Foreclosure in Calabasas>Question Details

Barbara, Home Buyer in Calabasas, CA

How do you go about buying a foreclosure?

Asked by Barbara, Calabasas, CA Tue Sep 11, 2007

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7
Hey Barbara
I think the very best Advise for you would to hire a Great Realtor who has experience in foreclosure.
Remember the Banks have very good Realtors & Lawyers working for them.
There has been a ton of discussion about the pro`s & con`s foreclosures on Trulia
Do a quick search under Foreclosure and read away.
Good Luck
2 votes Thank Flag Link Tue Sep 11, 2007
Mr.P, Other/Just Looking in Arizona
MVP'08
I'm not sure about your particular county, but in San Mateo County, you go to the court house on the day they're auctioning the property and participate in that auction. The local newspaper lists the foreclosure address and the auction date, or you could probably obtain that info from the county department that handles foreclosures. A suggestion might be to go on any auction day to observe how it's done.

There are many cautions I'd like to give you but you didn't ask that. So I'll just say be super careful in this endeavor.
1 vote Thank Flag Link Tue Sep 11, 2007
Why foreclosure? Why not auction property or a property being offered for potential short sale? What are your primary housing objectives - will you occupy this property, are you looking to flip it, or are you looking to rent it for a while and sell later? Knowing answers to these types of questions will help you as well as your buyer's agent (you are working with one, right?) to locate the best properties of interest to you and your needs as well as guide you through the often complex, time consuming, and pitfall-rich environment associated with buying foreclosed or other distressed home sales. Best wishes - Ted
0 votes Thank Flag Link Thu Jan 31, 2008
TED SHOOP, Real Estate Pro in Buford, GA
MVP'08
Contact
Hi Barbara: I can help you. I just spent the afternoon at a Real Estate conference and this was covered in depth. There are several very experienced realtors who have listings of foreclosures and it's pretty much all they do, and I do mean LISTINGS. Tons of them. The one I'm thinking of has no less than 312. It's actually a very streamlined process, and is easier, in terms of paperwork, than a regular purchase (at least in my opinion). It's a bit complicated to go into here, but if you email me, I'll get back to you. I don't know if I'm allowed to put the email/website address of another realtor here, but I'll be happy to give you the info if you want to get in touch. My email is Lsbth@aol.com. I'm with Coldwell Banker, the Malibu Colony office.
0 votes Thank Flag Link Thu Jan 31, 2008
I've said this over and over in previous posts.... The F-word is for the novice or average frustrated investor. What makes people think that putting an offer on a foreclosed house is going to get them the best price? You can count the number of TV ads promoting a system that teaches how to buy foreclosures.... That makes 50 other people dropping offers at the same time, at a price that was already "market".... That's just crazy talk. You want a deal, ok I can understand that but you are not going to find it with a foreclosure without one of two things 1. cash and personal connection with a REO manager or 2. a overpriced offer that you beat 15 other people for.

It's easier to knock on a door of a house that needs repair and say "my wife and I are looking for a home in this area and yours looks cute from the outside". Do you know anyone selling in this area? A hand written note works well too. My closure rate is almost 70% on the notes.... And you get the best deals with no competition.
Web Reference: http://perryhenderson.com
0 votes Thank Flag Link Thu Sep 27, 2007
Here's an interesting link:

http://www.ushomeauction.com/auction_details.php?chkVenue%5B…

It's a little tight for the current San Mateo auction, but a free, interesting learning experience. My experiewnce is that, on average, auctions go for about halfway from the opening bid to the "prior" value.
0 votes Thank Flag Link Thu Sep 27, 2007
Google Hud Homes for all the answers on foreclosures. Here in Charleston SC, foreclosures are a bidding game and its mandatory to use a Realtor.
0 votes Thank Flag Link Tue Sep 11, 2007
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