Our office has over 300 agents and many of them, including us, work in that area. If you send me an email with exactly what you have in mind, I would be happy to search for a pocket for you.
LA Real Estate Group
Think about this: If the property were a short sale (not too many in this price range), the bank will still send out 1-3 appraisers to make sure they're netting the maximum they can to cover their losses. The home will likely be in better shape than an REO though.
REO property: Again, the bank's asset manager, prior to putting the home on the market for sale will also be obtaining appraisals, they will price it less than market, but chances are if the owner was going under in this price range, they probably lost at a MINIMUM $500-1m from their original down payment & have probably stripped the place, so you'll have missing light fixtures, kitchen cabinets, appliances, sinks, toilets, possibly tubs, staircase railings, garage door openers, heck maybe the entire garage door! etc)
The real deal on an REO like this is if you were able to pick it up at the actual auction, but then you will need to pay ALL CASH & make sure to investigate other liens that may be against the property. If you don't know a lot about foreclosures you should go to a few of these & just watch. Bear in mind you're going to up against other investors who make this their full time business & have staff to investigate each property.
In this economy, someone willing to lose 30% in this price range has got to be some fire sale of sorts, maybe a probate or trust sale. Even then, if you were heir to the throne would you say "ahh, what's another million, let's just dump it"
Your journey to find the pot of gold will be tough. There aren't many stupid sellers with $5m homes in great shape willing to sell for $3.5M. Even the soon to be Ex wants their full share plus your trousers & the shirt off your back!
When you're ready to float on down to reality-land, let me know. I do know of some homes that are not on the market. They all have defaulting owners.
I have plenty of pocket listings. We have 900 + agents in my company with plenty of listings in Brentwood, beverly Hills (in office pocket listings) that never hit the market. Contact me my office in beverly hills.
I come across a number of pocket listings all the time, however, I would like to be able to contact you more discreetly than on this platform... Can you contact me or give me your contact information? Thank you and always happy to assist...
Richard "RJ" Kas (SFR, SRES)
"Representing the finest properties from Los Angeles worldwide"
KAS Properties - Coldwell Banker Previews International - Beverly Hills East
9388 Santa Monica Blvd, Beverly Hills, CA 90210
310.859-5334 office - 310.488.9826 mobile - 310-273-0670 fax ATT: RJ
RichardKas@gmail.com - http://www.RJforLA.com - DRE: 01352771
Sellers Buyers Investors Leasing Consulting
Let me know if you want me to prepare some options for you.
Roger Perry, Realtor/Broker
Rodeo Realty, Beverly Hills
(310) 600 1553
I am currently working with Investors and there is no way that a bank will accept an offer 30% below list price. R.E.O. (Foreclosed) properties are already reduced 22% - 30% when they are listed in the MLS.
As far as my investors, they have submitted offers and they have been beaten by home buyers offering between $30K to $80K over listed price.
Alameh, is this an all cash offer or is it a conventional mortgage?
Feel free to email me if you have any questions.
Jes Sierra, B.Sc., RealtorÂ®