, also known as REO (Real Estate Owned). Brentwood and eastern Contra Costa housing prices are less than half of peak prices and there are many great deals for Brentwood home buyers including first time buyers, investors and move-up buyers.
With many home prices falling below $200,000, the availability of low-down-payment FHA loans and interest rates nearing 5%, many renters are buying foreclosed homes in Brentwood, Oakley, Antioch and throughout eastern Contra Costa county.
Investors are also seizing opportunities to buy and rent foreclosed Brentwood homes often seeing positive cash flows. Brentwood rents remain high as many people who have lost their homes to foreclosure, wish to remain in Brentwood for its quality of life and schools. Brentwood rents currently average about $1 per square foot from $1500 for a small 3 bedroom rancher to $3000 for a home located on the golf courses at Deer Ridge or Shadow Lakes.
Every new Brentwood foreclosure property listing in our office at RidgeWater Real Estate has been sold within the first month of listing, often with multiple offers and above asking price in the first week. REO properties in Brentwood neighborhoods including Tuscany, Deer Ridge, Shadow Lakes and Garin Ranch are getting 10-15 offers within days of listing and often 10-20 percent above the asking price.
Preparation is the key for buying a foreclosed REO Brentwood area home. Know the neighborhoods you want to live in. Get pre-approved, preferably with a direct lender. Work with a realtor experienced in buying and selling REO properties in Brentwood. Ask your realtor to send you a list of foreclosed Brentwood Area properties and provide new listings for Brentwood area foreclosed properties as soon as they become available.
I provide many of my clients an email of new listings that meet their customized search criteria for properties in Brentwood or surrounding areas. This allows them to review all new listings including pictures and descriptions of all REO properties as soon as they become available.