Foreclosure in Los Angeles>Question Details

Eric Wu, Home Buyer in Russian Hill, San Fr...

What is the best way to purchase a foreclosure in Los Angeles?

Asked by Eric Wu, Russian Hill, San Francisco, CA Mon Feb 6, 2012

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Foreclosure listings hit the market in the same way standard sale listings do. So it is important to get set up on a search for your desired criteria, so that you can be immediately notified when new foreclosure listings hit the market. Often times, these listings get sold quickly, so the quicker you find out about these and act, the better chance you have of getting one! If you need assistance with a search feel free to contact me.

For more information about the foreclosure process visit here: http://richardschulman.com/buyers/foreclosures/

Richard Schulman
Keller Williams Realty
#1 Agent KW Westside Realty
(310) 482-0173
schulmanrd@yahoo.com
0 votes Thank Flag Link Sun Feb 19, 2012
Easiest & best is to connect with a local L.A. agent. I usually go direct to my Title rep as they will have the latest date & times for the newest foreclosure auctions. Best to consult with your agent and/or have them attend the auction with you so you can narrow down neighborhoods quickly, if you do not have the auction address list ahead of time.
Happy to Help,

Renee' Kische
0 votes Thank Flag Link Mon Feb 13, 2012
Hi Eric:

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
katbecker@prula.com
0 votes Thank Flag Link Wed Feb 8, 2012
It depends of what you mean by foreclosures... if you mean buying them at the auction all cash... then there is no best way...is risky nd highly competitive... if you mean a bank owned home (AKA REO) then buy it with a superb Trulia reviewed Buyer's agent, like me or many others on this site...

Best of luck!

Ron Escobar, MBA
Broker and General Contractor
Ron@select-realestate.com
0 votes Thank Flag Link Mon Feb 6, 2012
We have put it together in the video below - thanks
0 votes Thank Flag Link Mon Feb 6, 2012
Hi Eric,
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!
Carrie Rollings
0 votes Thank Flag Link Mon Feb 6, 2012
With me.

Give me a call.

Contact

Judith Santillan
DRE 01898972
323 317 4134

I look forward to speaking with you.
0 votes Thank Flag Link Mon Feb 6, 2012
Hi Mr. Eric Wu,

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.

Best Regards,

Lee
Web Reference: http://www.homesbylee.com
0 votes Thank Flag Link Mon Feb 6, 2012
Russian Hill--are you relocating? I lived in SF for 20 years (on practically every other "hill")--now in LA for a decade. When you say, "purchase a foreclosure" do you really mean, "get the best deal?" They are not always the same. My first recommendations would be to narrow down neighborhoods and select an agent.
0 votes Thank Flag Link Mon Feb 6, 2012
Hey Eric,

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.

Best,

Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
mcarrabb@kw.com
(323) 899-2900
0 votes Thank Flag Link Mon Feb 6, 2012
Hi Eric,

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!

John Barry
DRE #01856079
Coldwell Banker Residential Brokerage
Cell: 323-810-7976
Email: john.barry@coldwellbanker.com
Facebook: http://www.facebook.com/RealtorJB
Twitter: @RealtorJB
0 votes Thank Flag Link Mon Feb 6, 2012
Good afternoon, Eric. Foreclosures are listed in the Mutiple Listing Service along with all available properties. Working with a professional real estate agent will ensure you have access to everything that fits your needs. And as a buyer, you pay no fee!

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.

Best regards,
Samantha Allen

"Making Realty A Reality"
Short Sales certified
Real Estate Invesment Analyst certified
Cell 213-500-2384
0 votes Thank Flag Link Mon Feb 6, 2012
Hire an experience Realtor.
0 votes Thank Flag Link Mon Feb 6, 2012
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