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Old 07-25-2007, 04:07 PM
 
Location: Thousand Oaks, California
10,408 posts, read 2,355,507 times
Reputation: 1487

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Does anyone know of a website that lists foreclosures, or pre-forclosure homes for sale in Los Angeles and Ventura County? I'd actually love to help someone get out of house before it's actually foreclosed upon.

Is there a website that gives GOOD information on buying foreclosures?

Are there realtors that specialize in them?
Is it better to contact banks directly, or the owner of the house?

I want to buy a home for my parents, so they can move near us. We cant afford the 'going' price in the area, so I was thinking I might try to find a foreclosure.

I'd appreciate any info you'd like to share.
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Old 07-26-2007, 02:34 AM
 
Location: California
510 posts, read 3,009,311 times
Reputation: 383
They key is getting access to notice of defaults... that is the stage before the foreclosure, and they need to be recorded with the county. At this point it's public record. What you want to do is contact a title company, I personally use Financial Title. Ask for an escrow officer, and let them know you will use them for escrow (if you get the choice) for their services. The escrow officer, or a title rep will be able to e-mail you NOD's and foreclosures weekly for the counties of your choosing. Not all title companies will be open to a general customer getting this info from them, so if you strike out there... find a real estate agent. Ask them if they use a certain title company, and if they have a relationship with them. Some real estate companies have title in house, and they may have this info also.

Now this is just going to be raw data, so use caution when dealing with people. You can overnight them a letter, or maybe try and call. I'd never recommend showing up unannounced... these people are about to lose their house, never know their mindset.

You can also call all of the local banks in the area, and talk to them about financing one of their bank foreclosures. Be sure to talk to a loan officer, who will get a commission from you doing the loan with them. This will motivate them to gather the information you need... if you can get a head start on a bank sale, they may choose to save the money of the sale and just sell to you.
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Old 07-26-2007, 09:09 AM
 
375 posts, read 1,560,846 times
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I have the website service above. Has lots of good info. Pay attention to first & second loans on the properties.

They also list bank repos. Many of the homes were not purchased at auction and it goes back to the bank. Our agent has been buying them 40% below the forclosed amount after the homes have sat around for 3-6 months. Some banks want them off their books ASAP. If they are in a very good location they may wait a little longer. I doubt anything on the beach or a lake will be sold below the going market price. They will make up some of their losses with these high end properties.
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