How to buy a foreclosure

posted Oct 1, 2010, 2:32 PM by Svetlana Raleigh   [ updated Oct 1, 2010, 2:33 PM ]
A lot of people have asked me about buying foreclosure properties.

There are not a lot of foreclosed or distressed properties in prime areas but there is a lot of opportunities for investors to buy foreclosed properties throughout California.

They can be bought in several ways:

1. You can buy them for cash at the courthouse steps;

2. You can approach the owners before the foreclosure and maybe buy the property for less than the loan amount (Short Sale);

3. You can buy out the lender at a discount (buy a discounted note);

4. You can wait until after the Trust Deed sale and buy the REO (Real Estate Owned) from the lender.