Kj, Home Buyer in La Crescenta-Montrose,...

Who do I go through to buy pre-foreclosure home?

Asked by Kj, La Crescenta-Montrose, Glendale, CA Mon Jun 28, 2010

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Any Realtor who is EXPERIENCED in preforeclosure, short sale or foreclosure transactions.
I can assist you if you are looking in Southern California. 98% of my transactions are short sale or bank owned.
I am HAFA certified, licensed Broker by California department of real estate and member of National Association of Realtors, California Association of Realtors.
For more info please visit http://www.GlobalRealtyandLoans.com or call toll free (866)962-9889.

Thanks!
0 votes Thank Flag Link Mon Jun 28, 2010
If it's listed on the MLS, any Realtor can help you.

If it's not listed on the MLS, you can contact the owner directly. Or many Realtors will assist you.

Hope that helps.
0 votes Thank Flag Link Mon Jun 28, 2010
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
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KJ i also wante dto include teh linkk to my blog about the best pre forelcusre deals

http://www.trulia.com/blog/scott_godzyk/2010/05/pre-foreclos…

THE BEST PREFORECLOSURE DEALS LOCATED IN MY BLOG

THANKS
0 votes Thank Flag Link Mon Jun 28, 2010
Hi Kj

Preforeclosures can be a couple of different situations:

1) In process with a bank to be placed on market as a foreclosure. (most typical)
2) A short sale. (possibly also in foreclosure) Property being sold by owner for less than what is owed.

In either case you should have your agent check into the homes for you. If you would like info on homes in process (item 1) above send me an email & I can get you some information.

If you think it might be a "short sale" then you should ask your agent for the following info: Who is/are the lender(s). How much is owed? Has a "short sale package" been provided to ALL the lenders? Are there any competing offer?

Pre-foreclosures can be good values. They can also be "money pits"; the watchword is to be CAREFUL.

John Hickey
Dilbeck Realtors
2943 Foothill Blvd.
La Crescenta CA 91214
0 votes Thank Flag Link Mon Jun 28, 2010
Pre forclosures are the hardest properties to try and purchase, most are not even on the market and virtually all of them owe more than what the property is worth in todays marketm that is why they have goven up or been denied a short sale or loan modifciation. Your best bet is look at the homes that have already been foreclosed, the deeds have been cleared, leins erased, occupants evicted and property cleaned. they are then priced at or below teh makret value. this is where the deals are
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Jun 28, 2010
KJ,
You need to call an agent that knows what they are doing. Pre-foreclosure is a fancy name for a home that has been given a notice of default. In some cases the homeowner pulls money out of some other account and gets their mortgage back up to date. In other cases the homeowner files for a loan modification. Some who have been given a notice of default actually have equity in their home. If they decide to sell, it will be a regular sale. Finally, there are those who are underwater, cannot get or do not qualify for a loan modification, and they have no means to bring their mortgage up to date. These are usually listed as "Short Sales" on the MLS system.

If you want to buy one of these homes, you can ask your agent to put in an offer on them. If you don't have an agent, please give me a call. If you want to make an offer on a home that has been given a notice of default but that has not yet been listed, give me a call. I can give you a list of homes, we can drive by them, and if you like one and would like to make an offer, I can approach the homeowner and explain that I have an interested buyer.

I live in Montrose, so please give me a call or email me.

Tommy Lee
323-821-2292
tommy.lee@dilbeck.com
DRE #01723594
0 votes Thank Flag Link Mon Jun 28, 2010
KJ
There is not very much inventory in the Montrose, La Crescenta area, so most properties that have owners in trouble tend to sell as a short sale instead of foreclose, which is less expensive for banks. One way to look at it is that a short sale is like a pre-foreclosure. If the property does not sell short, then it will be foreclosed eventually.

If you'd like to see distressed sales in the area, let me know what you are looking for and we can find some properties that match.
0 votes Thank Flag Link Mon Jun 28, 2010
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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