What are the steps to buying Los Angeles real estate at auction on which the lender has foreclosed?
December 25th, 2008 | by Michael |
TBone asked:
What does it take, step by step, to get involved in buying foreclosed real estate at auction in the Los Angeles? What’s better, REOs or auctions? How do you discover these properties without paid subscriptions to these cheesy websites? Does it cost to attend the auctions? Are these cash deals only or can they be financed? Any other key information, suggestions, suggested books/websites, pitfalls, etc. from people that have first-hand experience.
ROLAND
What does it take, step by step, to get involved in buying foreclosed real estate at auction in the Los Angeles? What’s better, REOs or auctions? How do you discover these properties without paid subscriptions to these cheesy websites? Does it cost to attend the auctions? Are these cash deals only or can they be financed? Any other key information, suggestions, suggested books/websites, pitfalls, etc. from people that have first-hand experience.
ROLAND
One Response to “What are the steps to buying Los Angeles real estate at auction on which the lender has foreclosed?”
By Druz on Dec 25, 2008 | Reply
I have the answer you need buddy… since it does me no good right now… Hook me up with best answer for this one that should get you started. The rest is out of my hands! Oh and to your other questions…. REO’S vs auctions can go either way. Call the court house to see if there is a fee. Usually there is a deposit of some sort. I’m not sure how LA works, but some place require that you pay the amount in full, some within a month. With REO’s I’m sure you can get financing, but not with auctions.