Foreclosure in Chatsworth>Question Details

Graciela, Home Buyer in Southern Oaks, Baker...

I am a home buyer. I have put 2 seperate bids on a foreclosed home that was outrightly rejected by the bank.

Asked by Graciela, Southern Oaks, Bakersfield, CA Thu Jun 12, 2008

My agent is not a foreclosure specialist. How do I find out what offer the banks is willing to take? I also found out about lender property auction in the los angeles area. I have found a couple of properties from the auction list I am interested in. How do I find out who the lenders are.? Are they willing to speak to people like me?
Is it advisable to find a tax lien auction or personally seek out people that have defaulted? Especially with the loans on these foreclosures being way over the market value, how do the banks determine what price they are wiling to take? And yes, I have alot of questions.

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Cameron Piper’s answer

The way you find out what the bank is willing to accept is to have your agent call the listing agent and ask the question. Short of a different answer there, it is assumed that the bank will accept that asking price of the property.

Lender auction: Call a local title company and find out who registered the mortgage. This won't be free, but it will save you from having to show up in Los Angeles and sifting through documents yourself at the county courthouse. Most lenders are willing to speak to anyone who is willing to make them an offer. However, most have agents who handle these things for them, so the questions should go through the agent.

Tax lien sales on good properties are few and far in between. There is no magic to making money in real estate. The only way to get it done is good advice from a reputable agent and hard work looking for good deals.

The banks have their own formulas to determine what they are willing to accept. The formulas are as different as the houses they own. Just keep making offers until one is accepted. I hope that this helps

Cameron Piper
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