Home Buying in El Segundo>Question Details

go3wild, Home Buyer in El Segundo, CA

How to purchase foreclosure properties in El Segundo?

Asked by go3wild, El Segundo, CA Sun Jul 22, 2012

Help the community by answering this question:


On the Westside and El Segundo foreclosures are pretty much dried up. But foreclosures are listed just like standards sales. There are additional disclosures for foreclosures. Prospective buyers would precede just like in standard sale with: loan, appraisal, inspection, walk-thru and etc contingencies.

Gail Mercedes Cole
EXP Realty Marina del Rey
0 votes Thank Flag Link Sat Oct 5, 2013

There are not a lot of foreclosures in El Segundo, but you could view and make offers on those through a good local agent that services El Segundo.

0 votes Thank Flag Link Sun Oct 28, 2012
The first step to buying any type of property is to obtain pre-approval for a loan from a lender. Once you have that you will be able to identify a specific property in your price range.

There are several different approaches to buying a distressed property. The most obvious one being houses currently on the market(listed with a broker), and owned by the bank(REO).

The second option would be to approach an owner that is facing foreclosure with an offer to purchase their property. This is often a very good way to purchase a distressed property. I can explain this more if you would like to call or email me. It can be complicated if the house is worth less than what the seller owe, but not impossible. You just have to be patient when exploring this method. People are often in denial and are not immediately receptive because they are probably going through some very tough times personally.

The third option would be to go to a property auction at the court house and bid on defaults. This can be exciting and extremely overwhelming for even seasoned investors. Properties move quickly, you can often get great deals, but you have to be ready with a lot of cash on hand.

Let me know if I can help you,

Travis Siegel
RE/MAX Execs - El Segundo
0 votes Thank Flag Link Fri Aug 10, 2012
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