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Updated about 8 years ago,

User Stats

595
Posts
344
Votes
Carson Wilcox
  • Davis, CA
344
Votes |
595
Posts

Found a flip target, its a foreclosure, in California. now what?

Carson Wilcox
  • Davis, CA
Posted

I have found a house that looks pretty good, for my first flip. it is on realtor.com listed as a foreclosure, I KNOW I KNOW>>>> MLS deal for a flip is garbage etc... BUT, I am working angles on off market too... I am just trying to educate myself a bit too, analyzing deals etc...

It is a seemingly good deal even at the asking price on MLS, about 30% lower/sq ft than the market, and other metrics look good too... BUT it is seemingly bank owned. It has been on MLS for 60+ days.

Is there a way in Ca to find out what the liens are/were against a house?  The bank is listing it for X$... I want to know what was owed....

In Ca... once it has gone back to the bank, are there any processes/pitfalls I need to watch for?

Lowballing the bank... any point here?  My realtor that did a first scan of it said banks are a PITA to deal with because most times they just dont care too much about getting a deal done, wont budge on price etc...  

I dont mind throwing an offer at it, even if it takes months... get my line in the water...  But I dont want to waste my time with stupid mistakes and have the bank just trash the offer..  Love to hear some feedback on any of you who have done this in Ca!

Thanks!

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