Foreclosure in Los Angeles>Question Details

Sydney, Other/Just Looking in Big Bear Lake, CA

How do I buy a foreclosed home in the Los Angeles area? I would prefer to NOT go to auction.

Asked by Sydney, Big Bear Lake, CA Thu Aug 30, 2012

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Sydney, You don't have to go to auction to buy an REO here in Los Angeles (foreclosed home owned by the bank). As mentioned in some of the previous answers, all cash is attractive to the banks but a solid offer comprised differently could work - it depends on the situation. REO sales can go pretty quickly as compared to a Short Sale and are typically sold "As Is". With that said, there are great deals out there on REOs but make sure you team up with a good agent; you can't navigate this type of deal on your own. We are here to help! Best of luck.

Risa Liebster, Realtor®
Ramsey-Shilling Associates
0 votes Thank Flag Link Thu Aug 30, 2012
Douglas hit the nail on the head! He's exactly right. There are strategies for getting in front of other investors by tracking homes as they sell (or don't sell) at auction. The key is to be quick and be ready. The ability to make a cash purchase gives you a huge advantage as well.

Mike Dressler
Realtor, Green Building Professional
Coldwell Banker Coastal Alliance
0 votes Thank Flag Link Thu Aug 30, 2012
Hire a good Realtor, good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Thu Aug 30, 2012
Hey Sydney,
If you don't want to bid at the auction date, you can buy it before heading to auction as short sale or afterwards as an bank's REO. One of the main parts in buying a foreclosed home is how you are going to buy it, all cash or financed.

Distressed bank REO's are more likely to work with an all cash buyer or with a large down payment than a low down payment financed buyer. If you are newbie to this venture, I would highly suggest to get yourself educated about it, then look for an experienced buyer's agent to work with.

Tip: If no one bids at the trustee's sale date, the lender takes title and send it to their reo department for clearing, evicting occupants, and listing with a broker. That particular listing broker could be one of your source to buy it before heading to the MLS. (I probably giving you too much info here : )

Let me know how I can help you in Greater L.A.


Douglas Perez
(213) 375- 8741
0 votes Thank Flag Link Thu Aug 30, 2012
You are then looking to purchase a Bank Owned or REO Property or a Short Sale.
But let me advise you that what I think you are looking for is a good deal. So don't restrict yourself. Find a good Agent (I suggest Shannon Chang 626-319-8545) and work with her/him to find you the best deal.
0 votes Thank Flag Link Thu Aug 30, 2012
Without going to Auction, you will then have to wait until a home is in short sale or listed as a REO and as the below agent stated - both transactions are best done with a Realtor. Short Sales especially are not easy transactions. It is very time consuming on the agents part when dealing with the banks, and takes quite awhile for the transaction to go through - assuming it is accepted. Often buyers will place an offer on more than one property at a time due to the varying length of time it can take and the uncertainty of an offer being accepted. Generally when dealing with any transaction - but most particularly short sales and REO's - Cash in hand goes alot further in an offer than getting a loan. I know there are alot of sites now that claim that they have the inside scoop on homes that are in foreclosure or default and therefore available. That information is not usually accurate. The sites are not as updates as many would like, nor as accurate. Your best bet is to use a Buyers Agent and get listings that fit what and where you are looking for as they hit the market.
0 votes Thank Flag Link Thu Aug 30, 2012
I can locate all available properties for you and help you buy property that you select.

Dear Sir/Madam!

I specialize in Buying and Selling properties in Los Angeles (all areas and surrounding cities) if you serious about purchasing your property and need a professional assistance - I'll be happy to help you!

Please let me know what you looking for :
How many bedrooms/bathrooms?
Size ( how many SQF)?
Your price range/Maximum you willing to pay?
Are you planning on buying cash or finance?

Please contact me anytime!

Free Consultation 424-777-9377

Help with any Real Estate Transaction Buy & Sell!

Thank you for your time.

Should you have any questions - please feel free to call me Toll Free: 1-855-TRUST-55 (1-855-878-7855)  ext. 777.

Sergey Fednov
President - Realtor
- Trust Sale Realty -
Residential & Commercial Real Estate
Toll Free: 1-855-TRUST-55
Toll Free: 1-855-878-7855
Phone: 424-777-9377
Fax: 310-356-4925
0 votes Thank Flag Link Thu Aug 30, 2012
Hi Sydney, many of us represent buyers in the purchase of foreclosures and short sales, in addition to standard sales.

If you're interested in purchasing in the L.A. area, I work in many different areas and would be glad to help.

Would love to be in Big Bear right now!

Diane McDonald
20 Years of Sales and Service
Prudential California Realty
0 votes Thank Flag Link Thu Aug 30, 2012
Foreclosures require a Buyer's Agent representing you:
The Banks only want to deal with Realtors; they do not want to lose a transaction once it gets into Escrow.

A Buyer's Agent costs you nothing; they are paid out of Escrow, by the Seller.

You will the advice and protection that a Realtor provides.

Good luck and may God bless
0 votes Thank Flag Link Thu Aug 30, 2012
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