From what I've been seeing, the best deals out there are with Pre-forclosures. Properties listed for sale that are in default on their loan. Banks don't want to own property and are more likely to take a lower offer when the property is going into foreclosure/in default then once they own them (reos). As Maggie mentioned, both ways of purchasing the properties can be found on the MLS. For access to the LA MLS you can visit our website below.
All the best,
You can view those REO listings on realtor.com. However, if you need further assistance, feel free to contact me. All realtors as I am have access to the MLS which has the most updated info on the Bank Owned properties. I do have connections with several REO agents as well so I sometimes get listings that are not even listed. My office is right in Rosemead CA and you can drop by anytime. Good luck. David 626-203-5676
I'm an agent in Temple City and have information to bank owned properties in the Alhambra area. Feel free to contact me if you want to get started on the process of buying a bank owned property. Hank at 626-523-8787
The properties lsited on this site are listed w/ Realtors and the contact info listed is the lsiting agent for the bank. Over and over, on this site and everywhere, you will hear advice given to buyers to work w/ a bueyr agent who is working in the buyer's best interest. The properties on this stie appear on MLS, Trulia, and Zillow.
there are thousands and thousands of foreclosures listed with contact info and don't forget to check out the links on the left which will take you to other lenders sites, prices are also there