Home Buying in 90011>Question Details

Amos Adams, Home Buyer in Los Angeles, CA

how long dose a forclosed process take? and how much money will be needed for this prortery? E 88th PlLos Angeles, CA 90002

Asked by Amos Adams, Los Angeles, CA Wed Oct 16, 2013

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Foreclosures can take a long time, sometimes more than a year! There is no way of knowing now how much it will go for if it is foreclosed upon. Frankly, it is very likely it won't be foreclosed.
0 votes Thank Flag Link Fri Oct 18, 2013
You probably should put the offer in with the current owners who are probably highly negotiable.

Feel free to call me at 949-297-1207 if you would like help with this, or click on my picture to respond on line.
0 votes Thank Flag Link Thu Oct 17, 2013
To clarify a couple of points: If a home owner is delinquent on his loan at some point the lender will file a notice of default which gives the borrower 3 months to bring the loan current. After the 3 months have expired if the borrower has not cured the loan by bringing it current, the lender would file (record) a notice of sale with a sale date for the property which has a minimum of 20 days. At that time the property is sold by the trustee. The bank enters their bid which is sufficient to cover all they are owed including late fees, collection costs, trustees fees, etc. Usually the bank's bid is the only one because there is no equity, and they take title to the property (foreclose). If the property is tenant occupied, and the tenant is on a month to month tenancy, the lender would give them a 60 day notice to vacate. However, if the tenant is on a lease, the lender inherits that lease and must honor the terms of the lease. So if the tenant has 6 or 8 months to go on that lease, the lender is stuck with that tenant until the duration of his lease.
0 votes Thank Flag Link Thu Oct 17, 2013
Regarding how much you should offer or put down, if you are able to buy from the existing owner prior to being foreclosed, the amount depends on the value of the property. You should have a local real estate agent represent you. He or she can do a market analysis to determine the value, and tell you when the notice of default was filed and whether you have sufficient time to close prior to foreclosure. If it goes to trustee sale, you would have to have all cash, you'd get no title insurance, by as is, and it might be worth less than the foreclosure price (how much is owed to the bank).
Flag Thu Oct 17, 2013
Hello Amos,

The foreclosure process can take 90 days or long depending on the lender. Once the process is done the home goes up for auction at a trustee sale.

If no one buys the home at the auction the property then goes back to the bank. The bank then will have their asset manager assign the listing to one of their realtors to market for sale.

If the property is tenant occupied then tenant has to be removed from the property as well. This process takes time as well

If you are interested in buying a Bank Owned home the best thing to do would be to get yourself a buyer's agent to search for homes for you that are already on the market. Waiting on a particular home to hit the market as an REO may not be the best way to go.

Much Success to You in Your home search.

Best Regards,
Kawain Payne, Realtor
0 votes Thank Flag Link Thu Oct 17, 2013
There is really no telling. It can be really quick if the current owner rolls over and lets it happens. But if they put up a fight it can take as long as a year. It is best to look at properties that have already been foreclosed on. Looking and waiting for pre-foreclosures is a was of time.

Alex Greer
Loan Officer
NMLS #1056079
http://www.TheMortgageOutlet.com

408-352-5147
AGreer@TheMortgageOutlet.com
0 votes Thank Flag Link Thu Oct 17, 2013
3 months and 21 days, unless the owner postpones or cancels the sale, through a loan mod, BK filing, etc. Learn more at our website.
0 votes Thank Flag Link Wed Oct 16, 2013
THERE'S 3 PHASES, GIVE ME A CALL, 310-702-6145, see website realtyworldbh.com
0 votes Thank Flag Link Wed Oct 16, 2013
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