“We purchased our home for 35 percent under market prices, and since then, it’s doubled in value. Our dream was right here in our own backyard, and we found it online through RealtyTrac.”
Chris and Denise McChesney
The American Dream at an Affordable Price
The McChesneys soon discovered the difficulty of buying a property in a hot real estate market.
“We were constantly putting in offers on homes in Chino and were repeatedly outbid by other home buyers, sometimes by $25,000 to $50,000,” explains Chris.
After being outbid numerous times and still not ready to give up, they decided to look at RealtyTrac (www.realtytrac.com), an online resource for foreclosure properties. By using this online marketplace, with more than 550,000 pre-foreclosure and foreclosure property listings nationwide, they were able to purchase a home at below market value despite the increasingly competitive real estate market.
“We checked out RealtyTrac and within six months we found a property in our area that was in default, and decided to go for it,” explains Chris McChesney. “It only took a few days to go through a rigorous examination process on the property using RealtyTrac. We sent a note to the owner and went to visit the property. After meeting the distressed homeowner, surveying the area and the property, we were able to quickly come to agreeable terms with the owner and purchase it for 35 percent below retail market value.”
“Paying full price wasn’t an option for us,” says Denise McChesney. “But buying a foreclosure meant affordability and instant equity – which gave us an opportunity to remodel the kitchen, the koi pond, and furnish our new home. This would have been difficult if we did this the traditional way.
“Foreclosure homes can be great bargains for educated consumers. However, it is not a way to get rich quick. While you no longer have to manually sift through thousands and thousands of property documents, making a purchase is still a process that takes time and information,” warns Chris McChesney. “Homebuyers should arm themselves with all the information they need to find, evaluate and purchase a home at below market prices. And the advantage of RealtyTrac is that all the information is at your fingertips.”
Chris McChesney also noted that RealtyTrac has information on everything from estimated home values to tax lien and bankruptcy records, and that first-time homebuyers have an opportunity to contact real estate professionals who are part of the RealtyTrac Agent Network.
Traditionally, pre-foreclosure and foreclosure real estate has been a hidden market opportunity for homebuyers and investors, requiring time and money to purchase expensive, specialized property reports, sift through listings in legal journals or review public records located at the local city courthouses. This expensive, time-consuming process is no longer necessary, and as the McChesneys experienced, it’s easier than ever to find a pre-foreclosure or foreclosure property with RealtyTrac.
“We’re living proof that the foreclosure market is a viable option to purchase a home! Now we wouldn’t buy a home any other way,” said Chris McChesney.