For a California first-time homebuyer, one way to buyÂ California real estateÂ is via foreclosed homes. Foreclosures can represent savings if you understand the process and the fact that many of those homes will require repairs.
The first step is to locate a CaliforniaÂ real estate agentÂ or broker that works with foreclosures, REOs and other bank-owned property. A good place to begin is to use the HomesAndLand.com agent finder tool and search for REOs, repo's or other related information. Most foreclosures and REOs require a bid to be submitted by a listed agent or broker so it's not something you can do alone. Also, you will need someone who understands the specific paperwork and other issues related to buying foreclosed property.
To find California homes priced at lower rates, you may have to spend considerable time searching listings. Be sure to include repairs and time into the equation. The process can be time-consuming and almost all properties require some amount of repair or fixing up, however, with a knowledgeable real estate agent, it's possible to find California real estate at bargain prices.