Upcoming Foreclosures

Bought a BANK OWNED PROPERTY? in CA w/out a realtor?

I am interested in putting a bid in on a bank owned property in California. I would prefer not to use a realtor. Has anyone gone through this process? What should I watch out for? Any tips? I am a first time home buyer. Thanks for your help!

Public Comments

1. You could but a realtor has the expierence you need when it comes to the details of the house how much is it excatly worth plus they MUST tell you any problems with the house before you buy. Bank owned property is a glorified term for Repo get a Realtor you'll be better off.
2. If the property is being listed by an agent, you might as well use an agent because the bank is already paying a comission to the listing agent regardless if you use an agent or not. Your agent will get paid by the listing agent and will help you out. Anyway, you simply submit a purchase offer to the listing agent or the loss mitigation department employee from the bank (if it's not being listed by an agent). The thing you need to watch out for is the following: 1. The price of the property, how much you offer and what manner. Basically, the bank will try to get market value for this property and it's your job to determine it's true worth, plus the amount to make any necessary repairs. 2. There was a reason why this property is now bank owned and no investor, like myself, have picked it up prior to foreclosure or during the auction. Maybe there is a problem with the foundation or something of the like. Make sure you know what you're buying. My tip to you is unless you know how to determine value and write real estate contracts to protect yourself, I suggest you hire someone. If this property is being listed by an agent and is in Orange, Riverside or San Diego county, contact me and I'll represent you and make sure you're protected for free. If it is not listed by an agent, then I'll do all the paperwork and help you with the offer and home inspection for a fee. I am a broker,Realtor and investor and extremely knowledgable in pre-foreclosures and foreclosures. I know how to negotiate and submit offers with lenders and banks. Contact me if I can beof any help. Regards