Interested in a home in preforeclosure but not sure how to proceed...advise? Here's some background. This

Amy
Home Buyer
Culver City, CA

home is in good condition and looks like someone had started remodeling the inside (perhaps in anticipation of putting on market), but it never did. According to realtytrac, it is at (or just past) the 90 day pre-foreclosure period and I called the trustee to confirm the note is still in default. but i can't find any information on auction or anyone occupying the house. Thanks for any advise.

Answers (2)
Phil
Broker
Guilford, CT

pre-Forclosure home owners are notoriously difficult to get ahold of. Most people try to contact them by mail, but they get so much mail you'll likely get caught in a pile of junk mail. You can try a reverse address search on http://www.whitepages.com and see if you can call the owner. Many cases today they owe more than their property is worth, so you might benefit from a realtor who can help the owner complete a short sale with the bank. (accept less than the mortgage amount due).

Good Luck!

Thanks,
Phil
Friendship Properties
http://www.friendship-properties.com

Sat Apr 12 2008, 23:40
L.A. Real Estate...
Agent
Los Angeles, CA
FIRST ANSWER

Hi Amy,
Let me start by telling you that the info on Realty Trac is not always updated or accurate. We have access to pre foreclosures (NOD) as well as foreclosures and short sales. The way it works is we contact the owner to see if they are interested in working through a short sale to help them out of their situation. Most sellers are happy to hear they have another option other than foreclosure, especially when it a qualified buyer. We can find more info for you on the property if you send us an email with the address and info needed. We have had a deal go through just days before the auction was set. Banks rather settle for a sure thing than auctioning off at the court house steps. Once it gets to the auction, it is only available to all cash offers...which limits the number of qualifiying buyers even further.
You can find out more about us at http://www.myLARealEstateGroup.com
Good Luck to you
Lou & Alex
LA Real Estate Group
info@myLARealEstateGroup.com http://www.myLARealEstateGroup.com

Sat Apr 12 2008, 23:35

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