Foreclosure in Goleta>Question Details

smehret1, Home Buyer in Goleta, CA

How can I buy a band owned property?

Asked by smehret1, Goleta, CA Sat Oct 20, 2012

Help the community by answering this question:

Answers

6
You start by contacting the leader of the band. Just kidding, I'm assuming you mean Bank owned properties. In most areas these are listed by local Realtors in the MLS as either REO or Foreclosure sales, you should find a good buyer broker in your area who has experience with these types of sales and work with them. Here's a link on how to find a good Realtor regardless of where you live: http://www.trulia.com/blog/LarryTollen/2011/09/how_do_you_ch…

I don't work in Georgia, but I do have a lot of experience helping buyers with foreclosure sales. and I'll tell you what I tell all of my clients who like you come to me and say they want to buy a foreclosure, "Their rarely (and I do mean rarely) the deal you think. "

I've written about foreclosures sales on several occasions and have attached a link below that I encourage you to read before going out and looking at foreclosures to purchase.
1 vote Thank Flag Link Sun Oct 21, 2012
Do you have down payment and closing costs? I offer the CHF Access half percent down payment program with a minimum 580 fico score which can also contribute towards your closing costs as well. I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify. I only need to ask a few dozen questions to pre-qualify you in minutes.
Here is what is available in San Jose up to 300k which they start at 100k which is $500 down and $732PTIT and up.
Click the following URL to see the listings San Jose up to 300k:

http://matrix.mlslistings.com/DE.asp?ID=1444416367

Here is a flyer and a needs list to gather together for processing your loan approval. Once I speak with you I will email you a pre-approval letter so you can go out shopping for the home of your choice. I can refer an agent to you as my brother in law and his wife are Brokers in San Jose or you can choose?

CHF Access half percent down flyer, pdf
http://tinyurl.com/9ewk9nq
Sheryl Arndt, standard needs list checked, pdf
http://tinyurl.com/9m2rsb2
Why Rent brochure
http://www.frankandsheryl.com/Documents/Why%20Rent%20brochure…
http://www.frankandsheryl.com/Documents/Why%20Rent%20brochure…
CHF Access income limits http://tinyurl.com/8lzf8he

http://www.Under640FicoScoreLoans.com

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Broker – Sr. Loan Officer
DRE# 01440252
NMLS# 297251
760-486-4225
0 votes Thank Flag Link Sun Oct 28, 2012
As others have stated, if a foreclosure is not sold at a trust sale, it usually is listed with a Realtor and put on the MLS. Ask a Realtor in your community to send all the foreclosures listed in a certain area.

Once foreclosures are on the MLS, you essentially buy them as you would any other home .

Best of luck.
0 votes Thank Flag Link Sun Oct 21, 2012
Since most do end up being listed by a broker, consider working with an agent of your own. If purchasing with a mortgage, be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes Thank Flag Link Sun Oct 21, 2012
I like the advice that both gentlemen provided, however, i'd add that if the property is bank owned but not listed with an agent, then you're most likely going to have to wait until it is put up for sale.

Many have tried, but few have succeeded in trying to purchase REOs prior to listing. There was a time when "bulk sales" were all the rage and investors were making small fortunes lining up hundreds of properties at a time, but those days are gone now that Wall Street private equity players are looking to buy and rent properties across the nation.

Most lenders place their REOs with an asset management company that preserves the property until the lender is ready to sell. Given that market prices have not only stabilized, but in some cases, have begun increasing, there are certain foreclosures that arent likely to be sold for quite some time, since lenders feel perhaps the market value will increase over time.

Now if you do find an active foreclosure for sale, brace yourself: You're likely going to be competing with at least 10 other bidders, assuming the property is in decent shape and a moderately sought after area. Highly sought after areas could easily attract 20 or more offers.

Its not uncommon to see foreclosures sell for quite a bit more than one would expect. Its a crazy market.

Depending on what your game plan looks like, you might do better on a short sale.

I'll just go with the consensus on this one: consult with a local agent in your area.
0 votes Thank Flag Link Sun Oct 21, 2012
I assume you mean a bank owned property. Those properties are listed with a real estate agent once the bank has cleared all of the obstacles to sell, so working with a local real estate agent will get you access to finding those homes for sale. Find one of the pros that works in your area here on Trulia or ask your friends/family/coworkers for a referral to a great agent.

Best of luck with your purchase!

Brian Rayl
B&B Realty Group
Keller Williams Elite Dallas TX
214-699-1799
http://FindDallasHomesForSale.com
0 votes Thank Flag Link Sun Oct 21, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer