Home Buying in Culver City>Question Details

Smonmc, Home Buyer in Los Angeles, CA

how hard is it to buy foreclosed property?

Asked by Smonmc, Los Angeles, CA Fri Sep 14, 2012

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It's not necessarily hard. You have to be in a position to win a multiple bid scenario. Most foreclosures get more than one offer. The banks generally select the bidder not only with the highest price, but the strongest offer...with either cash or a substantial down payment.

Know that banks will always tilt the contract in their favor and that the sale will be as-s. If you can work within the bank's parameters, you will likely get a good deal.

Good luck.
0 votes Thank Flag Link Sat Sep 15, 2012
Like any seller, the bank is interested in getting the best buyer: strong financials, strong contract (someone who asks for as little as possible, because generally the bank is not going to make any repairs, or give back anything, and if a cash buyer comes by then they are generally favored, depending on the terms of their contract and the price. However, generally the homes you see on the market that have already been foreclosed on, are no better buys than standard sale homes.
0 votes Thank Flag Link Fri Sep 14, 2012
REO's which are how most buy foreclosed property are getting more and more rare. Most distressed sales are going the short sale route now. So it can be hard to by foreclosed property with a lot of cash buyers your competing with.
0 votes Thank Flag Link Fri Sep 14, 2012
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