how do you buy a foreclosure?

Asked by Shawna, Monrovia, CA Mon Nov 23, 2009

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John Villaes…, , California
Mon Nov 23, 2009
There is a lot of information that REO Agents are requiring with your offer like FICO Scores, Earnest Money Deposit, Pre-Approval/ Proof Of Funds. Another is having the best offer on the table. I can greatly hepl you through this process by refering to my website at… where you will get started on buying your home. Any answers you may have can be easily found on my website as well.

John & Sarena Villaescusa
Keller Williams Realty
Cell: 562-818-2671
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Monique and…, Agent, Beverly Hills, CA
Mon Nov 23, 2009
Hello Shawna,

Here are your options on buying a foreclosure:

1. If you have all cash you can go the the foreclosue auction. Be careful. You can buy the property for the price offered but end up with other loans on the property and there isn't financing avaiilble.

2. Purchase a pre-foreclosure (short sale) listed on the MLS using a Realtor.

3. REO: This is a property that has been on foreclosed on and is listed for sale by the bank on the MLS.

Option 2 and 3 allow for financing and option 1 you need all cash and cannot usually get into the house before you buy it.


Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
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