Beware of Those Liens When Buying a Foreclosed Los Angeles Home

Reblogger
Real Estate Agent with Achievers Realty Group

Thank you for writing this blog.  I had found out about this when one of our clients went to an Auction and did not bother to ask our opinion and went ahead to win the bid and bought a property. When he realized there's a lot of matters to take care before he can get a clean title, that's when he approached us and asked for our help.  He ended up spending a lot.  I have came to a conclusion that a better bargain are in REO or Short Sales which a purchaser can be protected more by using a Professional to assist them.  

Original content by Jane Peters BRE# 01439865

We are back to the point about buying a Los Angeles home for a bargain.  You generally get what you pay for.

If you are thinking of buying a home at a foreclosure auction then beware of unknown matters that could pop up, as you will  probably not be offered title insurance on the property.  In a regular sale, the Seller will be paying for your title insurance.  You could be inheriting a bunch of problems which will make it difficult for you when it comes to selling the property.

What matters are we talking about here?Foreclosed Home

1.  Property Taxes

2.  Senior Liens

3.  HOA Liens if the foreclosing lien is not a first mortgage

4.  Federal taxes (IRS has 120 redemption period)

5.  Mechanics’ liens that have priority

6.  Quiet Title Action due to fraud

7.  City Government liens (sewer, trash, abatement, etc.)

8.  Federal judgement liens

9.  Bankruptcies (if no evidence of the Automatic Stay lifted)

10. Easements, Agreements, and CC&Rs.

You may be able to get a binder  from a title company to insure a future transaction ,which may require you to clear all existing matters before an actual sale or refinance.

The foreclosure is not quite the bargain it first seems.

Search Los Angeles Foreclosures for Sale

Showing properties 1 - 25 of 381. See more Los Angeles Foreclosures
(all data current as of 1/22/2012)

  1. 0 medium When Buying a Los Angeles Home at a Foreclosure Auction Beware of Unknown Matters
    2 beds, 1 full bath
    Home size: 796 sq ft
    Lot size: 4,126 sq ft
    Year built: 1925
    Parking spots: 2
    Days on market: 3
     
  2. 0 medium When Buying a Los Angeles Home at a Foreclosure Auction Beware of Unknown Matters
    3 beds, 1.0 baths
    Home size: 1,115 sq ft
    Lot size: 4,101 sq ft
    Year built: 1953
    Days on market: 3
     
  3. 0 medium When Buying a Los Angeles Home at a Foreclosure Auction Beware of Unknown Matters
    2 beds, 2.0 baths
    Home size: 990 sq ft
    Year built: 2006
    Days on market: 3
     
  4. 0 medium When Buying a Los Angeles Home at a Foreclosure Auction Beware of Unknown Matters
    2 beds, 1 full bath
    Home size: 1,400 sq ft
    Lot size: 5,586 sq ft
    Year built: 1910
    Days on market: 3
     
  5. 0 medium When Buying a Los Angeles Home at a Foreclosure Auction Beware of Unknown Matters
    2 beds, 1 full bath
    Home size: 688 sq ft
    Lot size: 4,356 sq ft
    Year built: 1924
    Days on market: 3
     
  6. 0 medium When Buying a Los Angeles Home at a Foreclosure Auction Beware of Unknown Matters
    2 beds, 2.0 baths
    Home size: 1,150 sq ft
    Year built: 2005
    Days on market: 3
     
  7.  When Buying a Los Angeles Home at a Foreclosure Auction Beware of Unknown Matters
    2 beds, 1 full bath
    Home size: 1,464 sq ft
    Lot size: 5,857 sq ft
    Year built: 1914
    Parking spots: 2
    Days on market: 3
     
  8. 0 medium When Buying a Los Angeles Home at a Foreclosure Auction Beware of Unknown Matters
    4 beds, 3.0 baths
    Home size: 2,483 sq ft
    Lot size: 10,967 sq ft
    Year built: 1984
    Parking spots: 6
    Days on market: 3
     
  9. 0 medium When Buying a Los Angeles Home at a Foreclosure Auction Beware of Unknown Matters
    3 beds, 1 full bath
    Home size: 1,064 sq ft
    Lot size: 5,524 sq ft
    Year built: 1955
    Parking spots: 2
    Days on market: 4
     
  10.  When Buying a Los Angeles Home at a Foreclosure Auction Beware of Unknown Matters
    2 beds, 1.0 baths
    Home size: 910 sq ft
    Lot size: 6,664 sq ft
    Year built: 1925
    Days on market: 4
     
  11. 0 medium When Buying a Los Angeles Home at a Foreclosure Auction Beware of Unknown Matters
    3 beds, 1 full bath
    Home size: 1,212 sq ft
    Lot size: 4,840 sq ft
    Year built: 1926
    Parking spots: 1
    Days on market: 4
     
  12. 0 medium When Buying a Los Angeles Home at a Foreclosure Auction Beware of Unknown Matters
    1 bed, 1 full bath
    Home size: 480 sq ft
    Lot size: 5,154 sq ft
    Year built: 1920
    Parking spots: 1
    Days on market: 4
     
  13. 0 medium When Buying a Los Angeles Home at a Foreclosure Auction Beware of Unknown Matters
    3 beds, 1 full bath
    Home size: 1,242 sq ft
    Lot size: 6,881 sq ft
    Year built: 1926
    Parking spots: 2
    Days on market: 4
     
  14. 0 medium When Buying a Los Angeles Home at a Foreclosure Auction Beware of Unknown Matters
    1 bed, 1.0 baths
    Home size: 873 sq ft
    Year built: 1991
    Parking spots: 1
    Days on market: 4
     
  15. 0 medium When Buying a Los Angeles Home at a Foreclosure Auction Beware of Unknown Matters
    2 beds, 2 full baths
    Home size: 1,452 sq ft
    Lot size: 6,400 sq ft
    Year built: 1909
    Parking spots: 3
    Days on market: 4
     
  16. 0 medium When Buying a Los Angeles Home at a Foreclosure Auction Beware of Unknown Matters
    2 beds, 2 full baths
    Home size: 1,366 sq ft
    Lot size: 33,019 sq ft
    Year built: 1974
    Parking spots: 2
    Days on market: 4
     
  17. 0 medium When Buying a Los Angeles Home at a Foreclosure Auction Beware of Unknown Matters
    2 beds, 3.0 baths
    Home size: 1,898 sq ft
    Year built: 1986
    Parking spots: 2
    Days on market: 4
     
  18. 0 medium When Buying a Los Angeles Home at a Foreclosure Auction Beware of Unknown Matters
    3 beds, 2.0 baths
    Home size: 1,291 sq ft
    Lot size: 4,800 sq ft
    Year built: 1926
    Days on market: 5
     
  19. 0 medium When Buying a Los Angeles Home at a Foreclosure Auction Beware of Unknown Matters
    2 beds, 1.0 baths
    Home size: 1,056 sq ft
    Lot size: 4,400 sq ft
    Year built: 1930
    Days on market: 5
     
  20. 0 medium When Buying a Los Angeles Home at a Foreclosure Auction Beware of Unknown Matters
    1 bed, 1.0 baths
    Home size: 842 sq ft
    Lot size: 5,400 sq ft
    Year built: 1921
    Parking spots: 2
    Days on market: 5
     
  21. 0 medium When Buying a Los Angeles Home at a Foreclosure Auction Beware of Unknown Matters
    3 beds, 1 full bath
    Home size: 1,292 sq ft
    Lot size: 4,236 sq ft
    Year built: 1921
    Parking spots: 1
    Days on market: 5
     
  22. 0 medium When Buying a Los Angeles Home at a Foreclosure Auction Beware of Unknown Matters
    3 beds, 1 full bath
    Home size: 960 sq ft
    Lot size: 5,800 sq ft
    Year built: 1969
    Parking spots: 2
    Days on market: 6
     
  23. 0 medium When Buying a Los Angeles Home at a Foreclosure Auction Beware of Unknown Matters
    2 beds, 2 full baths
    Home size: 867 sq ft
    Lot size: 2.22 ac
    Year built: 1949
    Parking spots: 1
    Days on market: 6
     
  24. 0 medium When Buying a Los Angeles Home at a Foreclosure Auction Beware of Unknown Matters
    2 beds, 1.0 baths
    Home size: 900 sq ft
    Lot size: 5,418 sq ft
    Year built: 1921
    Days on market: 6
     
  25. 0 medium When Buying a Los Angeles Home at a Foreclosure Auction Beware of Unknown Matters
    2 beds, 1.0 baths
    Home size: 1,026 sq ft
    Lot size: 5,320 sq ft
    Year built: 1926
    Days on market: 6
     

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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Jane Peters, connecting you to the L.A. real estate scene

Buying or selling real estate in Los Angeles can be an overwhelming process.  Contact Jane Peters, Los Angeles realtor specializing in absentee owners, out of town buyers, and those who need that extra attention, in order to make the transaction a smooth, trouble-free, and fun experience.

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Comments (1)

go to RealEstateFaster.com & get 20 Listing Appointments per month
Real Estate Faster - Los Angeles, CA

Thanks for sharing, useful info to know!

Jan 23, 2012 06:17 AM