Buying a Foreclosure Property, Banked Owned, REO, Freddie Mac & Fannie Mae Asset, or Trustee Sale at The Courthouse.

Do You Have to Buy HUD Homes Through a Real Estate Agent?
You can only purchase a U.S. Department of Housing and Urban Development property through a licensed real estate broker. HUD will pay the broker's commission up to 6 percent of the sales price.

Are Foreclosures an Option?
A foreclosure property is a home that has been repossessed by the lender because the owners failed to pay the mortgage. Thousands of homes end up in foreclosure every year. Economic conditions affect the number of foreclosures, too. Many people lose their homes due to job loss, credit problems or unexpected expenses.  It is wise to be cautious when considering a foreclosure. Many experts, in fact, advise inexperienced buyers to hire an expert to take them through the process. It is important to have the house thoroughly inspected and to be sure that any liens, undisclosed mortgages or court judgments are cleared or at least disclosed.

What Different Types of Foreclosures Are There?
Judicial foreclosure action is a proceeding in which a mortgagee, a trustee or another lienholder on property requests a court- supervised sale of the property to cover the unpaid balance of a delinquent debt.  Nonjudicial foreclosure is the process of selling real property under a power of sale in a mortgage or deed of trust that is in default. In such a foreclosure, however, the lender is unable to obtain a deficiency judgment, which makes some title insurance companies reluctant to issue a policy.

How Do You Find Government-Repossessed Homes?
The U.S. Department of Housing and Urban Development acquires properties from lenders who foreclose on mortgages insured by HUD. These properties are available for sale to both homeowner-occupants and investors. You can only purchase HUD-owned properties through a licensed real estate broker. HUD will pay the broker's commission up to 6 percent of the sales price. Down payments vary depending on whether the property is eligible for FHA insurance. If not, payments range from the conventional market's 5 to 20 percent. One caution. HUD homes are sold 'as is,' meaning limited repairs have been made made but no structural or mechanical warranties are implied.

Can I Get a HUD Home For as Little as $100 Down?
If you are strapped for cash and looking for a bargain, you may be able to buy a foreclosure property acquired by the U.S. Department of Housing and Urban Development for as little as $100 down. With HUD foreclosures, down payments vary depending on whether the property is eligible for FHA insurance. If not, payments range from 5 to 20 percent. But when the property is FHA-insured, the down payment can go much lower.  Each offer must be accompanied by an 'earnest money' deposit equal to 5 percent of the bid price, not to exceed $2,000 but not less than $500. The U.S. Department of Veterans Affairs also offers foreclosure properties which can be purchased directly from the VA often well below market value and with a down payment amount as low as 2 percent for owner-occupants. Investors may be required to pay up to 10 percent of the purchase price as a down payment. This is because the VA guarantees home loans and often ends up owning the property if the veteran defaults.

Where Can You Find Foreclosures?
In most states, a foreclosure notice must be published in the legal notices section of a local newspaper where the property is located or in the nearest city. Also, foreclosure notices are usually posted on the property itself and somewhere in the city where the sale is to take place. When a homeowner is late on three payments, the bank will record a notice of default against the property. When the owner fails to pay up, a trustee sale is held, and the property is sold to the highest bidder. The financial institution that has initiated foreclosure proceedings usually will set the bid price at the loan amount. Despite these seemingly straightforward rules, buying foreclosures is not easy as it may sound. Sophisticated investors use the technique so novices may find themselves among stiff competition.

What Happens at a Trustee Sale?
Trustee sales are advertised in advance and require an all-cash bid. The sale is usually conducted by a sheriff, a constable or lawyer acting as trustee. This kind of sale, which usually attracts savvy investors, is not for the novice.  In a trustee sale, the lender who holds the first loan on the property starts the bidding at the amount of the loan being foreclosed. Successful bidders receive a trustee's deed.

Where Do I Learn About HUD Foreclosures?
One good source is their Web page http://www.hud.gov.

What Are Problems Buying Foreclosures?
Buying directly at a legal foreclosure sale is risky and dangerous. It is strictly caveat emptor ('Let the buyer beware'). The process has many disadvantages. There is no financing; you need cash and lots of it. The title needs to be checked before the purchase or the buyer could buy a seriously deficient title. The property's condition is not well known and an interior inspection of the property may not be possible before the sale, says James I. Wiedemer, author of 'The Smart Money Guide Bargain Homes, How to Find and Buy Foreclosures.' In addition, only estate (probate) and foreclosure sales are exempt from some states disclosure laws. In both cases, the law protects the seller (usually an heir or financial institution) who has recently acquired the property through adverse circumstances and may have little or no direct information about it.

What About Buying a Foreclosure 'As Is'?
Buying a foreclosure property can be risky, especially for the novice. Usually, you buy a foreclosure property as is, which means there is no warranty implied for the condition of the property (in other words, you can't go back to the seller for repairs). The condition of foreclosure properties is usually not known because an inspection of the interior of the house is not possible before the sale. In addition, there may be problems with the title, though that is something you can check out before the purchase.

How do you get financing for a trustee foreclosure at court house?
One reason there are few bidders at foreclosure sales is that it is next to impossible to get financing for such a property. You generally need to show up with cash and lots of it, or a line of credit with your bank upon which you can draw cashier's checks.

Found: 15
Avg: $586,813
Avg $ SqFt: $341
Search Area: Camarillo, Chatsworth, Lake Sherwood, Malibu, Moorpark, Newbury Park, Oak Park, Santa Susana, Simi Valley, Thousand Oaks, Ventura, Westlake Village
Price: $300,000 to $100,000,000
Sale Type: Foreclosure
Show:
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$329,900
786 Birchpark Circle Unit 103, Thousand Oaks CA 91360
2
BEDS
2
BATHS
1,147
SQFT
$288
$/SQFT
0.08
ACRES
1981
BUILT
"Peaceful living awaits in this desirable, quiet, downstairs end unit condominium. Large 2 bedroom and 2 bathroom 1170 sqft. Watch the world go by from your spacious wraparound patio. Covered parking. Nearby Amenities include The Oaks Mall, Janss Marketplace, Conejo Valley Botanical Gardens, & Los Robles Hospital. One occupant must be 55+."
* NEW LISTING 
$340,000
15054 Varsity Street Unit F, Moorpark CA 93021
3
BEDS
3
BATHS
1,514
SQFT
$225
$/SQFT
0.03
ACRES
1980
BUILT
"Very nice area with terrific schools is this 3 bedroom 2.5 bath end unit with inside laundry and attached 1 car garage. The living room is huge and there is a formal dining area and large kitchen. The guest bath is located next to the laundry room and all the bedrooms and 2 more baths are upstairs. There is a rather large patio/yard for a condo. The community pool and play area are a short walk from the unit."
$350,000
42204 Village 42, Camarillo CA 93012
2
BEDS
2
BATHS
1,064
SQFT
$329
$/SQFT
0.04
ACRES
1981
BUILT
"Serene Leisure Village. This is the popular Capri model with vaulted ceilings and a good sized kitchen. A beautiful 55+ gated community featuring several activities including 18 Hole par-three Golf Course, Tennis, Paddle Tennis, Olympic Size Swimming Pool (heated year round), Spa, Recreation Center with Billiard Room, Wood Shop, Ceramics, Lapidary, Art Painting, Choral, Dancing Groups, Theatre Performers, Music, Sewing Room, College Classes, Cards, Bingo, Photography, Chess, Scrabble, Book Reviews, Current Issues, Travel Group. This property truly represents a valued lifestyle."
$384,900
7145 Wren Court, Ventura CA 93003
3
BEDS
3
BATHS
1,259
SQFT
$306
$/SQFT
0.04
ACRES
1978
BUILT
"Wow!!! 2 story in Woodbridge complex. 3 bedrooms, 2 1/2 bath. Front facing living room with new flooring. Breakfast area adjoins kitchen (New flooring and slider to yard) Kitchen faces rear yard has new Whirlpool electric range, dishwasher, microwave and new flooring. All bedrooms are upstairs. New carpet on stairs and in bedrooms. New interior paint. New hot water heater. Yard between unit and garage. 2-car garage with alley access. Close To swimming pool, tennis court and walking path."
* NEW LISTING 
$413,999
21901 Lassen Street Unit 126, Chatsworth CA 91311
3
BEDS
3
BATHS
1,558
SQFT
$266
$/SQFT
3.88
ACRES
1976
BUILT
"AUCTION SALE! Great end unit, multi-level townhouse with its own private patio. This community offers a common in ground pool, spa, clubhouse, and great landscaped grounds. The front view is gated but the sides of the community are not. Only a short driving distance to shopping malls, recreation areas, dining, and more. Please read private remarks for auction details."
$429,000
21025 Lemarsh Street Unit B7, Chatsworth CA 91311
3
BEDS
3
BATHS
1,650
SQFT
$260
$/SQFT
2.29
ACRES
1980
BUILT
"Great tri-level end unit townhouse. This unit offers a formal dining area, family room, informal dining space, large master suite with plenty of closet space, and bonus room off the direct garage access. In addition it has been newly re-painted and new carpet installed. Hurry this one will not last."
$480,000
1826 Royal Avenue, Simi Valley CA 93065
4
BEDS
2
BATHS
1,228
SQFT
$391
$/SQFT
0.19
ACRES
1962
BUILT
"This HUD home has a remodeled eat in kitchen w/stainless steel appliances and newer cabinets.Updated baths. Master has cedar lined vaulted ceiling and closet. Newer dual pane windows. Newer roof. 2 patios one is covered. Located across the street from the community pool and children's play area. Close to shopping. Needs some TLC but lots of opportunity to make this home your own. Has a full hall bath and a half bath off of kitchen, nice pantry near kitchen and lots of cabinets."
$494,900
5388 Snowcreek Street, Simi Valley CA 93063
3
BEDS
3
BATHS
1,463
SQFT
$338
$/SQFT
0.10
ACRES
1987
BUILT
"REDUCED!!! Great opportunity to own a home in a terrific neighborhood! Spacious living room with vaulted ceilings. The dining room is conveniently nearby and offers views to the backyard. The kitchen is wonderful and has an attached family room with a fireplace. A sliding glass door leads to the covered patio and ample sized backyard. There are three bedrooms upstairs. The master has an en-suite bathroom. The home also has a 2 car attached garage with direct entry."
* PRICE LOWERED - $519,900 TO $494,900 
$550,000
2044 Pullman Avenue, Simi Valley CA 93063
3
BEDS
3
BATHS
1,719
SQFT
$320
$/SQFT
0.12
ACRES
1984
BUILT
"MAJOR REDUCTION! Terrific two story in a really desirable neighborhood. Walk to high school! fantastic floorpan featuring a tiled entry, vaulted ceilings in the living room, fireplace! and a formal dining room. The family room and the huge kitchen combine to form one great room. A sliding glass door looks onto the spacious backyard.The master bedroom is huge and has its' own en-suite bathroom complete with 2 sinks and a walk-in closet. 2 more bedrooms upstairs with a good sized bathroom. The backyard is full of potential and has tons of beautiful trees. The home has an indoor laundry room and full 2 car garage."
* PRICE LOWERED - $585,000 TO $550,000 
$559,900
2607 Shrubwood Circle, Simi Valley CA 93065
3
BEDS
2
BATHS
1,153
SQFT
$486
$/SQFT
0.16
ACRES
1984
BUILT
"Single Story, Brighton Manor home with new interior paint and carpet, 3 bedroom home, great floor plan with spacious living room with sliding door leading to nice and private back yard, kitchen with lots of cabinet space, Spacious master bedroom with Master Bath and sliding door leading to back patio, direct access to two car attached garage with lots of cabinet space. to show is to sell, Sold in As Is condition even when repaired, Please see Agent remarks for important information."
$629,200
11825 Trapani Court, Moorpark CA 93021
3
BEDS
3
BATHS
1,850
SQFT
$340
$/SQFT
0.03
ACRES
1997
BUILT
"Popular 3+2.5 Mira Bella with 1850 sf. Living room, dining area and open kitchen with family room, laundry room upstairs, all bedroom upstairs, Jack in Jill bathroom, rear yard features custom patio, built in BBQ, cul-de-sac location and walking distance to top rated schools, parks and shopping."
$729,900
13613 Deering Lane, Moorpark CA 93021
5
BEDS
3
BATHS
2,887
SQFT
$253
$/SQFT
0.30
ACRES
1986
BUILT
"This House is Located in the Desirable Neighborhood of Steeple Hills with Wonderful Potential!! Features 5 Bedrooms, 3 Baths, High Ceilings, Large Living Room with Tile Fireplace with Mantle, Open Dining Room with French Doors that lead to a Side Patio, Gourmet Kitchen with Granite Counters, Center Island, Stainless Steel Dishwasher, Trash Compactor, Built-In Computer Desk Area, Walk-In Pantry, Lots of Cabinet Space & Recessed Lights, Open Family Room with French Doors, 2 Bedrooms & 1 Bathroom are located Downstairs Can be Used as an Office & Guest Room, Master Bedroom located Upstairs with His & Hers Walk-In Closets and Private Master Bathroom with Dual Sinks, Separate Tub and Shower, Inside Laundry Room located Downstairs, Large Backyard with Covered Patio, 3 Car Garage with Direct Access. In Need of Some TLC, This House will Make A Beautiful Home!!"
* PRICE LOWERED - $759,900 TO $729,900 
$810,000
3319 View Pointe Drive, Westlake Village CA 91361
3
BEDS
3
BATHS
2,242
SQFT
$361
$/SQFT
0.05
ACRES
1987
BUILT
"Extremely Prestigous gated community in Westlake Village. Amazing views, outstanding location on a very quiet cul-da-sac street. Extremely private, very open plan with vaulted ceilings, extra large master, gourmet kitchen, central vac system. Basically, this is a little piece of heaven in Westlake!"
$1,100,500
27084 Old Chimney Road, Malibu CA 90265
3
BEDS
3
BATHS
1,622
SQFT
$678
$/SQFT
0.18
ACRES
1990
BUILT
"Beautiful, light, and bright contemporary Malibu home among the oaks of Latigo Canyon with views. Located on a quiet street just a short ride to the ocean, this home features 1,622 square feet of living space, 3 bedrooms, 2.5 bathrooms, and more on a 7,694 square foot lot."
$1,200,000
4263 Goldstone Lane, Simi Valley CA 93065
5
BEDS
5
BATHS
4,267
SQFT
$281
$/SQFT
0.41
ACRES
2006
BUILT
"Beautiful bank owned 5 bedrooms 4 baths with 4267 square feet located in prestigious gated community. Kitchen features, granite counters, designer back splash, hardwood flooring. Master features views of mountains with cozy seating area. Master bath has travertine flooring and spa tub. Huge pool size lot (17,831 square feet). This is an amazing home. Sold As-Is buyer to verify all the information before close of escrow. Downstairs bedroom with its own bath."
 
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