Comments on: I am interested in buying a foreclosure property in southern California? http://foreclosedhomesin.com/i-am-interested-in-buying-a-foreclosure-property-in-southern-california.htm Tue, 09 Mar 2010 01:59:55 -0600 http://wordpress.org/?v=2.8.4 hourly 1 By: Ed Atun http://foreclosedhomesin.com/i-am-interested-in-buying-a-foreclosure-property-in-southern-california.htm/comment-page-1#comment-466 Ed Atun Thu, 16 Jul 2009 17:34:04 +0000 http://foreclosedhomesin.com/i-am-interested-in-buying-a-foreclosure-property-in-southern-california.htm#comment-466 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. 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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