Foreclosure in Newport Beach>Question Details

Lisa, Home Buyer in Newport Beach, CA

How do you view if a Foreclosed home is actually for sale? Or how do you buy one?

Asked by Lisa, Newport Beach, CA Wed Dec 24, 2008

I see that there are foreclosed homes listed, how do you go to view them? Or are there realtors that are specific to these types of properties? If so, I would like to meet with you.

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Answers

7
Lisa:

Trulia picks up foreclosure information from RealtyTrac, which gets this information from Public Records. Just because a property is in foreclosure, does not mean it is listed for sale. The homeowner in default has many options. The list below shows just a few:
1. Pay the past due amount and reinstate the loan.
2. Work out a forebearance agreement with the lender.
3. Work out a modification of the current loan with the lender.
4. Re-finance (if they have equity, and believe it or not some homes in foreclosure have equity).
5. Sell the home (short sale if there is no equity, regular sale is there is equity)
6. Sell a partial interest in the property, enough to bring the loan current.
7. Sit around with their head in the sand and wait for the bank to foreclose.

Unfortunately, many homeowners choose #7 above.

If you are interested in buying foreclosures, you will need to work with a real estate professional who knows this end of the business. If you have cash and patience (or some cash and excellent, readily available credit), you might pick up a "pre-foreclosure" directly from the owner. A Realtor can contact the homeowner (if not listed) or their listing agent on your behalf and hopefully negotiate a great deal at a great price. If you have patience but need to purchase using an FHA loan because you only have a small amount of cash for a down payment, you can wait for the bank to foreclose and then purchase the property as an REO. Only a Realtor will be able to tell you when the property you are tracking becomes available for sale.

Let me know if I can be of service to you in your quest to find a foreclosure that fits your parameters. I have worked in the pre-foreclosure market going on 5 years now and can help you identify and negotiate for homes which are not currently on the market. When purchasing a pre-foreclosure, you need to be careful that you are not buying someone else's headaches and debt. That is why you want to work with a professional who has some experience in this area. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
1 vote Thank Flag Link Thu Dec 25, 2008
It’s not that easy. REO is listed in public records if not MLS. Local realtor can help. But you’re bidding bottom barrel prices and the bank is likley taking a take it or leaves it position.

Remember, foreclosure is 120 days and it allows borrowers the right to reinstate. The last 30 days (actually 21) are heading to sale date.

Also, you might see two NOD records that have the same lender, same trustee and same default amount. This indicates both records represent the same foreclosure proceeding, but companies like RealtyTrac includes data from both sources to provide as much information as possible about the property. Some of our sources overlap, but provide different levels of information.

We suggest you review and compare both records to get the complete picture.

Next? Consider showing up at the County on the date of the sale and bid. Or make an offer and try to have a Realtor submit.

Good Luck

MSoliman http://www.borrowerhotline.com
Web Reference: http://www.borrowerhotline.com
1 vote Thank Flag Link Wed Dec 24, 2008
Hello Lisa,

Call me or email me the address and i will provide you with the information. It's that easy.

As for buying a foreclosed home, once you we find the home, i will help you with making an offer and negotiating with the lender and or REO Broker. If you do not have a specific property in mind and just need a list of foreclosed / Short Sale homes? email or call me with the area.

Regards,


Help U Short Sale
Frank Shamoo
Realtor, CDPE AGENT
Certified Distress Property Specialist
949-264-2177
Frank@ShamooTeam.com
0 votes Thank Flag Link Wed Mar 28, 2012
Lisa,

You view "foreclosed" homes throught the services of a local real estate professional and also place offers through them as well.
0 votes Thank Flag Link Fri Dec 26, 2008
GREAT QUESTION !

Buyers agent who represents you can schedule a property tour. No real estate agent works directly with foreclosures. Most foreclosures are usually in a distress condition, property owners preference not to maintain property NOR had money . There are homes move in condition with little to no work.

NOTE: If you submit an offer on foreclosures drama is involved no fault to listing/buyers agent bank work in their own way. Not standard for the real estate community.

Sales contract forward you need lender approval
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Thu Dec 25, 2008
Administrator, the talk was about REO's in my post. Is that what your last post is referring to? I'm not sure what is happening in Thousand Oaks but down here there is no such thing as a REO (bank owned) homes being on the market 6-9 months. Are you an active agent or a lender?
0 votes Thank Flag Link Thu Dec 25, 2008
Happy holidays Lisa. This is easy. If the home is on the market, it will be on the MLS and other public websites such as Realtor.com. Any agent can pull up all the foreclosure homes on the market and get them to you. If you are looking on special foreclosure sites like Realty Trac, most of those homes are NOT actually on the market as these sites like to post homes that have had a "NOD" or notice of default filed and recorded with the county assessors office. I would not be searching on these sites. It would help you to work with an agent who has experience with forelcosure homes and I happen to specialize in this. I post all the bank owned homes on my site here by price and these are automatically updated daily http://www.socaloceanviews.com/professional1.shtml. You can scroll down on that page for more really good information. As far as pricing goes, bank owned homes here in Orange County are averaging 95% or more of their asking prices. Many areas are averaging above the listed price. When the time is right, you should be pre-approved by a local lender with a letter stating such in hand. Bank owned homes are the best buy in todays market and I can easily help you when the time is right.
0 votes Thank Flag Link Thu Dec 25, 2008
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