Foreclosure in Tustin>Question Details

Steve Fox, Home Buyer in Tustin, CA

how do I buy a foreclosure?

Asked by Steve Fox, Tustin, CA Mon Apr 14, 2014

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If you'd like to buy a foreclosure at the courthouse steps, you'll need cash (cashier's checks) and you'll be buying the property without having the opportunity to see the inside and conduct inspections.

A short sale property is a pre-foreclosure listed for sale with a Realtor. The price at which a short sale will sell is subject to bank approval. The buyer may be asked to pay off back HOA dues, liens, etc., if any.

An REO is a bank owned property that failed to sell at auction and is now listed with a Realtor.

You can almost always obtain financing on a short sale or REO properties.
0 votes Thank Flag Link Wed Apr 16, 2014
I have yet to see a house that was cheap enough or special enough to justify the risk and aggravation involved with buying a foreclosure. There are TONS of dumpy homes priced below market value on the market, where you can deal with the seller and not a bank. Buy one of those instead.

When you want to buy a home the best place to start is to hire an EXCLUSIVE Buyer Agent, not just a Buyer's Agent. EBAs only work with homebuyers and there is never a conflict of interest that will jeopardize your negotiating position. I can refer you to an EBA in your area, if you like.

I've written a best selling book called Buying a Home: Don't Let Them Make a Monkey Out of You. It'll teach you how to buy a home and get a mortgage without getting ripped off. Follow the link below.

Best of luck!

Alysse Musgrave
0 votes Thank Flag Link Tue Apr 15, 2014
Contact a realtor in your area and ask them to help you with the process. They should be able to walk you through the process and answer your questions.
0 votes Thank Flag Link Tue Apr 15, 2014
Contact any local Realtor and they can help you. All foreclosures, HUD homes, and REOs are going to be listed in the the MLS eventually. Any agent can help you with this.
0 votes Thank Flag Link Mon Apr 14, 2014
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