Foreclosure in 90815>Question Details

Debbie, Home Buyer in Long Beach, CA

We are looking for a 3 bed 2 bath home with at least 1500 sq ft. We have a large down payment and good credit scores. We can spend 450K and would

Asked by Debbie, Long Beach, CA Mon May 24, 2010

like to be on the beach side of the 405 in Long Beach. 90814 or Los Altos or maybe Cal Heights. I can't find anything I really like at our price. I haven't looked at foreclosures yet? Ideas? We have a realtor.

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Yes you should be looking at foreclosures and short sales, that’s the majority of the listings right now. Make sure before you look at the short sale that the listing agent knows what the heck they are doing. Your agent should be able to have a conversation with the listing agent and do some research and to see if the property would be a good candidate. I just closed on a short sale and it only took 2 months (we were lucky because the listing agent knew what they were doing and were experienced with the short sale process also the house only had one loan on it) Don’t be afraid to put a back up offer, sometimes the first buyer get fed up on waiting and then you will be next in line.
Also, have your agent solicit other homes in the area that may suit your needs and network their associates before they hit the M.L.S. In the industry we call it “Pocket Listings” something that we know that will be coming up soon but not ready for the M.L.S.
Have them attend Marketing Session Meetings with other realtors – deals do happen that way.

Lesley Harris, Realtor
(562) 673-0943
1 vote Thank Flag Link Tue May 25, 2010
Hello Debbie, the home purchase prices in 90815 zip code currently start from 489k for 3bd 2ba single family home. If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment you are looking to achieve you can then be set up to receive automatic daily emails to fit your search criteria.

You will also need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down or as low as .5% half percent down payment program. You may consider 3% down conventional from a minimum 620 fico score.

If you have credit issues, your credit scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary. It only takes a few dozen questions to qualify, go over your options and email you listings to study and compare. Here are some links to study as well as web reference links to many loan program pages offered...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
22+ Years Experience
BRE# 01140252
NMLS# 297251
760-486-4225
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
http://youtu.be/MrygA2_8fAY
http://www.trulia.com/profile/SherylArndt

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0 votes Thank Flag Link Fri Apr 3, 2015
If you don't mind homes that need repairs or has never been updated have your realtor search for distressed, probate or trust sales too!
0 votes Thank Flag Link Thu Apr 2, 2015
Hi Debbie

Well this is definitely a conversation you should be having with your Realtor. They should be advising you of other options. You do have options but it will be a matter of looking at fixers, waiting on short sales, dealing with banks on REO's etc...

let us know how it works out for you....

Monica
0 votes Thank Flag Link Sun Feb 13, 2011
I have an open house today at 2823 Stanbridge, bank owned. Great house with a large pool! Stop in 1-5 today. It has been on the market about a month, so I'd assume the bank will look at any reasonable offers.
0 votes Thank Flag Link Sun Feb 13, 2011
Foreclosed properties and Short-Sales offer some very good options. My experience is that foreclosed properties generally need more TLC...remember someone could not make the payments...will they be inclined to keep the property in tip-top shape? With a Short-Sale, I have encountered situations where the property is a total mess and situations when the owners kept the property immaculate to the very end of their ownership.

Your agent will preview the properties and will know if they will be acceptable to you. The degress of 'repairs' should have been discussed at your buyer consultation.
0 votes Thank Flag Link Wed Jan 19, 2011
I just looked, I put fewer criteria, spread out the search into 90808 and came up with 63 possibilities. Likely at least 50 of those don't qualify, but you will find it if you loosen your criteria. Compromise on some things, REALLY figure out what is important to you, likely it is location. Whether it is S of the 405 or not on a busy street or noisy corner. Then compromise on the other things. You can add on a bathroom, family room or bedroom later or just before you move in if the price is good, and find it. EVERYONE is looking for the same thing, change your criteria so you are in a smaller buying group.

I had a client that bought a dumpy house with the owner's possessions still in it last summer. They put in $30,000 and it is gorgeous, they still need to landscape and paint the outside. But it is on a cul de sac, extra large yard and detached double car garage. I had to drag the buyers back there 4 times before they finally saw the potential. Likely they will never move because it is such a great location.

You are at the point now, after learning the market to make those decisions. Once you find that house, you need to jump on it and offer a fair market value price, regardless of the asking price. You need an aggressive agent, that is looking for those houses and making sure your offer has everything needed the first time so you beat out the competition.

I'll send you the list I have, email me, then ask your agent about these properties. I see on Faust, above the freeway that is smaller than what you want, but is a great location and has been upgraded for under $475,000. There are other possibilities, don't give up.

Sandy Carroll
First Team Real Estate
562 494 6760
sandycarroll@verizon.net
0 votes Thank Flag Link Tue May 25, 2010
Good morning Debbie, you appear to be very serious about your home search (On Trulia at Midnight!). I will ask my Agents (We have about 250 current Listings as a company) if anyone has one fitting your description, or maybe one coming up. I have to caution you however, that the 2 answers before me were accurate, in that the terms you are looking for are tough, but not impossible :-)

Always happy to help someone become a neighbor! :-)

Stay Blogging My Friends!

@CBRELongBeach
Web Reference: http://CoastalAlliance.net
0 votes Thank Flag Link Tue May 25, 2010
For 90815 I see only 2-3 properties that are what you describe. Only 4 have sold in 90815,,,90814 is going to be over $450K for the sqft you want.

Because there are so few,,you MUST be working with an aggressive Realtor, one who will go out & door knock for you if necessary and one who will also target owners that are in default & has experience in Short Sales. If you have patience for a short sale, you can get wholesale pricing. If your agent hasn't brought up this idea, chances are likely they're unwilling or don't know how to talk to owners in this situation.

EmilyKnell1@yahoo.com
562-430-3053 cell
0 votes Thank Flag Link Tue May 25, 2010
Let your Realtor do their job and ask them. If you are not finding anything then you have set your sights too high and price range too low. You may want to have a discussion about what could be changed in your search to get your desired results. Why haven't you looked at foreclosures?
0 votes Thank Flag Link Tue May 25, 2010
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