Lady, Home Buyer in Pacific - Edison, Gl...

how to buy foreclosure home?

Asked by Lady, Pacific - Edison, Glendale, CA Fri Dec 4, 2009

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4
Voices Member’s answer
The Banks and the Gov. have created web sites for the Public so they can get answers directly from them on how the process works and view their Properties listed for sale...Free and updated constantly

Sites like these...https://servicing.chase.com/REO/Property/FeaturedProperties
http://www.nhmsi.com/ ... http://www.homepath.com/ ... http://bankofamerica.reo.com/search/propertysearch.aspx

You can find the links to these Bank and Gov sites here..Free ...
http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp
http://www.biggerpockets.com/bank-reo.html

For Tax sales…http://ttc.lacounty.gov/Proptax/auction_faq.htm
http://ttc.lacounty.gov/Proptax/Tax_Defaulted_Property.htm
CA.....http://publicrecords.onlinesearches.com/California-Foreclosu…
Nationally...http://publicrecords.onlinesearches.com/Foreclosures-and-Tax…
For searching public records....http://publicrecords.onlinesearches.com/

Good hunting, Dunes
2 votes Thank Flag Link Fri Dec 4, 2009
You need an experienced REO agent who knows about foreclosures so they can guide you through the transaction. There are many things which must be navigated such as the condition of the home, the way to present an offer, and much more. If you need any assistance we are Experienced REO agents, Give us a call! 818-424-8340!
0 votes Thank Flag Link Fri Jan 8, 2010
Hi Lady,

John was right. You need an agent who knows about foreclosures and short sales so he or she can guide you through the transaction. However, buying foreclosures will demand your patience and energy to wait for the approval from the lender which will take a while to response. You might have to wait from 45 days to 6 months or may be more to close the escrow and move to in your new home if you are lucky. If your offer is more than the bank's appraisal you might have to start from the beginning again since they will demand you to resubmit the new offer with new appraisal's value. Ask me if you have more question I will be gladly to answer them for you.
0 votes Thank Flag Link Sun Dec 6, 2009
Hi Lady,

Your best bet is to work with a good agent who can provide you with foreclosure listings that are available & fit within the area, price range & size/style you are looking for. Most foreclosure listings are sold similar to regular sales, listed by an agent and marketed as any other property would be. The seller you would enter into contract with should your offer be accepted would be the bank which foreclosed on the home, and the decisions would be made by the banks management and asset manager handling the transaction.

If you are not currently working with an agent and would like some assistance, I would be happy to help you out. Please give me a call at 323-810-7976 or send me an email to john.barry@coldwellbanker.com - I would be happy to go into the process in much greater detail with you an answer any questions you may have.

I also recently did a blog post where I re-posted an article concerning REO sales - you may find it somewhat helpful as it concerns this subject. You can find the article here: http://jbknowsthevalley.blogspot.com/2009/09/5-common-myths-…

Hope this info is helpful - let me know if you have any questions...

Have a nice evening!

John Barry
Coldwell Banker Residential Brokerage
Cell: 323-810-7976
Email: john.barry@coldwellbanker.com
facebook: http://www.facebook.com/RealtorJB
Twitter: http://twitter.com/RealtorJB
0 votes Thank Flag Link Fri Dec 4, 2009
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