Are there still good deals to be had with foreclosure homes or are they going for the market price these days? If so where do you find them?

Asked by Kaz, Santa Monica, CA Tue Oct 29, 2013

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Jamie Tian, Agent, Los Angeles, CA
Tue Oct 29, 2013
Hi Kaz,

Foreclosure homes are typically going for market price these days, and there are very few in the Westside in areas such as Santa Monica.

You should consider working with a realtor to find a good deal.

Feel free to contact me directly at (310) 717-1321 or and let me know what you are looking for, and I would be happy to email you any properties on the market that fit your price range and search criteria.


Jamie Tian
Rodeo Realty
(310) 717-1321
BRE #01920120
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2 votes
Sri Kesava, Agent, Venice, CA
Tue Oct 29, 2013
Foreclosure homes go for market value. The process is very streamlined these days. Once reclaimed by the bank, the property goes through a BPO process (broker price opinion) and hit the market back at market value. In fact I would say there is less value in a foreclosure because unlike a regular sale... the banks are not flexible on terms or price, they do no termite remediation, your contingencies are passive and not active (i.e. your contingencies are removed by the passage of days rather than you releasing them with your signature). If foreclosures represented a meaningful discount in price, these poor terms might be attractive, but given they go for market value... you should only seek a foreclosure if the specific property is the one you've set your heart on. Otherwise, standard sale is a much more negotiable process and less stressful/buyer friendly in my opinion.
1 vote
Dorene Slavi…, Agent, Torrance, CA
Fri Nov 1, 2013
There are "some" REO and some short-sales but nothing like we have seen in the past. Home prices are rising and you really need a good Realtor to get your offer on the table and accepted.
0 votes
Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Thu Oct 31, 2013
The real issue seems to be even finding one these days. Here in the Bay Area, foreclosures are down more than 60% year-over-year and only a tenth of what they were at the lowest point of the real estate recession in 2008.

A good Realtor will expose you to all the properties that fit into your criteria --- whether distressed or not and that is what I'm seeing is the best strategy these days. Employ the help of a good agent, and then listen to him/her.

Best of luck!

Rob Spinosa
0 votes
Jodi Summers, Agent, Pacific Palisades, CA
Tue Oct 29, 2013
These days we're finding more probates in Santa Monica than foreclosures. Haven't seen foreclosures in SM since the start of the year. It's a great time to get into the market while interest rates are so low.


Jodi Summers
The SoCal Investment Real Estate Group
Sotheby’s International Realty
License # - 01343854
Freedom is the last, best hope of earth. — Abraham Lincoln
0 votes
, ,
Tue Oct 29, 2013
A real estate agent would be able to help you with this. Trying to find them on your own may lead to you getting scammed.

Alex Greer
Loan Officer
NMLS #1056079

0 votes
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