Home Buying in 92129>Question Details

Hx, Home Buyer in 92129

How can I get the contact information for the foreclouse house I am interesed in?

Asked by Hx, 92129 Wed Sep 15, 2010

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The short answer is to contact your favorite REALTOR®. If you want to do it on your own, you can go to the county assessor / recorder office and get the information there.

Unless you have lots of experience with buying foreclosures I really would recommend working with a competent REALTOR®. There are lots of issues associated with REO properties that are not common in conventional sales. REOs are exempt from many of the disclosure requirements that conventional sellers must adhere too. There is a mountain of paperwork involved in any real estate transaction and this is not the time to miss anything.

Finally, as the buyer, your agent's commission will be paid by the seller so even more reason to choose a competent REALTOR.

For more information on how to choose a REALTOR® and how to buy REOs and short sales, check out the website below.

Hope this helps.
Web Reference: http://HomeSalesSally.com
1 vote Thank Flag Link Wed Sep 15, 2010
Hx,

To answer your questions, I will wear my three different hats of experience. Having started 17 years ago as a foreclosure investor, I recommend starting by knocking on the door. Sounds crazy, but 70% of my deals came from just doing this. Leave your contact information that you are an interested home buyer--whether they are there or not. You have the address, so send them a quick letter as well. If they have moved, you may get the owners new address when the letter is returned to you. the neighbors can also be a wealth of information. Be sure to check out information from the assessors office (http://arcc.co.san-diego.ca.us/ ) or your title company. I, too, am a big fan of ForeclosureRadar.com. When you have the owner's name, Google it, use ZabaSearch.com, or find them on different social networks like Facebook, Linked In or Twitter. If you found this property online from one of the bulk foreclosure listing websites, keep in mind that they are often outdated and listings are often left on line as a source of generating buyer leads. And lastly, if you have the time, it's worth it to go to a foreclosure auction in your county...at least once. If this property ends up being sold at auction, you can attend and see if an investor buys it or it goes back to the lender. Contact the winning bidder right away because you can get a great deal if they don't need to go through the time, hassle and expense of marketing it if you want to buy it right away.

That brings me to wearing my REALTOR hat. Finding current, active and even expired foreclosure and pre-foreclosure homes are best done through the services of a dedicated, informed Realtor who is educated in the niche you are interested in. If you are interested in just bank owned REOs/foreclosures, find an agent who truly understands the process...not just one that has a list of them. (We all have the lists, by the way.) If you are looking for bargains in short sales, it is paramount to have a short sale specialist who is a strong negotiator skilled enough to handle all aspects of the short sale transaction. If you find a good one, there is no need it should take 6 months to close!! Just so you know, short sales can often offer greater bargains than foreclosures owned by the bank. Many REALTORS are great neighborhood specialists that can help you as well, but if you are looking for distressed properties make sure you have someone certified for that as well...if you want to save time and money. If short sales are negotiated properly, you can get the seller (lender) to pay your closing costs. Remember, the best agents can save you LOTS of time if they do a thorough consultation with you initially to find out exactly what you are looking for...let them do the research for you.

My third hat is my lender hat, as I have owned mortgage companies across the country. Financing is one of the top reasons deals fall through today. Be sure you have your financing complete before you begin your search in earnest. Most REOs will require this and it helps strengthen your offer with any seller, as well. Depending on they type of financing you are approved for you may be limited to only homes, as not everyone is willing to accept VA or FHA financing on their homes. The new Fannie guidelines offer amazing financing with just average credit scores. A skilled mortgage professional can also help you structure some very creative financing by thinking outside the box...even as lending guidelines have changed. They can tell you which areas you can buy in and still get 100% financing. Be as selective with your mortgage professional as you are with your real estate agent. Your lender may also be able to get you the contact information you need on the foreclosure home you are interested in.

So, Hx...all my hats are off to you for buying a smart buyer in a market filled with tremendous opportunities. Good luck in your search. If I can be of further assistance, let me know...I am easy to reach.

Koni Scavella, PhD, REALTOR
Certified Short Sale & Bank Owned Specialist
The HomeFetchers Team - "...bringing real estate excellence to you"

Direct: 858-480-1717
Office: 877-610-1717 ext 111
Email: info@homefetchers.com

Web: http://homefetchers.com
Blog: http://vestorlink.com
News: http://koniscavella.com

Follow me: http://Twitter.com/koniscavella
Join me: http://Facebook.com/koniscavella
Foreclosures: http://delmarbankowned.com
Web Reference: http://HomeFetchers.com
0 votes Thank Flag Link Thu Sep 16, 2010
Hx,

You've gotten a fair amount of advice to just go ask your local real estate agent. However, please be advised that even then, there may be some complications. For example, if the property is already bank owned, the tax records should show the "bank" that owns the property. And if the agent has any problems here, they will call their local Title rep. and ask the Title company to look it up for them.

Now we get to the "fun" part. That is when we call the bank that supposedly owns the property and they have absolutely no idea that they actually own it. In fact, they may emphatically claim they do not own the property. Then you can spend weeks chasing down the different departments trying to get them to admit they own it so you can make an offer. Ask me how I know!
0 votes Thank Flag Link Wed Sep 15, 2010
If it's not listed, did you want to try to contact the owner? If it's listed, there should be a sign on the property.

As an aside, if the property is listed, the listing agent will get double the commission, so the main focus will be on that, not trying to get you a better price. If you have your own agent, you'll have someone who knows how to negotiate on a buyer's behalf to get you the best price, and a buyer's agent won't charge you anything to look out for your best interests - that's our job.

If the property is not listed, the owner may owe more than the property is worth, which is a common scenario in this market. If there's equity in the home, it could be a good opportunity if you're looking for a new home for yourself to live in. If you're an investor, be careful, there are laws when buying equity property in foreclosure.
0 votes Thank Flag Link Wed Sep 15, 2010
If it is listed call the agent...check with the neighbors.Google the address..call me or another agent and they can check for you. As a buyer you do not incur the agents fees..the bank will take care of the agents commission. It is always better to have representation by an experienced agent in buying or selling Real Estate than trying to do it yourself and having liability.
0 votes Thank Flag Link Wed Sep 15, 2010
should be in the listing or if you saw a sign it would be on the sign, be careful of those websites that say they are listing foreclosures and pre-forclosures ,the "pre-forclosures" are not foreclosures yet and would not be on the market until the bank has actually forcelosed on them
when you are ready, i.e. have your pre-approval letter, call a favored re agent to hrlp you through the process
0 votes Thank Flag Link Wed Sep 15, 2010
My office is the only real estate office in 92129. Give me a call. Susy Thomas ERA 858-361-8174
0 votes Thank Flag Link Wed Sep 15, 2010
Just contact me! ... Our team is in 92129

-- Rod -- Lead Agent
The Powers Team
858-444-2443
0 votes Thank Flag Link Wed Sep 15, 2010
Your local Realtor will be more than willing to provide information about short sales and forclosures. Give your local office a call and ask them for some help. Im sure they would be more than glad to help you on your way.
0 votes Thank Flag Link Wed Sep 15, 2010
If you email me the address I can look it up and let you know if it's slated for sale anytime soon.

Travel@cox.net
0 votes Thank Flag Link Wed Sep 15, 2010
a sign will go up once ii is ready to be marketed Call a trustwothy RE agent in the neighborhood, and if it's a good deal then buy it
0 votes Thank Flag Link Wed Sep 15, 2010
Hx,

Your REALTOR will be able to provide very valuable information (Is the house on the market or are you seeing a notice of default?, is it a short sale?, is it active or contingent?, is it bank owned?, what stage of foreclosure it is in? Are they already offers? What are the risks involved with the particular property? etc...) A bit of research will save you a lot of time. Remember that if the home is on the market, the agent listing the foreclosure home is representing either the bank or the current owner.

Kind Regards,

Marcie Sands, REALTOR
Simply The Best Real Estate Co., Inc.
760-644-1562
Rancho Bernardo
0 votes Thank Flag Link Wed Sep 15, 2010
Hi HX,

I list and sell bank owned properties all over San Diego County and would be happy to help you locate that informatioin. Feel free to give me a call direct.

Sincerely,
Katrina Hamilton
Direct: 858-405-4407
Web Reference: http://www.downtownREOs.com
0 votes Thank Flag Link Wed Sep 15, 2010
Foreclosureradar.com....This is a great tool to have, if you are interested in foreclosures...Feel free go on my company website and take a look. If you would like to contact me directly, visit me at http://www.ryanjstein.com
0 votes Thank Flag Link Wed Sep 15, 2010
Hi Hx, I'd be happy to help you find any info you're looking for. If you go to our website you can search for the property you're looking for and find out if its still available. Please feel free to contact me with any questions or to schedule a tour.

Sincerely,

Sergio Casas-Silva
Partner
Safe Harbor Money Management
CA DRE License #01863531
sergio@safeharbormm.com
(P) 858-405-3289
(F) 619-512-4421
Web Reference: http://www.safeharbormm.com
0 votes Thank Flag Link Wed Sep 15, 2010
I would recomend speaking with an agent if you have not already done so. I would be happy to speak with you about purchasing a forclosed property and how to navigate the process. I can email you the information you are requesting, I would just need the address of the property. I'm not sure if you can respond to this message through trulia, but feel free to email me at ec.rivera17@yahoo.com.
0 votes Thank Flag Link Wed Sep 15, 2010
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