Home Buying in Cypress Park>Question Details

Diego, Other/Just Looking in Los Angeles, CA

We are looking for some help buying a bank owned property in the Northeast Los Angeles area. We have been

Asked by Diego, Los Angeles, CA Fri Jun 20, 2008

living at the property for many years and it is currently under rent control which I believe is one of the reasons that it has not been able to sell. They do not want to pay for the eviction procedure.

As a first time buyer what are some of the steps that I should be taking now to put myself in a position to buy the property? How much room is there for negotiation on these types of properties in terms of down payment, closing costs, and the selling price of the property? Thank you for your advice.

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Los Angeles is a big place you can get an advantage by searching the Multiple Listing Service for the entire County. You can search for available properties in and around Los Angeles County. Go to my website: reoLicensedSpecialist.com or if you email me, I can put you on a daily alert of properties that are in your price range and the fit your criteria only. This service is free to you.
0 votes Thank Flag Link Sat Jun 21, 2008
The first step would be to get qualified for financing to know if you are within range of the sale price they are asking and to know how far you can go. So, feel free to contact me to go over your lending options before pursuing making any offers.

Hope that helped, good luck to you,
0 votes Thank Flag Link Fri Jun 20, 2008
If you are the current tenants this could be a great deal for you. I am a realtor in your area and would be glad to assist you. You will need to get a reputable realtor to look at the market and find out the value of your home. Is this house on the market right now? If so, sometimes they will put it up with a "bank approved" price and in this case there is little room for negotiation unless it has been on the market for a while. In general also, these properties are sold completely as is and they won't agree to credits for repairs. All in all though, you could be an attractive buyer as you are already in the house renting. The biggest hurdle is to get the bank to agree to the purchase price and have it appraised at the same value.

I would love to investigate the situation for you and give you the best advice. Contact me anytime at 323-251-2296 or at my website below. Thanks for your question!
0 votes Thank Flag Link Fri Jun 20, 2008
Hello Diego. I have been working short sales and REO's, also known as bank owned propeties for a few years now, so I have a few questions for you. Is the property a bank owned property or is it a short sale? If you are still living there, it is a short sale, if not then it could very well be a bank owned property. If you want to purchase the property, you need to know if you qualify to purcahse the property. You can go FHA, which is 3% down and yes you can negotiate with the bank. One thing I must advise you of, please find an agent that can really help you and has experience in short sales and REO's. If it is a short sale you need to move quickly because short sales can take up to 6 months. If you need assistance I would be happy to help you. Please e-mail me dyannaavila@hotmail.com.

Good Luck!!
0 votes Thank Flag Link Fri Jun 20, 2008
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