Home Buying in Lodi>Question Details

Randy and Ju…, Home Buyer in Fortuna, CA

HOW DO WE GET TO LOOK AT HOMES THAT ARE BEING FORECLOSED?

Asked by Randy and Judy Ford, Fortuna, CA Fri Dec 26, 2008

IN LOOKING ON THE INTERNET, WE SAW THERE ARE QUITE A FEW IN LODI THAT ARE BEING FORECLOSED.

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Randy,

Couple of things here. If you are interested in looking at homes via the internet, home buyer agents like myself, can find out what your interests are i.e. configurations, size, cost etc. and search the local Multiple Listing Service and email potential homes that fit your criteria. I do this all the time.

I see that you are from Fortuna, so perhaps that would be your first step. With the above info. any agent can assist you however, you will have to put some effort in and get to the homes to inspect them. There are great deals out there but, not every foreclosure is a great deal. You will need assistance and local area expertise to make the right choice.

Look for a local buyer's agent and make a phone call or email them for starters.
0 votes Thank Flag Link Fri Dec 26, 2008
Hello Randy,

My name is Randy as well, and I'm a full-time Realtor in Lodi, CA. Foreclosed homes (REOs) is what I spend most of my time searching and showing my clients. There are some great choices in the Lodi area and I'd be happy to assist you in any way that I can...even if all you need is some advice. I'm available and almost always answer my phone, and always return calls. Feel free to call or email me for more info or to just see if there's a "fit" between us.

Good luck in your search.
Web Reference: http://www.RandyRealtor.net
0 votes Thank Flag Link Fri Dec 26, 2008
FYI ~ addition to other statements made by realtors ALWAYS have your own agent, never purchase a home direct from bank/ builder/ seller/ listing agent. If anything happens you are covered under your own buyers agent e & o insurance policy. Buyer agent represents you and your best interest .

FORECLOSURES there are many however not all are below market value. Many of these homes are distressed property owners did not have enough funds to maintain a home. When dealing with REO"S can be drama not caused by listing/buyer agent just nature of doing business with banks.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Fri Dec 26, 2008
Randy your best bet is to get a buyer broker who can search all the houses for you and get you the information so you can pick whioch ones you want to see. In most cases you can negotiate your buyer bropker contract so it costs you nothing out of pocket, they get paid from the listing agent the fee offered in mls and get paid at closing. This way you can have someone to assist you through the whole buying process especially with foreclosures which add an added degree of difficulty. good luck with your search.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Fri Dec 26, 2008
Hi Randy,
Almost all foreclosed properties wind up listed with an agent so you can use a local agent you like. The process of foreclosure can take a long time ... often up to 6 months or more to complete.

Until the home has is owned by the bank ( the foreclosure process has been completed) you must still deal with the owner of record. If the home is listed then you it is easy to see. If the home is not listed then you might try to contact the current owner at the property address. However many owners who are in the process of foreclosure are in deep denial and will not talk to you as they are hoping to save their property until it actually goes to sale.

Once the property has gone to sale you can contact the lender but most lenders will not talk with you immediately but will wait until they complete an inspection and have at least 2 appraisals of value. Then they usually list the home with an agent who specialized in foreclosure properties. Most of these homes wind up on the MLS just like properties that are not in foreclosure.

You might want to find an agent who specializes in foreclosure properties and has a relationship with lenders in your local market.
0 votes Thank Flag Link Fri Dec 26, 2008
Kaye Thomas, Real Estate Pro in 90266
MVP'08
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