Hans, Home Buyer in Irvine, CA

How would I go about finding more information about buying a home in foreclosure?

Asked by Hans, Irvine, CA Sun Jan 27, 2008

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17
Elliot Lau, , Honolulu, HI
Mon May 19, 2008
BEST ANSWER
Here's a site that specializes in foreclosures with regular updates on lists and articles to help you in the process.

http://www.crystalclearmarket.com/

Hope this helps. Good luck to you.
1 vote
Brian Laughl…, , Irvine, CA
Sun May 18, 2008
If you're looking to purchase foreclosures, then you have 2 choices. Judicial and non-judical foreclosures, which a majority are sold non-judicially. That would require that you go to the court steps and bring a cashier's check and bid. Most agents do not represent clients this way, nor do they have experience let alone have purchased a home this way.

You can find out more about the California foreclosures here: http://www.crystalclearmarket.com/?p=141

If you are still interested, you get lists of these properties from real estate agents, county records, a service like realtytrac or here http://www.crystalclearmarket.com/?p=148 they post a free list of bank reos and foreclosures every week.

If you are open to other forms of distressed sales like bank REOs and short sales, then a lot of agents have experience dealing with this because these types of properties are flooding the market. A good read on Top 10 Tips To Get Good Deals in Short Sales and Bank Owned Property can be found here: http://www.crystalclearmarket.com/?p=181.

There are agents that are very good at finding real estate deals. The key is to interview them and have them prove it. That's right, any good agent can show you right in front of your eyes good deals to purchase. If they can't then run! :-)

Happy house hunting.
1 vote
Michael Kim, Agent, Irvine, CA
Mon Aug 6, 2012
Homes "in foreclosure" can mean different things. You might be referring to properties that are going to auction, REO's (bank owned), short sales, or even homes that may be foreclosed on in the next 3-12 months due to delinquent payments.

It is possible to buy a home in any of these stages, but the process would be different for each. Let me know if you would like some more details.

All the best,

Michael Kim, MBA
Modern Realty
DRE no: 01820612
Direct: (714) 337-1531
0 votes
Voices Member, , Benton County, OR
Sat Mar 28, 2009
Valerie, What I said was "It seems that in the opinion of all the PROs soliciting your business", I never said all the Pros solicited. The fact that only 1 in 3 did not solicit is a sorry statistic for the Pros.

"Dunes said Hans has been asking questions on this same subject for a year then he'll never buy."

What Dunes actually said....."I suggest you just call/email one of them since they've been giving you the same response for a year. "
Look at the date on this question for when it was posted. By your count 2/3 of the agents answers were solicitations that continued over a one year period on the same thread. You tell me what's stranger, me commenting on it or soliciting someone one year after the question's posted?

Dunes
0 votes
Mission Viejo…, , Mission Viejo, CA
Sat Mar 28, 2009
Not all PROs said to email or call them, about 1/3 of them never suggested that. He does need to find out all he can then get a agent who is willing to put in the time.
Dunes said Hans has been asking questions on this same subject for a year then he'll never buy. He will still be asking should if he do it and he will have missed it.
0 votes
Voices Member, , Benton County, OR
Fri Mar 27, 2009
It seems that in the opinion of all the PROs soliciting your business that the best way is to call/email them.
I suggest you just call/email one of them since they've been giving you the same response for a year.

Good luck, Dunes
0 votes
Crestico Rea…, , Los Angeles County, CA
Fri Mar 27, 2009
Dear Hans,

One of the best ways for you to go about doing this is to determine how much home you qualify for. You can do this by getting in touch with one of my preferred DIRECT FHA Lenders (I have provided his contact information below). Then, once you know how much home you can buy, I suggest you get an agent that specializes in this kind of transactions, namely REO transactions. REO transactions (real-estate owned) can be tricky and often a buyer can be faced with unexpected fees or terms in the agreement that he/she did not know about, without the help of the right agent.

Mr Houtan Hormozian is my company's dedicated representative at American Guardian Home Loans in Lake Forest, please make sure to mention me when you speak to him and I personally guarantee the BEST customer service you have ever received.

Mr. Houtan Hormozian
American Guardian Home Loans
hhormozian@amguardian.com
Phone: 949-242-5215
27 Orchard
Lake Forest, California 92630

Good luck on your search, this is one of the BEST times in California's history to purchase an REO.

Thank you,

Mitra Karimi
Crestico Realty
Web Reference:  http://www.crestico.com
0 votes
Mission Viejo…, , Mission Viejo, CA
Thu Mar 26, 2009
I wrote about this not too long ago. Here is some information to keep in mind when buying REO or short sales. Hope this helps.

http://www.trulia.com/blog/valorie_stover/2009/02/pit_falls_…
0 votes
Jill Kuenne, Agent, Aliso Viejo, CA
Sat May 3, 2008
When you say you are looking for a home "in foreclosure" you may mean one of two things...

Pre-foreclosure 'short sales' - these are where the owner is in default, eminent default, or nearing the date of trustee's sale. They are in a distress situation, where the owner has typically contacted the bank to let them know they will be selling the home for less than what's owed on the property. Hence, the term 'short sale' or 'short pay.'

Foreclosed homes - these homes are those that have already been repossessed by the bank, and are available for immediate occupancy. Since the bank owns the property, they are typically well-priced and may sell quickly. This is not always the case, but likely.

Both types of homes can represent great values... as a previous poster wrote, short-sales can be very time-consuming and frustrating for the purchaser, and there are additional laws that govern the purchase of these homes. But since bank-repo homes can sell quickly, you need to be aware of the new additions to inventory as they come available.

Be sure to google and do your due diligence, to educate yourself about the process. Then, I can't stress this enough, be sure to consult with one or two professionals that deal with these types of sales often. Good luck to you!
0 votes
Ezra Sturgis, Agent, Dana Point, CA
Wed Apr 23, 2008
Hans, you are on the right track. The best way to research, find, and purchase a foreclosure (short sale), is to work with a Short Sale Specialist. Most Real Estate Agents don't want you to look for Foreclosures because this requires dealing with a lender. In order to do this you would need a Short Sale Negotiator. Most Real Estate Agents aren't familiar with this process, so their success rate is quite minimal.
However, I recently opened a company to cater to individuals like yourself. We specialize in these types of properties, representing either the buyer or the seller....or both. Please, take a moment....review my site. You should be able to access anything you need to know about this process. If you would like to discuss this situation further, please feel free to send me an email or call me directly.

Kindly,

Ezra Sturgis
President
OC Short Sale Arena
949-226-2189 cell
ezra@ocshortsalearena.com
0 votes
Irene Jackson…, Agent, Madison, MS
Mon Apr 21, 2008
Dear Mr Hans,
I suggest that you should search the internet for foreclosures by the State, city or zip codes; this is a start. When you are ready, the typical items you will need before submitting an offer, earnest money, funding letter (cash, credit line or financing). If it is a cash sale, you will need to close within 21 days, If it financing, you will have at least 30 days to close, Keep in mind if you missed the deadline to close, the bank will charge a pier diem fee until you close; this can be expensive. Good Luck! I hope this helps. Thank You, Irene
0 votes
Chris Marple, , OC (Orange County, California)
Mon Mar 17, 2008
Hello Hans,

I am a buyer's representative that researches and compares properties on a daily basis to determine the best value whether it be short sales, foreclosures, REO's, or standard sales.

What is going to be the best deal is not going to be only the price, but the location, neighborhood, taxes and HOA dues, rental market (if that is your purpose), and much more.

You can email myself for a detailed list of properties within your specific criteria, or access the mls directly from one of my websites at http://www.myOCmls.com. Additionjal information is available on my main site at http://www.BUYinOC.com.

Good luck with your research and try to have fun with it!
Web Reference:  http://www.myOCmls.com/
0 votes
Sandra Carli…, Agent, Newport Beach, CA
Fri Mar 7, 2008
Hans,

I've added a link so that you can search for foreclosures. Click the web reference below.
0 votes
Sharon Paxson, Agent, Del Mar, CA
Thu Mar 6, 2008
Hans- thanks for writing. Foreclosures are not always the best value because you need to consider the bank will want to obtain the most money for their property. However, if you are interested, please contact me at 949.280.0681 or sharon@sharonintheoc.com as I can set up a search for you that specifically targets foreclosures. There are some great opportunities to purchase now as there is more inventory and which creates more opportunities for you as a buyer. Please let me know if I can assist you.
Web Reference:  http://www.sharonintheoc.com
0 votes
Sandra Carli…, Agent, Newport Beach, CA
Tue Jan 29, 2008
Give me a call at (949) 278-4807 and we can talk about where you are looking for foreclosures and whether or not they are the best buy in that area. The bottom line is getting a deal which is why you want to start with foreclosures, right? We can talk about how to go about buying a foreclosure and whether or not you want to do it after you know the hoops you will be jumping through and the risk.

Your profile says Irvine and there are better deals in Irvine than some of the ones in foreclosure, I have a list of them. But if you are set on a foreclosure, I have that list too.
Web Reference:  http://www.OCBeachBlog.com
0 votes
Paula Pelton, , Anaheim Hlls, Anaheim, CA
Sun Jan 27, 2008
Hans,

In Orange County, your best buy might not be a foreclosure. So it might not be a good idea to focus your search on Foreclosures. You need a realtor who can show you the entire inventory of homes available.

However, if you want to find foreslosures, send me an email and I'll send you a copy of our Foreclosure and Distressed Properties magazine.

Paula Pelton
paulapelton@aol.com
Web Reference:  http://www.PeltonTeam.com
0 votes
Eve Friske, , Orange County, CA
Sun Jan 27, 2008
Hi Hans,
I would suggest that you get in touch with a realtor that works with buyers and discuss with him or her what your plans are for home ownership. As a realtor in Orange County that works with buyers on purchasing foreclosure homes and consulting with them on their long term goals of home ownership I would be happy to discuss with you any questions you may have. Feel free to call or email me so that we can discuss what it is that you are hoping to do.
Warmest Regards,
Eve Friske
Prudential California Realty
949-315-1202
Eve@EveFriske4RE.com
http://www.EveFriske4RE.com
0 votes
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