JR mentions one thing that leads me to ask you, "why are you looking for a foreclosed home?" If it's because you think you can get one for pennies on the dollar, then you should pay attention to his comment about his client. My experience has been that most lenders are well aware of the market value of homes on their books. They would like to get them off the books as quickly as possible but they are not willing to simply give them away. Sellers of homes that are not in foreclosure are aware that their competition is foreclosure homes and are, in many cases, pricing accordingly.
One other comment about JR's answer. There are lots of horror stories about foreclosure transactions. I've been through a few myself. However, I've also been through foreclosure transactions that went more smoothly than some "buy from owner" transactions. You can never tell how a transaction will go until you are into it.
Finally, in Huntington Beach, there are currently 182 homes on the market (in the MLS) that are in some type of foreclosure status. Of these, 138 are short sells, 41 are bank owned (REOs) and three indicate some type of foreclosure status but the listing agent doesn't seem to know what to select so they're somewhat ambiguous as to their actual status. Of course, there are probably some listings that the agent isn't aware that there are statuses for foreclosure properties.
One note for Michael Barron: You seem to have posted your answer three times. You should delete two of these.
Let me know when you're ready to proceed, Al.
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