Elen, Home Buyer in Burbank, CA

Need foreclosure agent

Asked by Elen, Burbank, CA Fri Jul 25, 2008

My husband and I are looking to purchase our first property. We would really like to get a good deal on a foreclosed property in Burbank or near cities. We would like to speak with an agent who deals with foreclosures. We hope to find a person who we can trust and who will not take us for a ride. Are there any agents who really will work to get us the best deal without ripping us of?

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Gary H, Home Buyer, New York, NY
Tue Jul 29, 2008
I'm not a real estate agent, the first thing you should do if your looking to purchase a home. You need to determine how much you can afford if you are looking to finance your home loan. Right now you should look at FHA loans because there is little or no money down to be the home.

Good Luck
1 vote
., , Los Angeles, CA
Sun Aug 17, 2008
Saw you question. Here's the scoop (though your first response appears capable) . Ask the broker to disclosoe any material facts such as knowledge of a wrongful foreclosure claim, any attempt by a borrwer to fight the foreclosure or any legal proceeding that took place during the foreclosure process. California does in fact have a three year right of redemeption and a court can unwind your purchase! REO will be easy to get in than a pre foreclosure. Getting someone out of there home is tough these days. I would contact the lenders themselves and have an attorney guide you. But remember - you need all cash and must excite the lender with a close fast and with no warrenties - as is. It really wil l be a full time job.

foreclosure,loan loss, payments,REO,can a lender, what if, sold, Lender owned,servicing,colections
Web Reference:  http://borrowerhotline.com
0 votes
Keith Sorem, Agent, Glendale, CA
Tue Jul 29, 2008
You've got some great responses so far.
If you'd like my latest market report on the area, I can send it to you. There are some good deals out there, in Burbank in particular however inventory is decreasing, so prices are trending upward.
0 votes
Mr. M Soliman, , Los Angeles, CA
Fri Jul 25, 2008
Agents, Hmmmm. I think you need to do some homework. Agents that are good will
1) not charge you but charge the lender.
2) Get you in on a pre foreclosure deal
3) Find a SHORT SALE with a huge incentive to the bank and borrower (for accepting a below the lower than ever below market price (get it).
Know this late night shoppers. . . The better the price the greater the risk....get full indemnification from lender and or its parent. No escrows use an attorney or expert.

Look If I were to sell you all my Enron stock while stockholders were dumping you could have got it for a fraction of what I paid. Then what? Nightmare and cries of “Fool” (It’s not fun and I do empathize with the lenders and the borrowers).

I am telling people http://(www.borrowerhotline.com) there's a 3 year right of rescission folks ...yes in California for negligent lending. Who ever heard of such a thing . . .? Who ever heard of Countrywide under investigation and Wachovia going bust? You and I have no idea who will be around in the years to come and how mass and class complaints will play out. Threats of Fed preemption and borrower rights being fought by civil rights activists today and tomorrow. How and who will clean up this mess and its aftermath! Realtors, please rethink your disclosures and need to release yourselves of “material” withholding and avoid "Dual" agency deals. It's bad folks. REO will carry new requirements . http://www.borrowerhotline.com \
Foreclosure (Trump) 101 student's beware....There are lenders that will cut nice deals at dime on the dollar. . . ? …..but know, the beast is hungry and waiting! http://borrowerhotline.com
Web Reference:  http://borrowerhotline.com
0 votes
Stephan, , Napa, CA
Fri Jul 25, 2008
Hello Nancy,

There are no shortages of Real Estate Agent's within California of that there is no doubt. I am a private who teaches, and works with others to train you on the finer points of foreclosure investing. I live here in Napa, CA, and I operate my business on a national level. If you and your husband are looking to begin investing in foreclosures on a local, or national level I would be happy to speak with you, and if only to give you some good free advice on investing properly in foreclosure property's. I can tell you everything you need to know about investing in foreclosures here in California.

Best Regards,

Stephan Piscano
Web Reference:  http://stephanpiscano.com
0 votes
Yona Bello, , Studio City, CA
Fri Jul 25, 2008
Hello Elen,

By way of introduction, I'd like to let you know that I have been actively selling real estate since 1977 and have gone through several down cycles. I am very local, my office is in Studio City, and I can let you know about homes in Burbank, Studio City, Valley Village, Toluca Lake, Valley Glen and other cities you may be interested in. I can prepare you and explain what to look for and expect when purchasing a foreclosure and help guide you towards making the right choice for a home.

I understand your fears of making the right choice of a trustworthy agent, as a single mom who raised two kids alone, I always had to keep eyes in the back of my head in order to make sure that I was not taken advantage of or be taken for a ride.

I would be thrilled to have you as my client and look forward to working with you in making the dream of home ownership a reality.

Please contact me at your earliest convenience.

Yona Bello
Web Reference:  http://www.YonaBello.com
0 votes
The Hagley G…, Agent, Pleasanton, CA
Fri Jul 25, 2008

The agents that deal with bank owned property generally do not have time to work with buyers - they refer them out to other people on their team. I would advise speaking with three different agents. Interview them. Work with the one you are comfortable with. Also GOOGLE them....name only...that will tell you a lot about their experience level. Good luck!
Web Reference:  http://www.cindihagley.com
0 votes
Terra Bruns, Agent, Santa Clarita, CA
Fri Jul 25, 2008
Elen, I am here and I would love to assist you with your purchase. The agents can't rip you off because we are bound to the contract, and everything in the contract is what YOU want in there, so you tell US what you want to pay, what closing costs, etc and we go to work to get you the best deal!! The foreclosures can be a daunting task, and you really want an agent that doesn't let the bank push you around. I don't work for the banks, I don't list their foreclosures, so I could care less if I 'hurt their feelings' or tick them off when I tell them their price is too high or that they have to fix something, so just let me know and I will go to work for YOU!!
Web Reference:  http://www.TerraBruns.com
0 votes
Dallas Texas, Agent, Dallas, TN
Fri Jul 25, 2008
Agents cant rip you off, not sure where you may have received that impression. You can only purchase a home for what is appraised for lender WONT lend money on homes over valued. Agents can search for real estate with equity knowing the market KEEP IN MIND that all properties with equity most likely can have a bidding war over the property. http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference:  http://www.lynn911.com
0 votes
Vicky Chrisn…, , 20176
Fri Jul 25, 2008
Absolutely! I'd be happy to refer you to somoene, if you are interested, email me directly (vchrisner@kw.com). I am in Northern Virginia, so other than the referral, I can't help you too much. However, I have linked you (below) to my blog which has a series on purchasing REOS.

Although there are differences from area to area, these general criteria should be the same. When you are interviewing agents, ask them to tell you about the easiest, hardest and "typical" REO transactions they've been involved in.
0 votes
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