A property in foreclosure has different rules regarding the purchase and sale. There are certain disclosures that need to be filled out. You do not necessarily need a real estate agent to buy a property in foreclosure, but it is highly recommended.
Homes in foreclosure tend to sell for 10-15% less than retail. Without knowing which area you are looking in, a price of $700k can be a steal, or overpriced, based on the market, condition of the property, and the liens attached to the home.
Expect a long delay while working with the lender, as the lender has to agree to let the property go, should the offer price be less than the amount of loans.
The bank will not deal with you directly. They want to work with professionals, and if you do not know how to negotiate and stack your file correctly, not only will the homeowner lose the property, but you will not be able to close the deal.

If you have any questions, give me a call at 800-640-8798


Daniel Klein
Broker
Over 1 Billion Sold

How, Yuki? Hire a good REALTOR experienced in Foreclosures to help you navigate this transaction, especially true for First Time Buyers. It can be kinda tricky and you need to know what you are entitled to and what you're getting youself into. Your agent can provide data on what comparable properties have recently sold for to assist you in your offer price. At this time, REO's in the Inland Empire are often being bid up well over the list price by Investors. Thereby cutting out the First Time Buyers who would like to take advantage of this market and incentives. Call a good experienced ethical REALTOR!! Best of Luck....

Yuki,
I would suggest interviewing 2 to 3 Realtors that are familiar with the area and will definitely work in your best interest. Real Estate agents can help you find a home, but they do a much better job if they are familar with the area and know the market stats for that specific area. 90008 is a very competitive market area and homes normally do not stay on the market long, especially if they are price well. Working with a buyers agent will definitely help you along with your purchase on foreclosures, keep you up with homes as they come on the market as well as providing a market analysis on homes that you are interested in. Again, your first step to get started seriously is to select a buyers agent to work with.

Dawn Welch
RE/MAX Marquee Partners
323-253-6884
email: DawnWelch4homes@gmail.com

You can offer less then the listed price, but you might not get that property. You should work with a buyer agent who can assit you in this purchase.


best of luck to you!

Yuki
You have some great answers. I would advise you to find a Realtor that works in that area and have them provide you with a market analysis of that property. Once you have an idea of market value then you'll know where you stand.

I was showing a property to clients and we said 'wow , this looks way over-price, but let's look". Not only was the property "way over-price..to the tune of $250K, but the lender was clueless.

If you are looking in my service area I would be happy to talk with you further. Good luck. Rates are going up!

Yuki,

A qualified real estate professional will be able to provide you with lists of "foreclosure" properties to consider as well as lead you through the process step-by-step.

Contact an agent today . This is a great time to take advantage of the savings that exist today.

Good luck

Hi Yuki,

Have you had any success with your offers yet?

Even though there is a lot of inventory, I am finding the current market to be very competitive in 90008. Offers are coming in before the first Open House and there are plenty of multiple offer situations which are driving the prices up.

The solution: I am providing my 90008 buyers (especially the first timers) with in-depth marketing analyses and we are submitting aggressive offers.

Be patient, hang in there and make sure you have an agent who is working smart for you!

All the best!

Lezlie Brazil
Keller Williams Realty
T 310-991-4263
F 310-861-0207
E lezliebrazil@kw.com

Hello Yuki,

The best approach is to make sure you have your own representation and retain a BUYER'S Agent and have an Buyer-Broker Agreement. Once you have representation, your REALTOR will handle all the negotiations with the bank/owner of the property. How low you can go will depend on many factors:

1) The price of the most recent sales in the immediate area
2) The condition of the property
3) The location and the length of time it's been for sale

I specialize in foreclosures and work with my buyers as their Buyer's Agent; I advise my clients of the risks of purchasing an AS-IS bank owned property and I ALWAYS recommend that they have a Home Warranty.

I'll be more than happy to answer any other questions you have and to meet with you. Please reach me at 310-890-3271 or visit my website http://www.maggiehomefinder.com

Best regards,
Maggie Mouscardy
REALTOR

My first advice would be to find a good Realtor. All the questions you asked will be handled by them. I would research the area sales around the home you like to come up with a good offer price. Typically, the bank has an agent listing the home that the offer would be presented to.

I would love to offer my services to you. It's tough getting a response on a foreclosure without a professional on your side representing you. Feel free to call me anytime at 310-350-4280.

Jimmy Hutchinson
Atmosphere Realty
Broker/Realtor