Home Selling in Los Angeles>Question Details

Rahmani Byley, Home Buyer in Lincoln Heights, CA

This home has been foreclosed on, that's why I thought it was strange that it was only going to be shown with an accepted offer. Reason?

Asked by Rahmani Byley, Lincoln Heights, CA Thu Aug 12, 2010

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We believe that the seller a bank probably doesn't want to be bogged down by showing the property a bunch of times. This way, with an accepted offer they can weed out the "lookie loos." Also oftten times banks hire companies designed to handle foreclosures only. So trying to get in touch with them is a hassle and seeing the property is tough. Our advice; find a good local agent who knows the market... have them suggest a price.. write the offer and see what happens. This process can last for months and tie up your $. We don't recommend buying foreclosures under those circumstances. We don't think foreclosures are necessairly great deals. Good luck, hope this helps!
Web Reference: http://www.patandmelody.com
0 votes Thank Flag Link Thu Aug 12, 2010
Hi Rahmani;
I recently sold a property, vacant, no tenant, no owner in the house. The company handling the foreclosure just did not want to bother with showings. They were out of the area, the property was not big or expensive, and they did ot want the liability of a lock box.
(It is a common problem, on foreclosure properties, that a client "trips and falls" during a showing, leaving the lender, with deep pockets, at risk.)
For this reason, mant agents who handle 50 or 100 foreclosures at a time are simply embracing a business model of "inside with accepted offer only".
Deborah Bremner
REALTOR, 00588885
ABR, CDPE, eAgent, CSP, SFR, HRC, CRE
(O) 310-571-1364 DIRECT
(D) 818.564.6591
http://www.thebremnergroup.com/news/
0 votes Thank Flag Link Tue Aug 17, 2010
Hi Rahmani,

That would be my educated guess also, what Brad has suggested below. This is often the case when there is an uncooperative tenant on the property & there is difficulty showing the property. If you are going to make an offer on such a property, make sure you check out the comparable properties in the area and make your offer subject to interior viewing and inspection. Good luck!

John Barry
DRE #01856079
Coldwell Banker Residential Brokerage
Cell: 323-810-7976
Email: john.barry@coldwellbanker.com
Facebook: http://www.facebook.com/RealtorJB
Twitter: @RealtorJB
0 votes Thank Flag Link Thu Aug 12, 2010
it could be that there is a tenant residing and they are having difficulty with them.
0 votes Thank Flag Link Thu Aug 12, 2010
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