Hi Leo -

It is definitely hard work purchasing a short sale. It is a long, slow process, requiring dedication, persistance, and patience, both yours and that of your agent. However, when you finally do secure one, it makes it all worth while.

During the pruchase process, I drove past 350+ homes, my agent helped me tour 40-50, and we made 9 offers, all over three months time period. Sometimes we were competing with as many as 25 other offers, and the banks are very slow about responding to offers, which is the frustrating part.

The good news is my new home is in one of the nicest areas of Corona, and I got the house for less than 45% of the price the previous owner paid for it. And after 12k in renovations, it looks really great! So all in all, I'd say i got a great deal and am very satisified with my purchase.

Best wishes in your house-hunting experience!

Crazy Market

Hey Leo,

I would tell you that purchasing a property during the shortsale process is alot of work for what you get. You can find a better deal out there without going through the headache of the shortsale process. Hit me up if you would like me to find something for you. I am not a licensed agent nor broker, but I am an investor and I have made over $500,000.00 on my investment propertys in the last 7 years and Im currently living off of my rental income. So, I have a great deal of knowledge on purchasing great deals and getting something with instant equity or possitive cashflow. Just as an example, the first building I purchase 4 units for $150,000.00 which the previous owner had paid $240,000.00. It was a fixer upper, but the point is I had instant equity and possitive cashflow!!! Anyway, I think I can help you find what you are looking for. I also have a network of Licensed Real Estate people that give me first dibs on their deals, loan products etc.....If you are still interested in trying to purchase a shortsale property, you must know that the process and need alot of patience, because there are many things going on during the shortsale that can change the outcome or the approval by the banks. But all that said and done, if you are patient, it can turn out to be a great way to get a great deal....

Leo, You could check this out for info from the state on the tax sales.... http://www.sco.ca.gov/ardtax_public_auction.html ... here for Riverside County info ... http://www.treasurer-tax.co.riverside.ca.us/tax_sale_informa…

Nice search engine to look for public records ... http://publicrecords.onlinesearches.com/

If you'd just like to do some browsing you might want to take a look at the Bank/Gov sites created to give access to the public to properties for sale (REO/Foreclosures) they have listed and the sites also explain the Bid/Purchase process each of them use.
Sites like these.... http://reosearch.fanniemae.com/reosearch/ ... http://www.countrywide.com/purchase/f_reo.asp ... http://hud2.towerauction.net/CA.htm ... http://www.wamuproperties.com/

You can find the links to all the sites and more here .... http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp .... http://www.biggerpockets.com/bank-reo.html

Good hunting, Dunes

Leo,
There are incredible deals happening everywhere- in short sales, foreclosures and even in regular equity sales. Best thing to do is to work with a smart, energetic savvy Realtor who has their finger on the pulse. They will help guide you through the process as smooth as possible. This is the reason to work with a Realtor, so they can guide you along and make your purchase seemless and enjoyable! Let myself and my team do the hard work for you!

Hi Leo:

There is the process of buying a foreclosure as it is being sold at the court house or other public place. Many times you see in Trulia foreclosure information and the prices seem very low. It isn’t always accurate as to an actual purchase price. To purchase on the court house steps or other public places you need cash and/or cashiers checks. You need to have all of the cash with you, there are no loans. The beginning price is based on the price that has been given to the trustee to start the bidding at; many times it is the amount that is owed on the property. Some banks are now bringing the opening bid to market price however that is not very common. You purchase the home with no warranties and any lien that is junior to the foreclosing property fall away, but any liens that are senior (such as some tax liens) stay with the property and become the problem of the new buyer. You purchase the house as is and if the owner or tenets are still in the property you will need to evict them

If you are talking about purchasing an REO (Real Estate Owned) or Bank Owned or Corporate owned property, then those properties are in the MLS and are similar to a standard sale. You have a Realtor represent you who knows what the market is doing and how to negotiate offers that will help you purchase what you are looking for. There are deals out there but again most buyers are looking for the best deal. What is the best deal for you and your purposes may be different than those that are for someone else. Get together with a Realtor who can understand your needs and help to prepare you for the buying process.

I would love to help.

Diana 909-945-5763

Leo

I just want to add a few more things to that of the first answer. You mentioned that you're looking for a good deal... you and many many more people. This has caused quite a demand for the best houses at the best prices. Buyers are hearing that it is a "buyer's market" and think that it will be fairly easy to pick up a good deal. But there is a demand for those good deals. Most often the good deals are receiving multiple offers. II even know of one situation where the agent had receveived 30 offers on a foreclosed home in Corona. Buyers and their agents are having to be aggressive and competitive in order to get one of those good deals. Be patient, find a Realtor who knows what he or she is doing and listen to their advice.

I am a buyers agent and have lots of experience dealing with foreclosures. I'd be happy to help you. You can reach me at 951-840-5212 or at vicki@pedersen-team.com

It isn't difficult, but it takes patience, expertise and a game plan. You need a good team and an agent that can help you understand the process ahead of time. We have sold many foreclosures and would be happy to teach you the ropes and put a game plan together to meet your homebuying needs.

If you are available Tuesday or Wednesday, we have appointments available to walk you through the process. You can reach us at 877.264.4383.