many properties are bypassing the foreclosure trustee sale and being sold by banks as 'short sales'. the reason is that property values are less than the amount of money owed, and banks know that no one will bid at the trustee sale. plus the homeowner will cooperate, as he wiil avoid getting a judgement on his record.
sometimes props on the MLS are advertised as short sales. often, they are not--but you can research on the web and find out what the last sale amount was to determine the actual status. and like all other sales in this market, if it is a short sale, you needn't pay the asking price. subscribing to the foreclosure lists tells you the amount of money owed on the property and to whom. this gives you an idea of what offer might be accepted.
don't get involved in buying actual foreclosures without spending time to study the process seriously. and regarding any prop purchase, do your research--knowledge is power--even more so in this market. don't believe what anyone in the real estate industry says. like anything else, if you want to make or save money in real estate, you need to bone up. you are dining with tigers. good luck!
I can provide you a comprehensive list, partially from court records, REO Advertising and Other sources if you are interested in my representation. Feel free to contact me by e-mail.
I just downloaded this application called Complete Foreclosures for my iPhone. It is great and I use it all the time for my investment clients.
It gives you a list + pictures of all the foreclosures on the Westside. The application was also featured in the Wall Street Journal.
Let me know if you would like some more information on foreclosures on the Westside. I would be happy to help you out.
I currently work with the top foreclosure agent in California. We currently have over 400 listings in my office alone-Coldwell Banker; Beverly Hills North. Many of these properties are in West Los Angeles etc. I can send you a current list of all foreclosure's in your desired area. Contact me by phone or email, and I will gladly send you the lsit, no obligations. 310.746.8444 http://www.marcwizman.com - foreclosure
We work with foreclosures all around the city of Los Angeles. We have access to many foreclosures/pre foreclosures as they become available. Our website includes a free list of new weekly foreclosures, sorted by zip code, update every Monday. Feel free to check it out on a weekly basis, http://mylarealestategroup.com/foreclosures___investments-c5 , you can also send us an email with the areas you are looking for, the price range, and the specifics (2 bed, condo, etc..) and we can elp you find it.
Good Luck to you
Lou & Alex
LA Real Estate Group