Understanding The Process Of Foreclosure Through Los Angeles Foreclosed Homes

Once Los Angeles is the chosen destination and ones interest lies in Los Angeles foreclosed property

. It is important to review the market and make use of available property in the market lower than the actual market price. This is possible when one understands the process of foreclosed properties. The key to invest successfully in Los Angeles foreclosed homes is to acquire the property at the most appropriate stage of foreclosure.

Los Angeles known by number of nicknames, such as L.A., City of angels, is a fantastic place to live in. Los Angeles has a cool weather. The well known studio from Paramount pictures to Walt Disney to capital records (Charlie chaplains studio) resides in L.A. It is a home to the well-known sign of Hollywood in the Griffith Park, above 50 feet height. The well renowned universities, University of southern California, University of California Los Angeles and Loyola Marymount University provides the base for higher education. To live in Los Angeles and to invest in foreclosed properties one shall glance at the three stages of foreclosure.

Los Angeles Pre Foreclosed homes

This is a stage when the owner has been issued a notice, yet the property still belongs to the loan defaulter. At this stage to protect the property from complete foreclosure the owner is most likely be interested in selling the property at a mutually agreed price before the lender is involved. The possibility to locate a Los Angeles foreclosed homes at this stage is through the attorney, real estate agents, issued public notices in the newspaper and special websites and business associates and friends.

Los Angeles Foreclosed homes

In the next stage depending on the property is mortgaged or on deeds of trust, it will go through a judicial or a non judicial form of foreclosure. Judicial foreclosure would take longer. Non-judicial foreclosures pertain to deeds of trust where a third party, called a trustee, handles the entire process. This procedure takes about three months after the borrower has failed to or stopped making the loan instalments. One may find such properties and pending foreclosure listings in County Clerk's office

Los Angeles Post foreclosed homes

The post foreclosure is the stage where the lender has already taken possession of the Los Angeles foreclosed homes. Now the home is under the lenders REO (Real estate owned) department, or the investor, or a new owner who owns the foreclosed property. Lenders are willing to sell the property again because an REO on the book of a lender speaks of a poor lending decision. However if the property is already with a new owner one can still make an offer through an real estate agent , however the price at this stage may be comparatively higher.

After understanding the stages of foreclosure one may agree that the key to invest successfully in Los Angeles foreclosed homes is to acquire the property at the most appropriate stage of foreclosure.

by: Celeste Faucher

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