Property Q&A in Pico>Question Details

stephencfinl…, Home Buyer in Malibu, CA

How can I make an offer?

Asked by stephencfinlan, Malibu, CA Thu Jan 10, 2013

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This question was asked from this property: http://www.trulia.com/foreclosure/3077369045--Cloverfield-Bl…

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9
Give me a call. I can show you another great deal on a foreclosure in that area.



Best,

Chris Creed
310 502 0600
chris@myrealtorchris.com
0 votes Thank Flag Link Thu Jan 10, 2013
Call for free consultation. Contact:310-447-4142. Thank you!
0 votes Thank Flag Link Thu Jan 10, 2013
Stephen,
The opening bid posted may not match the starting bid at the court steps. It will be closer to real 'market value'. You'll need to have 10% cash of the accepted bid in cashier checks in your pocket the day of the auction. Just call me and I will assist you with this.

Elizabeth Sorgen
310-469-0500
0 votes Thank Flag Link Thu Jan 10, 2013
Just call me and I'll be happy to help you submit your offer and purchase the property.



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0 votes Thank Flag Link Thu Jan 10, 2013
Hi Stephen,

There are specifically two ways to buy a property that has gone to trustee sale.

1. Purchase with cash and no contingencies on the courthouse steps by way of auction. Generally speaking, in the past, if the reserve (the amount owed on the property) was not met the lender or back would take back the property and add it to their portfolio of non-performing assets (also known as Bank Owned, Lender Owned and REO or Real Estate Owned). It would then be either marketed with a real estate agent or sold as part of a large portfolio to an institutional investor.

2. If the property is marketed for retail with a local realtor then the purchase is very similar to a standard sale though the bank will have no emotional attachment so they are more concerned with your ability to purchase and take on any liabilities. That is why cash buyers with few or no contingencies compete well with this type of property. Expect multiple offers on most REO properties.

I would be glad to help you locate and purchase a property in the Santa Monica area. Please feel free to contact me.

Sincerely,

Aaron Mirsky
Rodeo Realty
(310) 270-7548
aaron@aaronmirsky.com
0 votes Thank Flag Link Thu Jan 10, 2013
Call me, I would happy to assist you with submitting your offer. I both live and work in Santa Monica and have an extensive knowledge of the local area and current real estate market.

I look forward to speaking with you soon!

Have a great day,
Heather Paul, Realtor
Coldwell Banker
310-923-2334
http://www.HeatherPaulOnline.com
0 votes Thank Flag Link Thu Jan 10, 2013
Many of my clients have been buying foreclosed condos in Santa Monica - we can get you a good deal.

Best….

Jodi Summers
The SoCal Investment Real Estate Group
Sotheby’s International Realty
310. 392.1211
jodi@jodisummers.com
http://www.SantaMonicaPropertyBlog.com
License # - 01343854
**
If you have something to prove, you have nothing to discover. —Zen maxim
0 votes Thank Flag Link Thu Jan 10, 2013
Buying a foreclosure at an auction is not as easy as it seems...In ation to buying cash you have to know what you are buying...

99.5% of the time the online ads are wrong in addition to postponing the sales they also get cancelled...
you will probably buy it subject to junior leans.... meaning the HOA forecloses and sells it for $6K subject to lender liens on title... so you buy a condo for $6K and it has $500K in liens that you have to pay on it otherwise the bank will foreclose on you...

There are plenty of easier deals out there... and experienced and well connected buyer's agent will be able to get you to them.

Good luck!

if you like my answer give it a thumbs up or the best answer!

ROn
0 votes Thank Flag Link Thu Jan 10, 2013
Good morning Stephen,
This property will auctioned off. All cash only.
I'll have to look up the starting bid..it will not be for $6,000
That's most likely the amount in default.
Please email me your email address or phone number, and I'll be happy to give you that info.
Have a wonderful day!
Best,
Susan Bo'ur Realtor/Coldwell Banker
Susan@SusanBour.com
0 votes Thank Flag Link Thu Jan 10, 2013
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