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first off money talks. get yourself an experienced realtor, more than 10 years in the biz. not a friend or a family member. they should already be familiar with foreclosures, because that's the majority of whats already out there. if the homes you are looking for are in "the foreclosure process" have your realtor ask the bank that is in the process of doing the foreclosure if they want to do a short sale in lieu of a foreclosure. the only phone calls or leg work you should be doing is finding the right realtor. they do all that work. that's how they earn their commission. i'm assuming you will be paying for the house in full with cash? if so, a job doesn't matter and the you are more likely to be picked as the buyer over someone who has to get a loan. like i said before money talks when the homes go to the auction block you bid on them as is, so you either need to do your homework on the property (utility liens, prior loans, age and condition of home, taxes, etc). all of that comes in to play once you take title. talk to your bank and the county that you plan on buying in to find out what proper method of payment is required to bid. good luck. and do you're research, it's not like buying a car. coming into money doesn't happen everyday, so what ever you chose to do, do it wisely

Source(s)

ca. title insurance biz (not chicago title)

by scott r

6 months ago

Asker's Rating: 

I live in coastal North Carolina, just moved into my new (previously owned) home that was in foreclosure. I and my Realtor knew it was a "short-sale" house, but we thought mistakenly that it was in danger of foreclosure. Well, it took more than TWO MONTHS after my making an offer on the house for the previous owners and the TWO banks that held the mortgage and liens on the house even to accept my offer. AND NO ONE WOULD TALK TO ME OR MY REALTOR ABOUT WHY IT TOOK SO LONG!! And I paid CASH!! I ended up having to extend my stay in the apt. I was renting and tell the powers that be at my new job that I couldn't start for another month, all because of the stupid delays. Now, having said all that, I LOVE my house. I just was incredibly frustrated with the whole process, especially with the lack of communication. If someone had said at the start, "Your offer has to go to this bank, then this bank, then clear this committee -- which meets only once a week and is backed up for more than a month now -- etc., I may have been better able to tolerate it. Or I may have decided the deal wasn't worth it. Also, foreclosed houses are usu. sold "as is," so be ready to make repairs and pay for them yourself. Little things add up, and can take time away from work/family/fun. As for no current job but having money, your bank will have to submit a statement verifying your ability to pay the purchase price. I would, indeed, ask a Realtor about his/her experience with foreclosed properties, and whether that experience was as the buyer's or seller's agent. Good Luck.

by jannie- 6 months ago

I am a licensed real estate broker specializing in foreclosures in Orange County, CA. This is not an attempt to solicit business, but to let you know my background and skill set. There are 3 ways to buy a foreclosure in CA: 1. Pre-foreclosure - The owner is in foreclosure process but has not been foreclosed on. If he has no equity, then you must do a short sale. If he has equity, then you can sell you the property. Best time to buy a house because if the owner has equity, he is eager to sell. If he has no equity, he could care less about the price you pay for it so you can pick it up cheap. even cheaper than bank owned in most cases. 2. At the trustee's sale - Worst place to buy as you don't know the history of the property and 95% of them are over priced for the initial bid and end up going back to the bank. Also you need a cashier's check for the full amount. No financing here. 3. As a bank owned REO foreclosed on house - Usually listed below market value. Might be a good buy. With no job or source of income, I doubt you can qualify for any conventional financing. You might have to find a pre-foreclosure with equity and assume the loan. I'll need to know hw much you have to see if you can even afford a place in Orange County.

by satarnag01- 6 months ago

Unless you can pay the whole price in cash, you'll need to prove an income, but after that it's the same as buying any other house! You hire an agent and write the offer. Try calling the bigger offices in the area and asking who handles short sales and foreclosures. Talk to a few agents on the phone before you make your choice, Another way to find out who's good is to call the nearest office of Chicago Title Co. and ask for a few names. Again, talk to a few of them before you choose. Try to choose an agent who actually listens to what you say.

by Buyer's Agent 80228- 6 months ago

You can use this service to check out foreclosures. There is a FREE trial www ... I would talk to agents who have the preforeclosure listings as they are familiar with the process. I would ask how many pre-foreclosures did they close in the past year. Pre-foreclosure does not mean that it will be auctioned off. This is the process BEFORE it goes to the county courthouse to get auctioned off. At that point you will need to come up with all cash to by it at the auction. With pre-foreclosure, you can still get financing from a bank although you don't have a job. I would get a credit partner for the financing, you have the downpayment and depending on the exit strategy on determining how long you will have the property.

by Roz- 6 months ago