For more information about the foreclosure process visit here: http://richardschulman.com/buyers/foreclosures/
Keller Williams Realty
#1 Agent KW Westside Realty
Happy to Help,
The best way to purchase a foreclosure in Los Angeles is to work directly with an agent. You would have a better chance of getting an offer accepted, especially if there are multiple offers on a property. Also, when you choose an agent, pick one who has lots of experience working with foreclosure properties.
You can also track pre-foreclosure properties and when they actually go to foreclosure sale, go to the auction location and bid on the property in person. However, you have to take cash to the auction to pay for the property and you never know what your getting. Most are sight unseen!.
Sometimes, foreclosure properties that have been on the market for long periods of time go to auction too. These properties are listed by real estate agents and you are able to view the properties. You submit offers like a normal real estate transaction with the listing agent, they submit the offers to the bank/auction house for approval.
Just a few ways for you to think about.
Feel free to contact me directly if I may be of assistance to you.
All the best, and Good Luck!
Kat Becker, Realtor
Prudential California Realty
Best of luck!
Ron Escobar, MBA
Broker and General Contractor
Just know that foreclosures are like fingerprints, each one can be vastly different from the other. At times, value is there and it can be a tremendous value; at other times, the value may simply reside as retail. Always have your agent run comps, do a market analysis and LOOK AT THE DETAILS-TERMS of the deal....often the buyer can be in a precarious scenario. Best of luck, they can be great!
You got some good answers here. Foreclosures are listed in the MLS. You have to write an offer on a property you like. Just because the property is in foreclosure doe not necessary mean it is a bargain. It all depends on the neighborhood. The other thing to consider is that you have to deal with the bank's addendums with a foreclosure property.
Th best way to buy a foreclosure is to buy an REO (after foreclosure) or short sale (pre-foreclosur) as you can still obtain financing. If you purchase a property at foreclosure sale you need to purchase with all cash and site unseen. Risky and with no loans available. Expensive.
The Carrabba Group
Keller Williams Hollywood Hills
Your best bet is to get a good buyers agent who knows the local market and can provide you with new listings as they hit the market. An agent can also help you determine whether or not the list prices are reasonable by determining the fair market value of properties you are interested in. They can help you gain access to view the properties, negotiate on your behalf with the listing agent and seller & help protect your interests when you are under contract. Sellers of Real Estate Owned (REO) properties often have their own contract addendum they ask buyers to sign which tends to limit the buyers rights, so it is important to have an agent who understands the details and can address any issues that may be problematic to the transaction. As a buyer, the services of an agent are customarily free of charge (agent commissions are normally paid by seller), so there is no reason not to have an agent working for you. Some people think that by going through the listing agent they can get a better deal, but believe me, from my experience it can be a big mistake. You have to have someone representing your interests only and not those of the seller.
Feel free to contact me with any questions. Good luck!
Coldwell Banker Residential Brokerage
If you need an agent in the bay area or Los Angeles, just let me know. It would be my pleasure to help. Thank you.
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