Home Buying in 90274>Question Details

Mercedes Ser…, Home Buyer in Long Beach, CA

All the homes in foreclosure or pre-foreclosure are listed by Realty Trac which I must sign up for and pay a fee to join.

Asked by Mercedes Seraphim, Long Beach, CA Thu Jul 25, 2013

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Thank you for all the answers. Realty Track is not the place I'd look for a home to buy. I looked for foreclosures in rhe Fannie Mae website or the Banks' and I didn't see anything at "half" price. The Banks want market value as well. I will go with a Realtor to list and buy a home of course!
0 votes Thank Flag Link Fri Jul 26, 2013
Realty Trac usually only shows the amount of the delinquency and not the amount that the home is worth. They do not show "listings" . Most of the homes shown on Realty Trac never reach foreclosure. Even if they do go to a foreclosure sale, you must be prepared to show up at the court house steps with cashiers checks to pay off all liens and encumbrances.

For 99% of people looking for a deal, the best is often to look for homes listed as real estate owned being marketed by a bank and usually listed with a local agent.

See my page on my website about foreclosure procedures in California at http://www.maureenmegowan.com/convertedpages/foreclosures.html on my website http://www.maureenmegowan.com .

Call me at 310-541-6416 if you have any questions or would like some help
0 votes Thank Flag Link Thu Jul 25, 2013
A Realtor will get you a list of house based on your parameter; and they will do it for free.
If you want to use Realty Trac, knock yourself out.
0 votes Thank Flag Link Thu Jul 25, 2013
I don't have a quesstion..
0 votes Thank Flag Link Thu Jul 25, 2013
Concur with previous answers. Realty Trac can do nothing more than a local realtor. Usually, information from them is misleading at best (I spend a lot of time explaining to people that, no, they cannot buy the million dollar home they found on Trulia from Realty Trac for $100). An agent can set you up with an automated search that hunts down REAL foreclosures that are REALLY on the market and that are in your price range. Don't waste your time or money elsewhere.
0 votes Thank Flag Link Thu Jul 25, 2013
Hello Mercedes,
As stated by the other agents, you should work with a Realtor. It doesn't cost you the buyer to work with an agent.
Please feel free to contact me for a list of pre-foreclosures, foreclosures and bank owned in your area and price range.
(310) 600-4240
0 votes Thank Flag Link Thu Jul 25, 2013
Since most such properties end up being listed with a broker, why not simply work with an agent of your own....
0 votes Thank Flag Link Thu Jul 25, 2013
Hi Mercedes,

Don't be "RealtyTrac'd" in the wrong direction!

RealtyTrac's primary objective is to separate you and the Dollars in your wallet on a monthly basis for information any Realtor® can provide you for FREE. RealtyTrac is NOT a "distressed property MLS", they are simply using Trulia to take public record notices and syndicate the information to the web.

There are three steps that have to take place before a property can be sold as a foreclosure. Here's a quick diagram explaining the process of actually getting to the status of an actual foreclosure and being sold to the Bank or a 3rd Party transferring via a Trustee's Deed:

As far as having the most up to date listing information for ACTIVE listings team with a local Realtor® who can set you up with an automated search for what you can afford.

BEFORE you start seeing property, obtain a "True Pre-Approval" (your most important step in my opinion). You MAY need to improve your credit score, increase cash reserves, etc. before buying; however, at least you will have a roadmap to eventually purchasing if this is the case. Furthermore, this step can save you from wasting money on a purchase that does not close escrow!
"Retail Banks vs. Mortgage Broker/Bankers"

0 votes Thank Flag Link Thu Jul 25, 2013
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