I am living in CA and hope to look into purchasing foreclosure property. I dont know to to go about doing this and am not really interested in paying for some kind of service like RealityTrac. Thanks for any help!
2007-08-03 09:14:20 · 5 answers · asked by xgiddyx 1 in Business & Finance ➔ Renting & Real Estate
By pass all the agents etc. and go to the source. You already know the area you are interested in... so go to the Banks that are located in the area. Approach the Loan officer and ask for his foreclosure list. The bank wants these properties off their books in the worst way. It is a monthly drain on their cash reserves and they will be more than happy to help you out. Many have special loan deals to help you in your purchase. Its a win win situation. Why pay other people when you can do it yourself.
2007-08-03 14:53:49 · answer #1 · answered by Traveler 7 · 0⤊ 0⤋
I am a Broker/Realtor in California and I specialize in helping people who are in foreclosure and helping people buy under valued property (whether it is a foreclosure or not).
A real estate agent can help you out because some foreclosures are not good deals. You can learn about how to identify and purchase foreclosures by reading on the subject at the local bookstore in the real estate investing section.
Regards
2007-08-03 20:45:46 · answer #2 · answered by Anonymous · 1⤊ 1⤋
Unless you are interested in purchasing at a 'sheriff's sale', you will find foreclosures (once they are bank owned) by contacting a real estate brokerage. Nearly all lenders use real estate brokerage to dispose of property they acquire through foreclosure.
If you want to purchase at a sheriff's sale, then you will need to contact or visit the land office in the area in which you are interested, as they have the legal notices of those properties which are about to undergo foreclosure.
2007-08-03 16:23:50 · answer #3 · answered by acermill 7 · 0⤊ 1⤋
I've been to many foreclosure sales and most inexperience newbies just get into the moment that they overbid on the property. I suggest that you investin abandoned and condemned properties! Very easy to find and higher profit potential!
2007-08-04 05:04:04 · answer #4 · answered by ABC 2 · 0⤊ 0⤋
What about talking to a realtor? That way, you are getting the services of an expert, and you the buyer are not paying anything.
2007-08-03 16:23:36 · answer #5 · answered by bpl 5 · 1⤊ 1⤋