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There has been a 24.5% decline in home prices in Los Angeles according to the Standard & Poor’s/Case-Shiller index. This calculation excludes foreclosures. With properties in foreclosure known to sell for lesser than properties other wise, this period is viewed by many to be a good one to buy property.
This, along with the $7,500 tax benefit provision made by the housing bill for first time buyers, buying a house out of the Los Angeles foreclosures will see a rise in foreclosed houses being sold.
To buy foreclosed houses one would ideally approach the bank that holds the desired property. With the statement ‘bankers are not real estate agents’ ringing true, one should keep in mind that in order to maintain a house that has been foreclosed upon, banks have to end up spending a good deal of money, time and effort. Therefore it is not surprising that banks sell foreclosed homes for way lesser than what the house is valued at. Offers made by banks are by no means final.
If you decide to buy a house directly from a homeowner who is facing foreclosure you would need to look into aspects such as the existence of any unpaid taxes and second liens taken out on the property. Determining the market value of the property can be done by comparing it with other local sales. With home owners wanting to avoid foreclosures and banks wanting to avoid foreclosing on properties, more often than not, houses sold during the foreclosure process sell for way lesser than what they would be valued at.
Auctions and HUD sales are known to throw some really good bargains. However, if wanting to go in for either of these two options, the buyer should keep in mind that more often than not, these are sold on an as is basis. A through inspection of these properties is highly recommended before making the call to go ahead with purchase.
Lists of foreclosed houses and houses in the process of foreclosure can be found in newspapers or on the internet. Alternatively, you could also approach real estate agents or banks. The best idea is to go through all possible resources, the more the options more the possibilities to find the best deal.
