Jill, Home Buyer in Chatsworth, GA

Are there real estate agents who specialize in foreclosures in L.A.?

Asked by Jill, Chatsworth, GA Tue Mar 4, 2008

Is there any advantage to buying a foreclosure?
What are the cons?
If houses I like are on the brink of foreclosure, how do I find out about them?

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Answers

10
L.A. Real Es…, , Los Angeles, CA
Wed Mar 5, 2008
Hi Jill,
Our office lists new southern california foreclosures every monday, free of charge. Please feel free to send us an email with the areas you are looking for and we will be happy to keep you posted on a weekly basis of new properties that become available.
We also get pre-foreclosure information, but that is not posted on our website. Once again, if you send me your details of areas you are interested in , I can keep you on the know of properties that are in the pre-foreclosure state.
The pros are the obvious for this type of deal. The cons are banks are more firm in their ways in negotiating as they are already on the loss. Our office specializes in negotiating on these types of deals. Since we have an in house appraiser, we are able to determine values of the house, from the banks' point of view and use it towards your advantage.
Please feel free to contact us for more info..
Good Luck!
LA Real Estate Group
info@MyLARealEstateGroup.com
http://www.MyLARealEstateGroup.com
1 vote
Fhomeb, Home Buyer, Boyle Heights, CA
Fri Aug 10, 2012
i need an a great realstate agent the specializes on REO and forclosures
0 votes
Muriel Levin, Agent, Beverly Hills, CA
Fri Oct 10, 2008
Just would like to mention that most of the sites for foreclosures are not updated and you could be wasting time and efforts into a property that is already in escrow. Foreclosures and REO take sometimes a while to clear alll the requirements for contract and therfore a house could be unavailable but still on the market. It really is better if you work with a real estate agent. Also remember what Rick said: a foreclosure is not always the best deal in real estate. It is the same risk with buyers that bid at an auction. They migiht find out too late that the deal was not worth it . If you want to buy a property in foreclosure, call or visit a firm that deals with REO but remember that they work for the lender who owns the property. You still need an agent to work on your side of the fence and that will honestly defend your interests.
We have helped our clients buy REO and we are very proud of what we accomplish for our buyer. We share in their joy at every deal!
You can call and leave a message at # (323) 363 91 40
Web Reference:  http://www.muriellevin.com
0 votes
Brett Mackni…, , Los Angeles, CA
Thu May 1, 2008
Most agents can get you a list of foreclosures (as can I), but I prefer REO as the bank will clear title which may give you problems if you bid on a foreclosure.

Also, because most of these properties were purchased with 100% financing, the REO is usually a 20% reduction in the price. Foreclosures vs REO's
I work mostly in lofts and fixers so I've just started a foreclosure and REO Blog (finding REO's is similar to finding fixers). I research and post one REO a day. These are just properties I like based on where they are, income potential and how large of a price adjustment they have seen.
0 votes
Muriel Levin, Agent, Beverly Hills, CA
Wed Apr 23, 2008
I do specialize in foreclosures. I have the list of all of them , in the county of LA. First you get an agent to work for you(that's the pro) and then you arm yourself with patience. (that's the con) True, a foreclosure is not ALWAYS the best deal, but it depends on the area. If you don't have an agent who had the tools to deal with it in a professional and efficient manner, you are going to have a lot of uncertainties regarding your deals.

My piece of advice: go to your lender and get pre-approved for your loan. Then you search for the property

muriellevin.com
0 votes
Dorene Slavi…, Agent, Torrance, CA
Sun Apr 20, 2008
We have many forclosure listings on our company website: it's imrankhanteam.com
Web Reference:  http://www.doreneslavitz.com
0 votes
S, Both Buyer And Seller, 91311
Wed Mar 12, 2008
You don't have to have an agent check out this web site

http://countrywide-foreclosures.blogspot.com/

there are thousands and thousands of foreclosures listed with contact info and don't forget the links on the left which will take you to other lenders sites
0 votes
Ray Chen & C…, Agent, City of Industry, CA
Sun Mar 9, 2008
hi Jill,

If you are looking for a great deal, it does not have to be foreclosures, as long as the seller is motivated then you will get a good deal. Foreclosures are no different than any other homes on the market. there are foreclosures that are in beautiful condition and some are not. If what you are looking for are good deals, I have answered some of your question In another posting. I have pasted it below:

In this market the only way you can do it is to buy low and sell low.
1. I search for homes that have been on the market for over 100 days.
2. I do the comp to narrow down the ones are at least $50k below market value (if the the seller is already lowing the price that means they are motivated).
3. I use 90 percent of the market value as the after repair value (90% because the market is coming down too quickly, I need to be sure that my flip will sell. Since it is lower priced and remodeled it will stand a much better chance.
4. I figure out the maximum offering price by subtract these expenses: acquisition, repair, sales, holding from ARV
5. I offer with this maximum offering price.
0 votes
Access REO S…, , Los Angeles, CA
Thu Mar 6, 2008
The biggest drawback is that they are always "as is" with ZERO room for conditions. Take it or leave it, that's the price of the home, that's the condition of the home. As always having an agent helps ease your burden of paperwork and forces the agent to follow up on your behalf so you don't have to be constantly calling and asking for an updated response.
Web Reference:  http://www.condostorela.com
0 votes
Jodie Franci…, Agent, Studio City, CA
Wed Mar 5, 2008
Hi Jill,

The advantages of buying a foreclosure is that you may be able to buy something below market value. The cons are that depending on how you pursue the purchase (pre-foreclosure, foreclosure auction or lender owned and on the market with a Realtor), you may not have an opportunity to inpect the home or learn anything about potential defects. If you have never bought foreclosures before, I would highly recommend finding a good buyers agent that can help you negotiate the best deal and make sure that you are thoroughly inspecting the house etc for any potential problems.

Feel free to contact me if you like more information!

Good Luck...

Jodie
0 votes
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