Home Buying in La Quinta>Question Details

Gail Smith, Other/Just Looking in Irvine, CA

I am interested in purchasing a bank owned home...how do I go about this?

Asked by Gail Smith, Irvine, CA Sun Jul 20, 2008

I do not have a specific home in mind right now. I would like to avoid an auction

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Answers

4
Hi Gail,

The easiest way to do it is through a local realtor and multiple listing service. Get your preapproval from a mortgage lender then contact a realtor in your area of interest and ask him/her to send you listings of foreclosed homes. Once a bank takes ownership of a property (REO) it is generally free of liens. This will save your heartache and money. Remember, foreclosures are in "as is condition." so make sure you have a thorough prepurchase home insection with a licensed, certified inspector.

Good Luck!
1 vote Thank Flag Link Mon Jul 21, 2008
Hi Gail,
If you would like, email me at walter@ocnorth.com and I will email you my list of ten things you need to know about buying bank owned properties.
Good luck, Walter
Web Reference: http://ocnorth.com
1 vote Thank Flag Link Mon Jul 21, 2008
GREAT QUESTION: Welcome to Trulia, you need first work with a mortgage broker become qualified for a loan, then a real estate agent can work with you search for a home foreclosure with equity, based lender approval. http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference: http://www.lynn911.com
1 vote Thank Flag Link Sun Jul 20, 2008
All banks/lenders will require that you be pre-qualified for a loan. That pre-qualification letter must be submitted with your offer and deposit of 3%. As an area Realtor, I would love to work with you. I can even help you find a lender as I work with several here in the Coachella Valley. I look forward to hearding from you. Susan London, Broker Associate, Windermere Real Estate, 760/861-5104.
0 votes Thank Flag Link Mon Jul 21, 2008
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