Home Buying in 91604>Question Details

Ch, Home Buyer in Studio City, CA

I'm a first time home buyer & would like to purchase a foreclosure home in the san fernando valley. Advice?

Asked by Ch, Studio City, CA Sun Jun 14, 2009

I've been told that I need an agent that specializes with foreclosures, both selling & buying, and has contacts with lenders and asset managers. How do I go about discerning who to contact?
Is it a good idea to have someone repping me also be the same person that is repping the seller's property?

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Dorene Slavitz’s answer
You need your "own" agent to represent you. This should not be the same agent as the one who has the listing he is trying to sell. You do not need an agent who specializes in foreclosures, just an agent who is familiar with the process.
You could look at profiles, here on Trulia and then make a few calls and discuss what you have in mind. I'ts best if you work with an agent who is experienced with the area in which you are buying.
Best of Luck to you
1 vote Thank Flag Link Mon Jun 15, 2009
It is important to work with an agent you are comfortable with and one that is well versed in the REO market. If you are interested I do work with with an REO team and can possibly assist you, but would need to know more as to your needs. Please contact me at your convenience.

Yana Galuz
Senior Associate
Crescent Realty

12345 Ventura Blvd. Ste M
Studio City, CA 91604
(310) 595-5522 Direct
(818) 980-5040 Office
(818) 980-5020 Fax
0 votes Thank Flag Link Wed Nov 10, 2010
My best advice is to work with someone who has worked with REOs before and to be ready to offer! Most REOs are priced quite competitively and see offers very quickly. Its important to have all your ducks in a row such as being pre-qualified for a mortgage, having your proof of funds ready, and being familiar with the contracts. I would also advise you to be ready and willing to do some work. Many REOs are not in the best condition, but don't let that scare from getting a great deal! Why pay for someone else's remodel? I just closed on an incredible REO deal....yes the unit needs some work and the negotiations were brutal...but my experience allowed me to keep my client calm and informed, why negotiating a great deal, and ultimately helping him close on a GREAT investment!

Please feel free to contact me for assistance!


Julie Kryukova
Cell 310.402.8181
0 votes Thank Flag Link Mon Nov 8, 2010

Visit my website to find the most current listed bank owned homes.

Neil Singerman Realtor ® Epro® DRE Lic. # 01097970
Pinnacle Estate Properties
0 votes Thank Flag Link Fri Jun 19, 2009

Congratulations on your decision to buy! It is helpful to have someone who has experience with REO properties (foreclosed properties.) Most agents will have lenders they can recommend to you.

Remember when working with an agent that is the listing agent for the property you want to purchase that their fiduciary responsibility is to their seller. If you have a buyers agent that agent will sign an agreement with you that confirms they are your agent - therefore, their fiduciary responsibility is to you as the buyer.

Hope you find your dream home!

Dot Chance
Keller Williams Realty
12711 Ventura Blvd
Studio City, CA 91604
818 339 7712
Web Reference: http://www.DotChance.com
0 votes Thank Flag Link Wed Jun 17, 2009
I have a great property that Im selling in sherman oaks(if youre looking for foreclosure home).
In general you would rather work with the listing agent instead of a buyer's agen because the listing agent will have more insentive to sell you the property him self. This way of doing business is not so good, but many realtors will do it just to make more money.
Look online for properties and call the agents.

Good Luck
Web Reference: http://homesinsale.com
0 votes Thank Flag Link Wed Jun 17, 2009
Doreen, Keith and Jonelle are correct about their answers here. You need your own Realtor representation for this foreclosure purchase transaction. Make sure your agent is a REALTOR and not just somebody who has a real estate license. There is a big difference, which might determine whether or not you are protected.

Please be careful with this and make sure your interests, and not those of others, are protected.

Harrison K. Long, Coldwell Banker Previews, Irvine. CA.

0 votes Thank Flag Link Tue Jun 16, 2009
Hi Home Buyer!

Yes you need someone to represent you and guide you thru the process! I would like to apply for the position! I have been in the biz for 10 years..

Jonelle Bechard
Rodeo Realty
0 votes Thank Flag Link Tue Jun 16, 2009
My guess is that you are a first time buyer. You are going to be making the largest investment of your life.

Wouldn't you feel more comfortable if you had someone representing your interests? You may not be aware, but in most situations the cost of the buyer's agent commissions are paid by the seller, so you are getting market expertise, professional representation, and an excellent negotiator for free.

Let me know if you need help.
0 votes Thank Flag Link Mon Jun 15, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
It is always preferable to have your own representation when you are buying a home, especially if it is a bank owned property and yes, it is in your interest to have an agent that has undertaken bank owned transactions and worked with lenders to understand the pitfalls and timelines that one can encounter in such transactions.

References can be provided to you of buyers who have bought foreclosure properties recently in the San Fernando Valley and have been more than satisfied with the service provided.

Bob Khalsa, CCIM
United America Realty
0 votes Thank Flag Link Sun Jun 14, 2009
Check out http://www.SearchingSantaClaritaHomes.com and judge for yourself. The answers are on the site.
0 votes Thank Flag Link Sun Jun 14, 2009
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