I am not an agent, although I do have my real estate license... I am interested in buying a property for myself in the Los Angeles area, and I am interested in researching foreclosures. But all my research on the internet and on the phone has led me to nothing but a headache. I registered to a website called www.realtytrac.com, but all of their information is outdated as they get it from the county. Most banks that I call have no idea what I am talking about. I know it is possible to buy an REO, but does anyone have any advice or help please? Thank you!!

Find a reputable REO agent in the area you are looking. He/she should be able to hook you up with a buy. Good luck.

I'm confused. Let me get this straight. You have your real estate license but you just aren't actively using it? You can go to the HUD and VA web sites and get their info. Why don't you actively use your license so you can obtain info from the MLS?

Thanks, the only problem is that I don't know who is a reputable REO agent in my area. I am not sure how I find someone who is experienced in REO's.

Good idea. I probably should hang up my license somewhere... the reason I haven't is because I currently work in a different industry and just haven't had the time to sign up with a brokerage.

Richard R. Malvaez
Associate
RE/MAX TRI-CITY
2150 Hillhurst Ave
Los Angeles, CA 90027
United States
richardmalvaez@remax.net

Office Phone Numbers
Main: (323) 906-8383
Fax: (323) 906-8365


Specialization Information
Specialty: Residential / Commercial
Commercial Sub-Specialties: Multi-Family
Residential Sub-Specialties: Foreclosure Property, Investments

Professional Accomplishments
Career Awards: Hall Of Fame
2005 Annual Club Award: Chairman Club

Languages: English, Spanish

Go to a local real estate office and pick up one of the free books they give out, like The Real Estate Book, and look through it. If there is an agent in your area who does a lot of foreclosures, they will usually have something on their page about foreclosures. You can also go to the actual real estate agent or company website, they usually have a way you can search local (and up-to-date) listings on their websites.

Thanks for all the info! This helps me so much!

I think the reason you are having a hard time is that here in SoCal, we haven't had much of an REO market to speak of yet. Foreclosures are just begining to make a slow comeback, it will be a little longer before the market you are looking for is here. Just a few years ago, we dealt almost exclusively with REO's and investors, then that market went away with the huge value increases we had seen. Now, we have to wait for the adjustable rates to adjust, employment to change, something, before it becomes easy to find a REO worth picking up. In the mean time, take your time if you can, and be careful who you deal with, especially out here.

There are also a number of websites out there related to foreclosures and REOs. Check and see who in the area has a consistant number of those listings. Then talk to them. Also you can look at the websites of the various REO organizations and check their membership rosters. Many have a search function.

The REO agent community is usually somewhat small but they can be tracked down. Just as all the REO properties are in the MLS but to figure out just which ones are the REOs...now that is an art.

Steele in Minnesota