Foreclosure in Los Angeles>Question Details

Babysteps, Home Buyer in Phoenix, AZ

How do I find information about bank real estate auctions?

Asked by Babysteps, Phoenix, AZ Tue Apr 24, 2012

I'm a first time investor in Los Angeles and I'm starting to think that the listings on websites like trulia, redfin etc are only a small subset of the real estate for sale in Los Angeles. Can investors get better deals by going straight to the bank auctions? How do we learn more about the auctions?

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Answers

3
I suggest to inverview several agents and hear them out on where the highest returns/future value growth areas are. The agent has to be the one specializing in helping investors - and he/she should speak investor's language where the goal is the highest return on your investment.

Once you find such an agent - you'll be able to invest very successfully.
You will need to be quick in your decisions to catch a good deal.

Some counties have electronic auctions (court ones) - but if you follow them, you'll notice that most sales go to the banks, some get pulled back before the auction, and some end up as approved and closed short sales...

Foreclosures often attract way too many offers...leading to a bidding war.

Short sale take so much time, that, if you calculate in your "inactivity in making money", they are no bargain, after all (prices are recovering in most parts of the country).

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Thu Jun 7, 2012
In my opinion, ForeclosureRadar.com has very good information. It is a paid site but you can get a free 3 day trial to see if you find the information useful.
Good luck,
0 votes Thank Flag Link Wed Apr 25, 2012
If you think that Auctions are a good possibility for you,
go to some Auctions, and find out:
You don't have to bid, you can observe.

Understand that some Auctions are held by private companies, just trying to sell some real estate that they haven't been able to sell any other way.

The Trustee Auctions are not held BY the Banks, but rather by the COURT to finalize the Foreclosure process: These homes are usually sold back to the bank that held the paper because they offer/bid the amount of the outstanding loan. In other words, too much! This protects their investment. The investors that go to these auctions are looking to buy for 50 cents on the dollar, and it is not going to happen.

But you need to see for yourself.

Gold is not waiting for you to pick it up in the creek, and real estate is not just sitting there waiting for you; there are a lot of investors looking for a quick buck.
0 votes Thank Flag Link Wed Apr 25, 2012
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