Foreclosure in Beverly Hills>Question Details

Shingtak Chan, Home Buyer in Princeton Junction, NJ

Interested to buy a foreclousure or bank owned property at low price in Beaverly Hills area and seek an agent for assistance.

Asked by Shingtak Chan, Princeton Junction, NJ Tue Jul 30, 2013

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Nur Akman’s answer
Hi, I keep getting phone calls, some people are looking at internet and their understanding is if a property is default for about $50,000 in Beverly Hills, and estimated price is $1,400,000, no the sale price is not free and clear $50,000. Also No, $200,000 doesn't buy $600,000 condo either. They show public records for information, it doesn't mean they are for sale either, it's up to the owner or bank based on the status of the property.
If you are looking for something like that, as Endre says, banks have their own designated real estate professional to identify the price, it may be little lower than market value, sometimes even higher, hard to believe, but won't be crazy low. Especially now, when the inventory super low, and 40 offers for 1 property is normal (82 offer the highest I heard) , there are people they offer all cash, even $100,000 more than asking price and still lose it, someone else get the property, these are normal sales. So, now, bank owned, they are not willing to sell all their inventory, some sells, some keep for later. Foreclosures are not popular nowadays, because no deal, prices are too high. Some short sale candidates are not in short sale situation any more. Some want to sell, but nothing to buy, so waiting.
So, if your low price is based on default amount of the public records, there is no such a thing, just as information. but I recommend to work with a good agent who knows distress properties, and talk about the details what you mean, and you will get more accurate information. I'm working in Beverly Hills, I have SFR certification (short sale foreclosure resource),I'm paid member to distress property websites, networks. If you want to talk more, my info
Nur Akman
Coldwell Banker
166 North Canon Drive
Beverly Hills, CA 90210
310 428 6573
0 votes Thank Flag Link Fri Aug 2, 2013
Hi Shingtak, When you are considering buying in Beverly Hills, CA keep in mind the Banks who list foreclosure properties have their own appraisers in conjunction with savvy Realtors come up with the list price and they know what the market can handle. There is no magic "get rich quick opportunities" by buying "underpriced" homes. Select a savvy local Realtor who will help you find a "good value"

Endre Barath,Jr.
Prudential California Realty
A Berkshire Hathaway Affiliate
Beverly Hills, CA
Web Reference:
1 vote Thank Flag Link Tue Jul 30, 2013
Good afternoon Shingtak,

I can certainly help you. My last two clients who purchased in Beverly Hills were both very satisfied. My most recent client, Mr. Chen would highly recommend me as your agent. Let me know if I can help you find your next home.

Thank you,

Andrew G. Belcher
Broker Lic. 01707173
468 N. Camden Dr.
Beverly Hills, CA. 90210
805-587-6577 cell
0 votes Thank Flag Link Tue Jul 30, 2013
Good afternoon,

I've been helping First Time Buyers for 23 years as a mortgage professional and I will tell you what I have always told my clients here in New York: If you are a First Time Buyer, steer clear of foreclosures and short sales.

Foreclosures are someone else's headache. The home probably has not been well-maintained and you're a First Time Buyer adjusting to paying a mortgage. Do you really want to walk in the door to someone else's deferred maintenance that YOU will have to pay for? Also, if you're thinking there are deals to be had in terms of lower prices, mostly those "deals" go to professional investors who can pay cash, negotiate hard with a Lender, and close fast.

There are plenty of motivated Sellers with their homes listed on your local MLS. Go find a good Local Mortgage Banker, get prequalified, then find a great, experienced Realtor, and buy the home you want at the price you're willing to pay.

Trevor Curran
NMLS #40140

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0 votes Thank Flag Link Tue Jul 30, 2013
Good morning Shingtak. I live and work in Beverly Hills and am happy to help find you a home. Please contact me at your convenience.

Mark Crane
Keller Williams Beverly Hills
439 N. Canon Drive
Beverly Hills CA, 90210

0 votes Thank Flag Link Tue Jul 30, 2013
What do you mean by low price? The standard sales start at 449k for 1bd 1ba condos in Beverly Hills. Do you have all cash or do you need pre-approved with down payment and closing costs? Do you need listings emailed to you?
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
DRE# 01140252
NMLS# 297251
9am till 7pm 7 days

If my response was helpful, consider clicking thumbs up or BEST ANSWER!
0 votes Thank Flag Link Tue Jul 30, 2013
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