It’s amazing what’s happening in Corona, Calif., a community in Riverside County Over the last month, I’ve witnessed over 500 properties go into pending status. I’m constantly hearing of agents submitting well above asking price offers on what some may say are above average homes, only to get rejected or beat out by buyer with large cash down deposits.

In Corona, newly built foreclosures, with approximately 3,000 sq.-ft. of living space, are being under-priced by the bank, creating phenomenal bidding wars. The lenders are now starting to really move their inventory in Corona. Bank-owned foreclosure properties with 3,000 sq. ft of living space listed at $350,000 are selling for $430,000.

Some people are still concerned with the smell of the cows, while others aren’t bothered at all by it. If you want to stay away from that country aroma, just go to south Corona. There are very few cows there.

Corona has some beautiful communities. The Retreat, for example, is an area that many foreclosure buyers are flocking to. A couple of years ago, newly built homes — with spiral stair cases and beautiful, wrought iron details, golf course views, huge 16,000 sq. ft lots, custom flooring, dramatic entry ways, custom brick fireplaces — sold for $1 to $1.6 million.

Now those same homes are in foreclosure and are selling for $515,000 to $729,000. What an amazing decline in value. People just walked away from their homes. On some streets in Corona every other home is vacant.

While there are still a few overpriced foreclosures in Corona, the banks don’t really want to lose their shirts. So some lenders are holding out in the hopes that someone that will pay whatever price for these foreclosure properties.

So, if you think you can put in a lowball offer in Corona — don’t waste your time. Corona foreclosures are gone in 2 to 5 days maximum — if it’s priced right. 

I believe this is the perfect market to find a phenomenal deal, but don’t try to underbid these homes too much. Buyers need to remember that there are 25 buyers right behind you.

Good luck on your deals!

Contact Vickie Lobo at (909) 496-2082 or post comments below.