Jennie Kraus…, Home Buyer in Sacramento, CA

how do you go about buying a property like this?

Asked by Jennie Krausse, Sacramento, CA Wed Jan 20, 2010

is this home sold or still for sale? thanks, J

--
This question is about this property: http://www.trulia.com/foreclosure/2009298591--Santa-Cruz-Way…

Help the community by answering this question:

+ web reference
Web reference:

Answers

4
Teri Andrews…, Agent, Auburn, CA
Mon Jan 25, 2010
Since there is no address #, it is hard to tell. There have been multiple foreclosed homes sold on this street and it appears more on the way.

To be prepared when this or another property comes on the market you should start by finding a Realtor to work with that is familar with the area and also a mortgage lender or broker. Get started on the loan process, find out what you can qualify for and what level of payments you are comfortable with. Almost all of the lender owned homes will require a pre-approval letter to be submitted with any offer. So if a good deal comes up and you are not ready, you may miss out. Be aware too that the home has to "qualify" too, if there are major issues you may have to get a rehab loan or pay cash.

Happy Hunting!
Teri Andrews-Murch
Realtor, Lyon Real Estate
DRE # 01734030
0 votes
Elyse Metune, Agent, Sacramento, CA
Thu Jan 21, 2010
Both good answers. I would just ad most consumers do not and/or can not take advantage of "court house steps" or tax lien auctions for many reasons. Here are a few:

1) You can not get a mortgage loan. Properties must be paid for at the auction with cashier’s checks, money orders or certified check.
2) Most of the time you can not even see the inside of the property before you buy it.
3) No disclosures - Remember expression "Buyer beware" (an expression of an ancient legal doctrine that states it is the responsibility of a buyer to thoroughly check out the item being purchased before completing the transaction. According to that ancient doctrine, once the transaction is over, it is too late to complain). Well it fully applies when purchasing at these kinds of Auctions.
4) No escrow - meaning no title search or title insurance. You must do your own title search or pay someone to do it for you.
5) Properties can be redeemed as few as 3 days before the auction. Which means you do your research and the property is pulled at the last minute.

So, if you are still interested get some books, do your research, go to some auction sales and see what to expect. Most investment savvy realtors can help you find out when and where.

Good luck
Web Reference:  http://www.elysemetune.com
0 votes
Jacqueline W…, Agent, Irvine, CA
Thu Jan 21, 2010
Jennie......Sue's answer is absolutely correct. RealtyTrac is an online company that tracks foreclosure information filed on residential real estate.

There are a lot of home owners that have foreclosure proceedings started on their homes while in the process of doing loan modifications or simply because they get behind....it doesn't always mean that the home will become available for purchase.

In this case, the home has been taken by the bank. When it is available for sale, it will be listed with a local agent. You should find yourself a good buyers agent who can help you find a property that you like and knows how to work with REO purchases. Let me know if you need a referral to someone in your local area.
0 votes
Sue Archer R…, Agent, Palm Harbor, FL
Wed Jan 20, 2010
this property is not for sale to the market at $18K. Realtytrac is a bait and switch program that has been discussed many times here. if you are interested in finding properties ready to go to the courthouse steps, how to buy on the courthouse steps, or anything in between, work with some of the realtors here who represent investors, read some books on buying foreclosed properties and be prepared to work hard.

there are bargains but they aren't as simple as this seems to advertise.
Web Reference:  http://www.suearcher.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more