Hello Linda. Whether or not you can look at the foreclosure property before you buy it depends on whether the property is listed through the MLS, whether you are buying at a trustee sale or at an auction. If the property is already bank owned and listed through the MLS, you can look at the house before making an offer just like with any other MLS listing. The only difference is that you'll not receive any disclosures from the bank. If you buy at a foreclosed property at an auction, you'll be able to look at the house before the actual auction because the auctioneers hold open houses usually 1-2 weekends before the auction date. You can bring your inspector with you to the open house. Once you have a winning bid, there's no inspection period. You are expected to close escrow. You may be able to look at the house again during the escrow period, but you can't back out of the deal and get your deposit back because you found something that you don't like. If you buy at a trustee sale, you can't look at the house prior to bidding. However, most houses were on the market before they end up at the trustee sale as sellers usually try to sell the house to avoid foreclosure. Thus, theoretically it's possible that you may have had a chance to see the house prior to the trustee sale date.

I am not sure to which online agencies you refer in your question. I am assuming you are talking about Internet real estate brokerages that offer to represent you promising a rebate. I personally don't know exactly how that works, but my concern would be that you may not have an agent who knows the local market and even worse, who helps you buy a house that he/she has never seen. The issue of online brokerages has been discussed ad nauseum on this forum and conducting a simple word search will yield more answers than you'd ever want to read. My advise to you is hire an experienced local agent who can negotiate the best price for you and follow your instincts. If you think you should not trust someone, find someone you can trust. One last piece of advise. Don't think that every bank owned property is a good deal. Include them in your search, but keep your options open. Good luck to you.

Fri Mar 21 2008, 00:24

Hi Linda,
Foreclosures are all over the place...however they are not the only good deals! Our website, www.myLARealEstateGroup.com, offers a free weekly listing of new houses that have foreclosed. We work on a great deal of foreclosures. Most of the time, a good property goes really fast, with several offers on it, even in this type of market. Its usually the best and highest offer that gets accepted...
We just closed escrow on a foreclosure where the bank accepted our offer (significantly less than two other offer, as quoted by the listing agent) because our client had a larger down payment ( 30% vs 20%) and very few or almost no contingencies. That was a huge factor in our acceptance.

Many of these online agenices offer NOD (Notice of defaults) to clients. Thats just before a property has foreclosed. Most of the time, you are able to see the house, either by appointment or other means the listing agent has specified.
We would be happy to help you find that great property and negotiate it for you. Feel free to give us an email with the details of what you are looking for, and Lou & Alex will start looking for you right away,
Good Luck to you
Lou & Alex
LA Real Estate Group
info@myLARealEstateGroup.com
www,myLARealEstateGroup.com

Fri Mar 21 2008, 00:05

Hi, Linda. You do need a good Realtor to represent you. If you are referring to homes that have been foreclosed on and are not bank owned you can definitely go visit the houses with an agent that can get you in.

I'm not sure what you mean by trusting on line agencies. If you don't mind, please elaborate on that.

All my best,
Dot Chance
Keller Williams
Studio City

Thu Mar 20 2008, 22:57

Hi Linda,

Some of the "Foreclosure" homes you see online, are not actually foreclosures. Some may have a notice of default filed on it, some may have a notice of trustee's sale and some are actually foreclosed. You probably won't be able to look at a foreclosed home until it is listed for sale. Unless they had put it on the market as a short sale. Call a realtor and let them help you wade through the listings to help you find the perfect home at the best possible price. You don't say what part of Los Angeles you are looking in, but if I can't help you, I have many good friends that I can refer you to. Feel free to contact me!

Good Luck!

Jodie

Thu Mar 20 2008, 20:42

Linda - find an agent to represent you. They will have access to foreclosures and pre-foreclosures, almost all of them are listed with an agent and listed in your areas' Multiple Listing Service. You can look at any home before you buy it and you will also have a time period (7 or 10 days usually) to do inspections. Make sure your financing is in order because if you buy a foreclosure from the bank they don't like you to be late and will often penalize you if you dont close on time.

You don't need to pay for foreclosure information online. It is often inaccurate as well as confusing.

Good luck!

Thu Mar 20 2008, 19:32