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Debt Relief – Insolvency – Bankruptcy Information » Foreclosure Help » I am interested in buying a foreclosure property in southern California?

I am interested in buying a foreclosure property in southern California?

I want to purchase a foreclosure property in California to live in. What should I do first, how do I begin the process? Do I contact banks, real estate agents or what? What are the common mistakes people make in dealing with foreclosure properties and what do I avoid? I am obviously a beginner at this and don’t even know how to start the process, any help would be wonderful!

I’m a Canadian citizen and I live in Canada, if that’s necessary.

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2 Responses to "I am interested in buying a foreclosure property in southern California?"

  1. ☠ Bunky ☠ says:
    We just started the home buying process too. Your best bet is to find a real estate agent. They can then guide you through the process.
  2. Ed Atun says:
    You need a US social security number to get a loan. But if you pay cash you can buy anything you want. You could even borrow the money in Canada as long as you showed up with cash in USA.

    You can buy directly from the bank at their foreclosure “auction”. It is not a real auction because no one shows up. It is just a formality. The bank enters a bid for the amount they were owed by the previous owner (their borrower). They often tack on late fees and attorney fees. You have beat their bid to win and it is seldom worth the amount of the loan. But you could try. In the last 2 months, banks have started accepting lower offers. The sales are advertised in one local paper in the city of the foreclosure. You have to read all the papers to find the one. You don’t get to see the inside of the house you are buying and you don’t even get a key.

    After that “auction”, the bank hires a realty agent and a For Sale sign goes up. YOu can find those homes online at sites like realtor.com, realestateabc.com, trulia.com ( i don’t work for any of them). Or ask any friendly agent to email a daily list of repo’s. Then you buy one just like buying any other house. Except that the bank will do no repairs for you.

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