Home Buying in Los Angeles>Question Details

Gomezr56, Home Buyer in New York, NY

Hi there I'm looking to invest in foreclosed property, I just need to know the facts about foreclosure and the kind of buying fees if any are

Asked by Gomezr56, New York, NY Tue Oct 23, 2012

involved

Help the community by answering this question:

Answers

13
Kieran M. Jackson’s answer
Hello Gomezr56,

I would love to discuss with you the ins and outs of buying distressed (foreclosure) properties here in Los Angeles. To understand what your goals are specifically, and to be completely thorough in answering your question, I think it would be best if we discussed this on the phone.

Do you think you can give me a call?

All the best,
Kieran Jackson, Shortsale Foreclosure Resource
Keller Williams Hollywood Hills
(213) 632-8484
Web Reference: http://shortsaleprola.com
0 votes Thank Flag Link Wed Oct 31, 2012
Hey Gomezr,

Foreclosure properties are sold as is, so you will want to make sure you have cash reserves for needed reapirs.

You will need to have contacts in plumbing, electrical, roofing, painting, and pest control,as many of these homes will require repairs that should be done by lic professionals.

When writting your offer make sure and submit your BEST and FINAL offer. Banks often times do not counter. They simply select which offer they deem to be the best.

Be patient, many investotrs are taking advantage of this market, so you may find you will have some competition. You may have to submitt a feww offersr before you get one accepted.

Last, make sure a get yourself a deligent buyer's agent. You will need someone on your side who has the time and energy to take the journey with you.

Much success to you.
Kawain Payne, Realtor
0 votes Thank Flag Link Fri Oct 26, 2012
Ricardo.Gomezr,

I'll be glad to help you in Los Angeles.

Douglas Perez
(213) 375-8741
0 votes Thank Flag Link Tue Oct 23, 2012
Hello Ricardo,
There are no problems with you being a non-resident/visitor. The U.S. and Britain have a great relationship and there are usually no visa/passport issues. Actually, the U.S. encourages foreign investments in the U.S.

As for your investment question, I would recommend you find an agent who is honest, educated, and has integrity. Foreclosed properties can be great investments but you have to know what you're buying and where. There are plenty of other questions that need to be answered before you purchase but keep in mind, it is always a good idea to have as much information on a particular property before you purchase it, especially if it is foreclosure and if you're out of the country.

I hope this helps and GOOD LUCK INVESTING!

Best,

Yeprem P. Davoodian, M.A.
0 votes Thank Flag Link Tue Oct 23, 2012
No problems with being a British citizen and paying cash. I do not initiate any SKYPE calls with new clients, however I am available to help you in Los Angeles!

All my best,
Dot Chance, Realtor®
Certified Distressed Property Expert – CDPE®
DRE License #01494182
Keller Williams Realty World Media Center
http://www.DotChance.com
818.339.7712

WHEN YOU THINK OF REAL ESTATE...Think DotChance.com! My business thrives from your referrals!
0 votes Thank Flag Link Tue Oct 23, 2012
Wall Street Private Equity Firms Investing $Billions in Real Estate Foreclosures http://bit.ly/POBpwb #RealEstate
0 votes Thank Flag Link Tue Oct 23, 2012
Thank you guys for the replies. I'm a British citizen, are there any problems I would come up against being a foreigner buyer? And I will be a cash buyer, if anyone specialises in the Los Angeles area please skype me as soon as possible. Skype: Ricardo.gomez208
0 votes Thank Flag Link Tue Oct 23, 2012
Foreclosures are not always a good deal.
Sometimes you end up getting a home that is occupied and you have to evict the previous owner (not a fun process and it can take a long time and cost you a lot of money).
Also not all Liens and encumbrances are cleared by a foreclosure process, so you could end up getting a lot more than you bargained for!
Unless you really know what you are doing, I don't recommend this avenue.
Cal me, there are many Bank Owned or regular sale homes that are also a good deal.
0 votes Thank Flag Link Tue Oct 23, 2012
I help clients buy foreclosed properties. Call or e-mail me.
Some of the facts are this:
1. All cash on the spot
2. You don't have the opportunity to preview the inside of the property prior to purchase, you can do an exterior drive by. People being foreclosed on are not generally very friendly.
3. You usually don't know for sure the property will be foreclosed until the day of the foreclosure
4. For the above reason you have to be flexible as to what property you buy and you have to act quickly
5. It takes a lot of very careful homework so you know what you are getting into.
6. You have to understand house values in the neighborhood of the foreclosed property
7. You can do all this yourself and you pay no fees.
Good luck!
0 votes Thank Flag Link Tue Oct 23, 2012
Hi ,
I helped my clients to buy foreclosed properties , if you are interested please let me know . Send me and email and we can discuss more.
Elahehsal@yahoo.com
0 votes Thank Flag Link Tue Oct 23, 2012
Gomezr56,

When buying foreclosed properties the buyer needs to be prepared to pay for repairs (usually after closing) because foreclosures are usually AS IS sales. The people who were foreclosed on obviously had financial problems and home repairs are at the bottom of the list for them. Then there are those people who are angry they have lost their home and they may take light fixtures, doors and even the kitchen sink with them when they move out!

If, by "buying fees", you are referring to the fees paid to your agent, those fees are covered by the seller. Closing costs generally run between three and four percent of the sales price..

Your agent needs to be sure that you are covered and all liens and delinquent taxes are satisfied by the seller.

All my best,
Dot Chance, Realtor®
Certified Distressed Property Expert – CDPE®
DRE License #01494182
Keller Williams Realty World Media Center
http://www.DotChance.com
818.339.7712

WHEN YOU THINK OF REAL ESTATE...Think DotChance.com! My business thrives from your referrals!
0 votes Thank Flag Link Tue Oct 23, 2012
Hello,
I am a Realtor in Los Angeles..I would be happy to locate properties for you and discuss the specifics to each property.
Best,
Susan Bo'ur
Realtor, Coldwell Banker
Susan@BeverlyHillsLuxuryFlats.com
0 votes Thank Flag Link Tue Oct 23, 2012
When a home has cleared Foreclosure, all Liens have been satisfied; all back taxes should have been cleared.
Taking out Title Insurance protects the Buyer in that case.
The Commissions are paid by the Bank, the Buyer's Agent is free to the Buyer.
The only "catch" would be the CONDITION of the property; most of the time, some work is needed. This could present a problem for the Buyer, as some Lenders, (FHA and VA) have stringent rules concerning habitability.
This problem gives an advantage to CASH buyers as they are not dependent upon a Lender's requirements.
It has also spawned a new type to Loan which piggy-backs re-hab costs on the primary loan.
You will want a local Realtor representing you in L.A. for all the obvious reasons.

Good luck and may God bless
0 votes Thank Flag Link Tue Oct 23, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer