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You are right, I meant to write "adjacent" as the house I sold was south of Wilshire on Rimpau Blvd. I also sold another house just south of Wilshire on Windsor Blvd although that property was not a foreclosure. The "adjacent" certainly does make a difference.
The old Warner Mansion has not yet closed escrow.
Keller Williams Realty
I'm still curious about what the final price was on the house on 5th and Rossmore (the old Warner Mansion) and the one on the SE corner of 4th and Rossmore with the 2.7M default on a sub 800k purchase just over 10 years ago.
Looks like Beck is also having a tough time unloading the flip of his on 4th and Hudson (no surprise, he bought at the peak) Thing isn't worth more than 4M now...especially with the Italianate at 500 S. Hudson going for 6.8M after a multi year restoration. I think the flippers lost big on that one. Yikes!
I heard Sean Hayes put over 5M into his house just south of 4th on Rimpau. You think he'll ever get that back? I don't.
How bout that Mortgage op that was being run out of the house on Plymouth and 3rd?
I wouldn't offer any more than half of any asking price in the neighborhood. Some even less.
A nearly 40 year Hancock Park resident.
I have dealt with and personally know many of the large foreclosure agents in Los Angeles. I just closed on a foreclosure on Rimpau Blvd in Hancock Park and have several other foreclosures currently in escrow. It would be a pleasure to talk to you and find out exactly what you are looking for.
Keller Williams Realty
The best foreclosure agent I know is Leo Nordine..and he is a good guy.. He has properties all over. However foreclosures are not always the bargain they may appear to be. You might want to check out the link below as it discusses buying foreclosures.
Agents that specialize in foreclosures, SELL foreclosures. They are currently too busy to represent buyers & you should have your own agent representing you.
Most agents have access to foreclosures. Many of us (including me) have access to recently foreclosed properties not yet listed on the mls, & properties in the process of eviction. Please email me if you would like my L.A./Orange County foreclosure list.
Best of luck,
If the answer is yes, then drop the idea of buying "only a foreclosure" or "only at auction". You're giving yourself fewer options and setting out on a more difficult, slower, and riskier path.
A regular seller - someone with a job transfer or trying to retire or any other of a million reasons they HAVE to sell and sell now - will negotiate with you directly (unlike a bank) and give you a great deal.
Plus you'll buy a house that is in better repair than a neglected foreclosure, along with all the disclosures & protections that go along with a regular RE transaction.
So remain open to all the possibilities. You may be pleasantly surprised.
(In the meantime, visit my site for Best Buys, which includes under-market-value homes, fixers, & foreclosures - hand picked each week: http://www.angelabennetthomes.com)
My associate deals with foreclosure properties and has purchased several of them at the auctions. The fact is that it's still a risk and the banks do want to get market value.
If you would like to speak with him about foreclosures, please call Chuck at 626-827-3570
You can also visit are website as well.
The truth is, almost all agents deal in foreclosures. Your best bet is to find an excellent agent in your area.
Foreclosurers are rarely a deal. Banks will not sell a property lower than market rate, they are appraised by a professional appraiser who sets the price at fair market value. They come absolutely "as is" with no disclosures and no repairs and often times you get much more and a better deal in buying a property from a real seller in this market.
I am sure that a great agent here on Trulia in your area will respond that will give you another option.
Just remember that Foreclosures are not always the best deals!