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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
The property at 20624 Brana Rd. Riverside, CA 92508 is a residential single family home with 4 bedrooms and 3 bathrooms. It was built in 1991, is approximately 2,540 sq...
- 4 Beds
- 3 Baths
- MD20101705 MLS
- Active Status
***HUD HOME***Beautiful large home in Orangecrest Area! Featuring 5 bedrooms and 4 baths in a flowing floorplan. At the entry you have have a foyer that opens into the f...
- 5 Beds
- 4 Baths
- IV20101435 MLS
- Active Status
The property at 1112 Daffodil St, Corona, CA 92882 is a residential single family home with 4 bedrooms and 2.5 bathrooms. It was built in 1978, is approximately 2,162 s...
- 4 Beds
- 3 Baths
- MD20097432 MLS
- Active Status
None
- 3 Beds
- 2 Baths
- MD20092070 MLS
- Active Status
Gorgeous 2 story home in the highly desirable Mission Grove community! This spacious home features 5 bedrooms/4.5 baths plus a Loft! Home has a bedroom w/attached bathroo...
- 5 Beds
- 5 Baths
- CV20091721 MLS
- Active Status
25860 Via Hamaca Ave, Moreno Valley, CA 92551 an attractive 3 bedroom, 2 bathroom home with 1,300 sq of living area (per assessor) and 5,227 sq ft lot (per assessor). Loc...
- 3 Beds
- 2 Baths
- PW20090608 MLS
- Active Under Contract Status
***HUD HOME***Canyon Hills Community - Canyon Crest Gem - Wrought iron gate as you approach entry, double door entry opens into foyer. Moving straight forward is the Li...
- 2 Beds
- 2 Baths
- IV20088421 MLS
- Active Status
Riverside Single Story Ranch Style Home Nestled on 1.25 Acres Featuring 3 Bedrooms and 2 Bathrooms, family room with fireplace. Completely painted inside and out, new app...
- 3 Beds
- 2 Baths
- SW20074606 MLS
- Active Status
This is a beautiful 3 bedroom home with a den located in a small neighborhood drive ending in a cul de sac. The street is wide with plenty of room for parking though unle...
- 3 Beds
- 3 Baths
- MC20066717 MLS
- Active Status
Stunning Next Gen home with fabulous renovation. New flooring thru out, 2 tone paint, ceiling fans, LED lighting. Fresh landscape front and back. This home is beyond move...
- 4 Beds
- 3 Baths
- SW20064865 MLS
- Active Status
Freshly painted home with new flooring, appliances and new garage door are making this lovely home turnkey. As you walk in the front door there is a kitchen, dining room ...
- 3 Beds
- 2 Baths
- EV20060812 MLS
- Active Status
Welcome to the Beverly Hills of Riverside! Attention all Developers! These (3) locked parcels are located just above Hawarden Hills on Bradley and by the side of the ne...
- IV20055687 MLS
- Active Status
ONLINE OPEN HOUSE:https://my.matterport.com/show/?m=CLgjmCEyoJi&mls=1. Wonderful family home in Riverside's highly desirable Victoria neighborhood! This 4 bedroom, 3 bath...
- 4 Beds
- 3 Baths
- PW20043914 MLS
- Active Under Contract Status
REDUCED! Desirable neighborhood of Moreno Valley! This home is in perfect move in condition and shows absolutely beautiful! Great curb appeal! Fabulous open floor plan ha...
- 2 Beds
- 2 Baths
- EV19283796 MLS
- Active Under Contract Status
2 story single family home plus a separate guest house below. Enjoy amazing vista views of mountains and Lake Elsinore. Main home has 1 bedroom on main floor plus 2 baths...
- 6 Beds
- 5 Baths
- IV19252997 MLS
- Active Under Contract 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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