Many of my clients have been reading about the great deals to be had in foreclosure properties. This article from LA Times reporter Peter Y. Hong, is very instructive as to how the process really works for an individual home buyer or investor. While Mr. Hong’s articles usually drive me crazy with their realtor-bashing and broad generalizations about “the market” (which you, savvy blog reader, know from my studies is slightly down but defnitely not crashing in our area) this is one worth reading.
Basically, unless you are a very sophisticated professional real estate investor who has the cash and the risk tolerance to go down to the courthouse steps and bid in a foreclosure sale (in which you will not even be guaranteed clear title), you would be in the same boat as Peter Hong. Enjoy the article.
And Peter, if you are reading this, I invite you to get your real estate license (it only takes a weekend, which I believe is a major source of the problems with our industry) and walk a mile in my boots — you would find that there are ethical, responsible real estate brokers out there who understand what fiduciary duty means and who live it every day, even the many days we are not getting paid!!
When have I bashed Realtors ?