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Buying A Foreclosure

Buying a foreclosure can be a good move financially.  But you are a lot less likely to find really great bargains. Good foreclosures usually get multiple offers.

There are typically two very different types of foreclosure sales:

  • Buying a home at auction on the courthouse steps  - sometimes they are sold through on-line auctions.
  • Buying a home that has been taken back by a lender - also known as "REO's" or real estate owned.

Buying at foreclosure auction

A foreclosure auction is no place for amateurs and involves substantial risk.  Such risk includes: no guarantee that the property doesn't have liens, multiple mortgages, code violations or other issues that could make it difficult and expensive to get a clear title. Eviction of either current tenants or the former owner who may still occupy the property will be the responsibility of the buyer. Another risk is that buyers are usually not allowed into the property prior to the auction - so it is "Buyer Beware."

When buying at a foreclosure auction, the buyer is required to pay the entire purchase price in cash. Typically this payment must be received within 24 hours.  Also, if there are problems with the property, you're stuck.  Very risky.

Buying a foreclosure from a lender

Purchasing a foreclosure from a lender is in some ways like buying from an individual seller.  One difference is that there are no seller disclosures. The seller (lender) has never been in the property so they can't disclose problems that an individual seller would. 

Most lender-owned foreclosures are in the multiple listing service, and we can make an appointment to show such listings to you. We highly recommend that you don't make an offer without the normal contingencies that the house must qualify for financing and your due diligence inspection.  It is critical that you have a professional home inspection done very soon after your offer is received.  Most foreclosures have not been well-maintained.

Some foreclosed properties don't have utilities turned on which makes it harder to evaluate them during your initial visit. Usually lenders will turn on the utilities once in escrow - but there might be a charge to the buyer.

 

Newest Riverside/Corona Area Foreclosures

9325 Magnolia, Riverside image
9325 Magnolia, Riverside $499,000

Great Investor’s opportunity! This early 20th century home is set back from the street and has stood regally on Magnolia Ave. for years. Unfortunately, in the last few y...

  • 5 Beds
  • 2 Baths
  • CV23064132 MLS
  • Active Under Contract Status
15546 Orange Street, Lake Elsinore image
15546 Orange Street, Lake Elsinore $395,000 ▼

Great potential on this 3 bedroom 2 bathroom single story Lake Elsinore home. This 1483 square foot home was built in 1989 and sits on an easy to maintain 4792 square fo...

  • 3 Beds
  • 2 Baths
  • TR23050024 MLS
  • Active Status
4278 El Dorado Street, Riverside image
4278 El Dorado Street, Riverside $395,200

Featured 1912 Craftsman home in beautiful Downtown Riverside. This is a great opportunity to restore a vintage Craftsman on a large lot with 2 Car Detached Garage and pos...

  • 2 Beds
  • 1 Baths
  • IV23051131 MLS
  • Active Under Contract Status
26518 Primrose Way, Moreno Valley image
26518 Primrose Way, Moreno Valley $583,600 ▼

Investor opportunity!! Large two-story home with approximately 3,680 square feet a three-car garage. The property sits on a lot of approximately 12,250 square feet. If ...

  • 5 Beds
  • 5 Baths
  • IV22242169 MLS
  • Active Status

Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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