Home Buying in 92114>Question Details

Sack, Home Buyer in SD, CA

How can I buy one of the foreclosed homes in my area for a bargain?

Asked by Sack, SD, CA Thu Jun 5, 2008

My credit is not too great because of the bankruptcy. I do have some savings up in the 40k range that I can use as downpayment. My salary is in the 50k range and is expected to go up by the end of the year.

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13
David’s answer
Sack,

Did you know you can buy property for less than $100K in San Diego? And did you know you can borrow money not just from banks but from also private money to help you buy a spot?

Gold is such a good investment still! We can show you how to protect your wealth and leverage what you have to get what you want.

Dont dump all your cash in the house!!!

We do things a little different from the typical realtor, and help you preserve your money, not help you spend it.
0 votes Thank Flag Link Sun Oct 11, 2009
Hello Sack,
Good questions.

It’s commonly assumed that any REO must be a bargain and an opportunity for easy money. This simply isn’t true. You have to be very careful about buying a REO if your intent is to make money off of it. While it’s true that the bank is typically anxious to sell it quickly, they are also strongly motivated to get as much as they can for it. When considering the value of a REO, you need to look closely at comparable sales in the neighborhood and be sure to take into account the time and cost of any repairs or remodeling needed to prepare the house for resale. The bargains with money making potential exist, and many people do very well buying foreclosures. But there are also many REO’s that are not good buys and not likely to turn a profit.
I hope this answer helps in your decision. You can contact me if you have further questions.
0 votes Thank Flag Link Tue Feb 17, 2009
Find your management company that represents all HUD homes and REO property's. If you search by these and your area, you will find out who to contact. Good luck on getting a great deal!

http://www.NewRealEstateProperty.com
0 votes Thank Flag Link Mon Sep 22, 2008
Sack, You need to talk to a lender to see what you can qaulify for. Then you need a good foreclosure agent in San Diego. Visit our site and get started.
0 votes Thank Flag Link Mon Sep 22, 2008
Get in touch with a large retail lender that has access to all of the government loan programs, FHA, and find a solid experienced real estate agent that has great access to San Diego Foreclosures http://www.teamaguilar.com/free with years of real estate experience.

Buying foreclosures are made out to be way to confusing and so much of it has to do with agent not returning phone calls and leaving buyers and their buyers agent in the dark. Find a good agent, get a good loan and know what you can qualify for before you start to look.

Check out a good website of free foreclosure listings in San Diego. http://www.teamaguilar.com/free
0 votes Thank Flag Link Wed Aug 20, 2008
Mr. Sack hire me free of Charge to assist you with City,Government Programs for first-time home buyers, where credit and BK are not an issue. Keep your 40k in your savings, as a Participant Voluntary Speaker for Community Housing, I specialize in educating first time home buyers.

Ruben Sanchez: Realtor/Mortage: Broker
Web Reference: http://www.RuBenRealty.com
0 votes Thank Flag Link Thu Jul 10, 2008
Talk to a lender and see what you can get a loan for. I can recommend you a good one. 40k down is great!!!! I think buying a foreclosure in san diego is a good way to go - especially if you're patient. There are multiple offers on foreclosures in San Diego - call me let's get started.
0 votes Thank Flag Link Sun Jun 29, 2008
sack...

The most important thing is to get pre-approved for a loan.
Most of the foreclosed homes are bargains.
You will need a good real estate professional to negotiate a great price for you.
if you need help with any of the above please e-mail me symbolicrealty@yahoo.com

Lee Lovitt Symbolic realty Owner/Broker
http://www.symbolicrealty.net
0 votes Thank Flag Link Wed Jun 11, 2008
Hi Sack - As an REO listing agent, my sellers are getting pickier about offers that come in. Whether the property has been sitting or not, we are now asking for approvals of credit, proof of funds and 2% earnest money deposit, within the first 7 days of the agreement. Too many agents who are not educated selling REO properties bring buyers that will not qualify for the home at the last hour. Yes, the longer a house sits on the market the more likely the seller will negotiate on the price. Depending on what kind of loan you obtain will determine how much a seller can contribute to you closing costs. Looks like you have accumulated some good information. Good luck with your home buying adventure!
Birgit Anglin
Windermere Exclusive Properties
Carlsbad, CA
0 votes Thank Flag Link Thu Jun 5, 2008
Sack,
You have gotten good advice getting a lender to approve you for a loan and in using a Realtor to find the property. I would suggest that you have your Realtor find the bank owned listings that have been listed the longest. You should be able to bargain better on them, however, get a home inspection done and have a contractor give you estimates of needed/desired repairs. Once you are in escrow and have had an inspection done, you may be able to get some concessions from the bank/seller. I would also consider asking the seller to pay for points to buy down your mortgage rate (one point =about 1/4% less of an interest rate and four points wouuld be about 1% less). That could help you get an approval even with some credit dings. You can find some great buyer tips at our site shown below.
0 votes Thank Flag Link Thu Jun 5, 2008
Hi Sack ,
Hi Sack ,
I would suggest you start by interviewing at least 3 full time realtors in your community that Work with foreclosed properties listing them and selling them.. The agent will help you with the process of qualifying and purchasing foreclosed properties. An agent must be knowledgeable about the Market conditions . As an agent I would never allow my clients to overpay for any properties….. So comparative market analysis is important and a clear understanding of the process of purchasing a foreclosed property is very important.
Good Luck
Hope this helps.
Helene M Moore
Windermere Prestige Properties.
0 votes Thank Flag Link Thu Jun 5, 2008
Hi Sack,

Your first step is to speak a loan consultant to determine your purchasing power. They will work with you and tell you based upon your personal situation what kind of loan you will qualify for. After that then sit down with your real estate agent, if you don't have one, find one. Discuss your options to see what you can afford to buy. House vs Condo, area(s), size, minimum needs, etc...

If you don't have a loan consultant, I would recommend a lender I have done business with for 20 years. She will take the time to discuss all the details with you. Her name is Lori Goldman, 619-885-0093. If you don't have an agent, you can give me a call and or visit my website.

Good Luck, there are lots of options out there.
Denise Gleavey
Coldwell Banker
858-565-7777
Web Reference: http://www.IHandleRE4U.com
0 votes Thank Flag Link Thu Jun 5, 2008
Hi!
there are tons of bargains out there! One major obstacle however will be your bankruptcy. How long ago was it actually discharged? What type of bankruptcy was it? All this makes a difference.
The savings will help you qualify for sure- you could use it towards a downpayment, but I'd like to see you keep some for a rainy day rather than put it all down on the house.
I have the abilility to legally remove bankruptcies from your credit- it's not cheap, but the attorney I work with is doing some amazing things right now.

If you need an advisor, please don't hesitate to get a hold of me.

Andrew Paul, CMPS
619 941 3000
0 votes Thank Flag Link Thu Jun 5, 2008
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