Foreclosure in Northridge>Question Details

Jessica Duran, Real Estate Pro in ,

if you are first time buyer and want to get a foreclosure house would take a long time to process...

Asked by Jessica Duran, , Tue Nov 10, 2009

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3
Jessica,

Just make sure you dont go for the hard sell and call any realtor. Call a bunch of realtors and interview them if you go that route.

I am on the opposite side of the coast so Im speaking from the heart, not trying to lead generate (I dont even try to when I answer questions for ppl around me).

As you would do your homework on how to buy a foreclosure, do your homework on who to hire. Realtors get a bad rap for a reason, hire someone who goes against the common "car salesman" tactic of hitting you left and right trying to capture your email/telephone number.

best of luck


sean dawes
0 votes Thank Flag Link Wed Nov 11, 2009
Jessica, the process can be as varied as the answers you have received below. My suggestion would be to explore all your options and don't limit yourself to only foreclosures. Our market is forever changing and right now the trend seems to be to price really low and get 20-50 offers ABOVE the list price.

If you have any questions about the process or if you need to know how to get pre-approved for a mortgage please let me know.

Best,
Dot
Web Reference: http://www.DotChance.com
0 votes Thank Flag Link Wed Nov 11, 2009
A bank owned property can take a long time to get to the settlement table. Also they are not as easy to work with and generally do not do any repairs to the properties prior to settlement. You are buying properties as is.

Why are you considering going this route? Have you looked into other options? Short sales might be a better approach as in the seller just cannot pay their mortgage and are trying to sell before it goes into foreclosure. The home could be in better condition as the bank did not seize it.

I would add some more info such as have you been pre-approved and what price range for. This way some local realtors can chime in here and mention some good markets to look in.

If you are going the foreclosure/bank owned route I highly suggest you hire a buyers agent. This process can be a nightmare if you try and tackle it on your own.


Sean Dawes
0 votes Thank Flag Link Tue Nov 10, 2009
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