how to buy these foreclosure deals?

Asked by wangfang1, Ontario, CA Tue Sep 4, 2012

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Michael Kim, Agent, Irvine, CA
Mon Sep 10, 2012
Have you seen specific properties you'd be interested in buying? There are several ways to purchase distressed (foreclosure) properties, and some are riskier than others. If you would like some help with your search, you should work with an experienced agent to help you avoid costly mistakes.

All the best,

Michael Kim, MBA
Realty Benefit
DRE no: 01820612
Cell: 714-337-1531
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Brian Wilson, Agent, Laguna Beach, CA
Tue Sep 4, 2012
The real question here may be are foreclosures really deals?

You can buy one at the trustee sale, an auction usually held at a court house. These are cash sales and the buyer will need to do homework regarding title and more and are bought without any kind of inspection. Larger risk and larger reward.

If bought via a Realtor after foreclosure, the bank sets the price and does not waiver from it typically unless the property has been on the market for a while, at least a month. These are basically standard sales but with no repairs, these (like short sales) are as-is sales.

Remember a foreclosed property may be in need of more work to get the home liveable. You can do inspections but the bank, the seller, will unlikely do any repairs, any termite or other wood pest work. These sales may have some neglect and deferred maintenance, may need new carpet, paint, and other repairs. Based on the foreclosure the property taxes will be made current but if there is a home owner's association it may or may not be paid up to date. If not, the new owner may have more negotiations to do. Also the landscaping on the property may not be in the best shape and need replaced due to lack of water.

Just some thoughts, but the best way to buy one is with the assistance of a Realtor to help you navigate the process.

Good luck with your search,
Brian Wilson, Realtor
DRE #01321478
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